The herald., 1893-05-06
FRANTIC BULLS AND BEARS.
The Stock Gamblers Panic in
New York.
A Financial Cyclone Sweeps
Wall Street.
Pandemonium Turned Loose in the
Stock Exchange.
Industrial Securities Go Down the Toe
boggan slide-A Wild Furry in
Money--severaI Big Firms
Forced to tho Wall.
By the Associated Press.I


New York, May 5.-There were low
ering and portentous clouds over Wall
street this morning. Brokers and bank
ere hastened to that financial storm
center, knowing the band would begin
to play at the drop of the gavel at the
stock exchange, and each determined to
be as near as possible to the head of the
procession. Nobody could tell beforc
the opening what history lay just the
other aide of 10 O'Clock, when pande-
monium should be let loose. Those in
wore strained and anxious faces. Those
out lowered about from habit, scarcely
less anxious. Some perchance felt their
toes over the edge of cheer precipico,
not knowing but that the developments
of an hour might push them clean over
the brink into the financial pit. There
was hurrying and acurrying OF men and
boys, diving in here, darting out there,
rushing into this, hurrying out OF that
office where their interests conferred,
and so the calm hands on old Trinity's
grim clock dial crept up to the hour
when the turmoil should begin and an
other day that would wear the flesh and
HorV6B OF men De uGnerod In.
oPT1MIsTs DISAPPOINTED.
Any fond optimist who imagined be-
fore opening that the market might
stiffen at the outset were disappointed.
Every eye was on Cordage, and there
was movement enough within 10 min
utes after the sounding OF the gong to
engage every eye. The appointment of
receivers for the National Cordage COM
pany late last night was the occasion for
further break in preferred stock this
morning. 1t closed yesterday at IS.
In 10 minutes after opening it was Is
points lower, at 30. 1t hesitated there
for moment, then tumbled to 4b.
Then came perceptible leasening in
the rush to sell, and more steadinesa.
Cordage. Common, opened 1921.
DOWN TIE ToBoGaAN SLIDE.
General Electric was another weak
spot, aad in the frat few minutes it
broke points to rs. The fact that cor
tain officials had thought it necessary to
issue statement that the company was
alright was viewed with suspicion in
some quarters. At 10 10 the price was
SO.
Sugar was also attacked. It broke to
rs and Chicago Gas dropped to 60. Man
haitian Elevated So to 125. Consider
ing the panic in industrial stocks. the
railroad list held fairly we'll.
Manhattan Elevated went down the
toboegan slide at a great rate, wiping
out all the margin on the slump, from
lz6 to 1l5M. Its progress was stayed at
that point and rally to 120 followed.
but it slid off again to 116.
s. V. WHITE FORCED TO THE WALL.
Soon after opening there were re-
newals OF yesterdays rumors that s. v.
White was in trouble in connection
with Cordage. Before three-quarters OF
an hour after opening, the slump in that
stock became too great for him to stand,
and he went down before the storm.
The fact of the failure of the great spec-
ulator, whose going to the wall year
ago in grain deal on the Chicago
board of trade, caused much sensation
when it became known on the street,
and found it's way into the stock ex-
change room before the formal an
nouncement was made therein. Accord
ing to his own statement, Cordage
deal was the chief element in his fail
ure, but he was also interested in Chi
cago Gas. Cordage strangled him; gas
sufocated him. He was unable to 20
on at presnt, though he might get M
later on, he said.
Soon there came from Boston the
statement that Francis Henshaw & Co.,.
stock brokers. had failed. Nobody
seemed to know much about them, but
1t made little difference, it was failure
and that was enough to add to the fury
OF the tempest, and SO passed the first
hour.
THE PANIC AT HIGH PITCH.
When ii O'Clock was chimed from the
Trinity steeple the record stood like
this: The decline had been uncom-
monty heavy and excitement had reached
! higher pitch than at any previous time
since the panic started, with the market
IT'LL feverish. National Cordage had
allen 20 to s.. American Sugar 2011 to
i55; preferred, IL to s.; Cotton OH, 8
% 81; National Cordage, common, Az
o 151a; American Tobacco, to IS;
Cincinnati. Chicago and st.
louis. 5s4 to So; Burlington and Quincy,
to S319 Chicago Gas, 1874 to SO; Rock
STAND, "A to 771a; General Electric, %
0 %; Manhattan, 101s to l15; National
.ead, 61a to 2619 preferred. 10 to IS;
)maha, to 113; Rubber, Ga to 80;
Western Union. to "a.
EOAOWtuB tuo announcement OF
Whites failure there were some sharp
allies. Chicago Gas rose 90, General
llectric 5. Manhattan 4, Sugar %, pre-
erred 5. The rally did not hold, how
yer. Speculation was feverish on the
REGULATION of rumors affecting the sol
ency of other firms and individuals.
EXCITEMENT SLIGHTLY ABATED.
After II O'Clock excitement on the
lock exchange abated somewhat, but
continued wide and fire.
aent- Busing -orders appeared; prices
lmped three to four points az q time
at any pressure to sell was Immediately
Flowed by break. Recovery from the
west was IL points in General Electric.
q IN Sugar, SO in preferred, in Man
attain, in National Lead, Sin Wssisra