The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-05-06
Lowering and Portentious Clouds
in the Morning Develop
Furious Storm.
Disaprc!ntment Of Fond Optimists
Who Hoped Prices Would
Stiffsn.
CordAge, General Electric, Chicago Gas,
Manhattan Elevated and Other
Stocks Go Way Down.

| and portentous clouds over Wall street
this morning. Brokers' and bankers hast
ened to that financial storm center. know
| ing the band would begin to play at the
drop of the QAvel at the stock exchange,
and each determined to be as near as possi-
BILE to the head of tho procession. Nobody
could tell before the opening what history
lay just the other side of ten O'Clock. when
pandemonium should be let loose. Those
in wore strained aud anxious faces; those
out hoversd about from habit. scarcely less
anxious. some. psrohanoe. felt their toes
knowing but that the Developments of the
hour might push them clean over the brink
into the financial pit.
There was hurryinR and scurrying OF
| men and boys diving in hero and dartinQ
out there, rushing into this and hurrying
oat Of that Office where their interests were
centsrsd. And 80 the calm hands of old
Trinity's clock dial crept up to the hour
when the turmoil should begin and another
day that wears the flesh and nerve of men
be ushered in. Any fond optimist who
imagined before the opening that tho mar
ket might stiffen at the outset was disap.
/ pointed. &
Every eyo was on CordaRe and there was
movement enough within ten minutes after
the sounding of the gong to engage every
eye. The appointment Of receivers for the
| National Corda2e company late last night
was the occasion for further break In pre-
ferred stock this morning. 1t closed yes-
terday at Is, but In ten minutes after open
ing it was fifteen points lower. at 30. II
hesitated there for moment and then
tumbled to 45. Then came perceptible
lessening in the rush to sell and more
stsadinesa CordaRe common opened at
19@21. Meanwhile there was long ragged
deolivity Of alarm where other interests
were stumbling and sorambling against the
face of the situation.
and in the first few minutes 1t broke five
points to rs. The fact that certain officials
have thought it necessary to issue the state
ment that the company was all right was
viewed with suspicion In some quarters,
and at 1915 the price was GO. Sugar was
Chicago gas dropped to 60. Manhattan
elevated broke 81 to 1876 Consider
ing the panic in industrial stocks,
the railroads held fairly we'll. Manhattan
Elevated went down the toboggan slide at
q great rate. wiping all margins on its
slump from 126 to 1l5A. Its progress was
staid at that point and rally to 120 fol-
lowed. but it slid off again to l16.
I Soon after the opening thee was re-
newal Of yester days rumors that s. v.
White was in trouble in connection with
CordaRe. Before three-quartorso of an hour
after the 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 grain speoulator whose 60
ing to the wall year or SO ago on the
Chicago board Of trade caused sensation
on the street and found its wav into the
stock exchange room before the formal an
nouncement was made therein. According
to his own statement the Cordago deal is
the chief element in his failure. but he is
also interested in Chicago Gas. Cordage
str. n2led him. Gas suffoeated him. He is
unable to 90 on at present. though he might
get up later on, he said.
Soon there came from Boston state
ment TINT Francis Henshaw Co., the
stockholders. had failed. Nobody seemed
to know much about them. but it made lit
was enough to add to the fury of the tenn
pest, and SO PASSED the frst hour.
When II O'Clock chimed from Trinity
stoeple the record stood like this. The de-
cline had been uncommonly heavy and the
excitement had reached a higher pitch
with the market still feverish. National
Cordage had fallen 25 to 6S, American Su-
gar 2O14 to 65s4. preferred IL to g. Cotton
Oil 8 to 81, National Cordage common ~
to 1511. American Tobacco 4 TO 5S, Cleve
land. Cincinnati. Chicago 4 st. Louis 5A to
Gas 1884 to 50. Rock Island ~ to 771a, Cen
eral Electric ~ to SO. Manhattan 1913 to 115,
National Load 64 TO 2614, preferred 10 to
SO. Omaha 8 to ia, Rubber 6H to 80,
} Western Union 3 to "a.
Following the announcement Of Whites
80 rtHe,
Gas rose 911a, General Electric s. Manhat-
! tan 4. Sugar ~. Cotton OH 4, burlington
e. Quincy 2h, Cordngs common 2 and pre-
ferred 8. Inc rally did not hold. however,
and speculation was feverish on the circu-
lation of rumors affecting the solvency of
other firms and individuals.
After IL the cxcitement in the stock ex-
change abated somewhat. but fluctuations
continued wide and frequent. Buying
orders appeared and prices jumped three or
J four points at timo. but any pressure to
sell i'm mediately was followed by Il break.
Recovery from tho lowest was II
| points in General Electric. 6la in sugar, 3la
in preferred. Z in Manhattan. in National
! Lead, and 8 in Western Union. The alb
seuce of further failures had a reassurina
effect. At noon the market was firm and
advancing.
The failure of Ferris & Kimball was an
nounced in the stock exchange at l2:4O.
In the afternoon ths battle Stacked off a
tritle in intensity. There we,e spasms OF
riotous bidding and selling. however. for a
time then action again became morerapid.
Rarely, If ever, in the history OF the
stock exchange have such wild fuotua-
tions been Witnessed.
One of the largest houses on the street
was said to be in trouble and certain to
fail. While this condition existed daZed
brokers vere throwing over stocks regard
less of ptios. Foreign houses wero quietly
picking up dividend payers. 1t Is esti-
mated that up to noon London pu' chnses
aggregated fully 5000 shares, consisting
mostly Of 81. Paul. Louisville ~ Nashville
and Wabash preferred. This increase in
foreign exchange caused drop in sterling
rates 10 $4.s6W$4.s9. but money continued
close at Hale per cent.
The oonndence displayed by foreiRne q
caused homo operators to take courage and
general rally ensued. Manhattan rose
from 125 TO l30tha, General Electric from
bS to TIN, sugar from Ga TO Ha. Chicago
Gas from 80 20 TN. and railways recovered
from one 10 five. Actual rates for foreign
exchange were about S4.S3l1mS 81. "a for
bankers sixty dsy bills. S4.s6a 81 s611 foE
d.mand. - .86s40$4. S7la tor cables.
1t became evident shero would be no gold
shipments tomorrow. Money, meantime.
advanced to 10 per oSnt.
Then cnRe another thunder clap In ths
hOuepcnsion Of w. l.. Patton, and call loanl