The World. [volume] (Martinsburg, W. Va.) 1891-1896, 1893-05-06
BLACK FRIDAY.
History Partially Repeats Itself
in Wall Street.
Crash in Cordage Causes . General
Tumbling in Stocks.


Once Wild Sccncs Enenes
NKw YoRK. May s. There were low
ering and portcntious clouds on the
Wall street horizon Friday morning.
though the sun u natnrc was shining
brightly through a rain-wnshed and
wind-blown atmosphere that was stare
oscopicaliy clear brokers and -hznlScrs
had not idled over their rolls and
coifcc at breakfast Every man with
copper's interest in speculative
fields knew that the band would be-
gin 10 play NJ the drop ~ the gnvel
NJ the stock exchange. and cach one
was anxious az that time 70 b. In
the procession and close up whore the
elephants should be walking, In every
Office IN that hustiing community the
clattering ticker was the eenterpin
about which all rrvnlved. Nobody
could tell before the opening what his
tory lay just the other side of 10 o'clock
when the pandemnnium should he let
loose. Those who were Ia wore strained
and anxious faces; while those who
were out but lowered about frofn habit,
were scarcely less anxious.
No man could know his neighbours
secrets, and he who had an anxious
secret told Il only In his manner 81 f.
verish unrest. Some, perchance, felt
their toes were over the edge Of d sheer
declivity, and could not know bnt TINT
the developments 81 m hour might
push them clean over tho brink and
into the financial pit. others with
marrow margin between their feet and
the prceirice- hut yet a perccptible
margin were largely waiting 70 learn
Il the intervening space was rock Or
sliding sand or crunbling gravel
| In the streets men and boys shot past
each other, diving III here and dnrting
out there, rushing into this or hnrrying
out Of that Office where their intercsts
conferred And 50 the calm hands on
old Trinity's grim clock dial crept up to
the hour. when tho music should begin
and another day Tint wears the flesh
and nerves of men WINS ushcrcd In.
And whit should be the record of the
next five hours that lay between thd
opening and the closing of that pAnde-
moniac pit where the fortunes Of men
might be tossed about like kelp on n
stormy tide2
The appointment of receivers for tho
National Cordage co. III late hour
Thursday night, wis the occasion for q
further break IN the preferred stock
Friday morning, The preferred stock
had closed at 05. but within terminates
after 10 o'clock II had lost It's balance
and pumped down Is points to 80,
There ii caught a jutting rock for 4 mo-
ment, but the rock was knife-edRcd,
and cordagc preferred slipped its brief
hold and ratified down the prceipicc nm
| til il touched IS.
When the tempest was Friday morn
| ing renewed and when CorAage was
blown off and over the brink whore II
chung over night, 1t was found that,
true to rumor, 3. Y. White was strug-
Cling directly IN the pathway And
! there was also smell Of Chicago gas
In that vicinity. cordagc had tangled
land bound him fast, 50 that he
could not move, md it was with
Cordage that he Was stricken down
three-fourths Of an hour after the
opening Of the whistling storm, The
report that Mr.. White was Hat on the
moor at the base 81 the precipice crcpt
quickly into the building where a hell
Of excitement was surging TO high
water marks. The rumor was quickly
| followed BY official announcement that
Mr.. White was down.
| The panic eliminated with the an
nouncement OF the failure Of s. ".
/ White Following this some sharp rail-
lies occurred, ~ In Chicago gas 70 Os55S,
s to 63 In general electric. In Manhat-
tan to 10, All In sugar To 81, In cotton
oil to 81. TX in Quincy to SO, 2 In cord
age common 10 III md 5 IN cordage
preferred to 50.
When seen at his oSice after the an
nouncement Of his failure, Deacon
| White said: III yon want TO know the
reason Of my suspension you need only
| to look at the tape. The terrific drop
in the market has used me up and I
was forced to suspend. ] have q large
number 81 outstanding contracts which
| must be closed out The drop In sugar
was one Of tho chief causes Of my sns-
pension.
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