The state chronicle. [volume] (Raleigh, N.C.) 1891-1893, 1893-05-06
' ELL STREET EXCITED.
MORE HEAVY FAILURES AN.
NOUNCED YESTERDAY.
The Widest Fluctuations Ever w,t
nessed on the Stock Exchange More
Failures Expected S. v. White and
Co Have Failed.
BY Southern Associated Press.

"niOo . sueet went through
the clearing House all right last
night, and his checks were certified.
White says: "The terrible drop in
cordage and Chicago gas makes it
impossible for me to go on"
BosToN, Mass, May 5.-Francis
Henshaw and Co., stock auctioneers
have failed.
The appointment of receivers for
the National Cordage at late hour
last night was occasion for further
break in preferred stock this morn
ing to 45. Yesterday it closed at
II bid. Common opened at 19a21,
5000 shares changing hands at that
price. General Electric was another
weak spot, and in the first few min
utes of business stock broke five
points to rs. The fact that certain
people have thought it necessary to
issue staten mt that the company
is ell right is viewed with suspicion
IN some quarters.
At Ills a. m. stock was SELLING
at 90. Sugar was also attacked,
and broke to 76, while Chicago gas
dropped to 60. Manhattan sold
down 81 to 12l. Considering the
panic in the industrial group, the
general list held fairly we'll
New YORK, May 5-Excitement
on the Stock Exchange this morn
ing is most intense AMI prices are
falling SO rapidly that it is diff cult
matter to keep track of them The
announcement of the suspension of
5. Y. White added to the general
decentralization which seems to have
set in. American sugar, which
opened at IS, had dropped to 63.
at IL o'clock Chicago Gas fell from
"A to 65; General Electric from so to
66; National Cordage from 19 to
Is IA, Whiskey Trust % l 4 to
Il ! 4; lead from 33 to 28, United
States Rubber from As to 40; West
ern Union SO to 81 4, and Man.
haitian from l26 to 12O.
The alarm at the Stock Exchange
has now abated since II o'clock, but
fluctuations continue wide and fre-
quent. When buying orders ap-
peared prices jumped 2, 3 and 4
points at a time, but any pressure
to sell was immediately followed by
a break. The recovery from the
lowest is IL points in Electric, 81
In Sugar, 3 in Sugar preferred, Z
in Manhattan, p ia New England,
5 in Big Four, 5 in National Lead
and in Western Union. The alb
sence of further failures have a
reassuring effect, and at noon the
market was firm and advancing.
Noon The nervous tension in
financial circles shows no signs OF
relaxing. The failure Of S. v
White caused fresh outbreak o1
the selling fever. Rarely if ever in
the history of the Stock Exchange
were there such wild fluctuations
witnessed. One of the largest
houses on the street was said to be
in trouble, and its failure was only 6
matter of hours, while our owr
brokers were in dazed condition
and throwing over their stocks re.
gardless Of the price, foreign houses
were quietly at work picking W
dividend pay ers. Their purchase
were heavy enough to demoraliz;
foreign exchanges, and posted rate
were reduced to 4 sc and 489.
Ladenburg, Thalman and Com
pany says London is buying heav
lily of American stocks. OF cours,
there Will be no gold shipments thi
week. Money close, and Stock Elk
change borrowers paying 11a12 ]
12:45 p. m.-The failure of Fer
ris and Kimball is just announced
on Stock Exchange.
1856 p. M There has been
change for the better in the stoc
market in the last hour, and
steadier tone characterizes deal
inas.
l 1.45 p, m.--.The failure Of W. I
Patton 4 Co, is just announced O
Stock Exchange.
, The dav was one Of exceptions
activity and intense excitement 6
the Stock Exchange. The grea
slump in prices during the last ha
hour of business yesterday, and th
further break this morning Was e.
/. planned by the failures Of S.
g White and Ferris and Kimball an
W. L. Patton and Co. Larg
amounts of stocks were sold out fC
the account of these houses, an
the avalanche of the offerings crei
; ted mCre ,panicky condition
z affairs than has been experience
since toe time of the Barring pani
According to those who passe
: through the bla k Friday trouble
and all the financial upheavals sinc
then, there pever has been
time when Stock Exchange house
were so completely demoralized {
was the case today The situatio
resolved itself into a matter of sci
ing for practically any price obtai:
able. The enormous shrinkae
shows plainly how acute the PAM
g had become. The drop in quot.
tions over night was equal to 2
points and had the pressure to Sc
, continued short time longer the,