Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1893-05-11

o'clock this morning. No idea of the
extent of the failure has been learned
at the office At 10 a. N. Mr.. White
made the following staement to the
press:
The unexpected drop in all securities
has made it impossible to realize on
securities or to collect margins to meet
my engagements. 5. V. White.
At 12:45 the failure of Ferris & kim
ball was announced on the stock eX-
change.
At Las D. IN. the failure of W. L.
Patton & Co. was announced on the
stock exchange.
This was the worst day Wall street
has been in this week of woe. The
hopes INDUCED in last evening that the
panic had run its course were preEa-
ture. The stock market opened amid
great excitement and with prices about
the same as yesterdays closing.
1t was very soon apparent that many
more stocks must be sold out regard
less of prices. The discrimination Of
the banks against certain stocks. es-
pecially the industrials, as cOllaterals
i'm loans, has compelled their holders
to throw them over.
The slaughter of the indulStrials was
awful, and it was very quickly seen
that there must be more failures. No
house largely interested in these stocks
could be expected to remain solvent.
BY $50 o'clock the galleries of the
stock exchange began to fill. Yester-
days exciting events had attracted
every ones attention and the public
had awakened to the fact that a panic
was in the air. On the floor at 800
O'Clock q broker called "what will the
price of Corlage be-" And the cry
echoed back and forth through the
galleries.
Everybody was aroused and some
were in danger of tumhling over the
railing to the floor beneath in their ell
beavers to get a view of the Cordage
crowd, which was swelling in numbers
every second.
Nineteen for Cordage."
Pandemonium was at its height when
at 10 o'clock the wooden mallet fell and
with it three sharp blows upon the
chairman's desk, opened the market.
Nineteen for Cordage," came on the
instant, and the sale of 5000 shares at
on the tickerS.
The Sugar crowd, the st. Paul crowd
and the Chicago Gas crowd were hav-
inc high old time, for their interests
lay with the COrdage crowd, which was
the most conspicuous in point of num-
bers, and on account of the greater dem
onstrations with voice and pads waived
aloft
There were many more ladies present
in the galleries than yesterday and the
wild pushing and yelling of the brokers
below stirred up to such a pitch of
excitement that many cried out in
very sympathy The panic foreshadow-
ed yesterday had dropped out fun
fiedged.
The sight became indescribable. The
crowd in the gallery began to sway
backward and forward and it looked for
a moment as though the rush below was
to be repeated above.
The excitement on the stock ex-
change this morning was most intense
and prices fell so rapidly that it was a
difficult matter to keep track of them
The announcement of the suspension
of s. " White added to the general de-
moralization: Chicago Gas fell from II
to So. General Electric from so to &C.
National Cordage from 10 to Is Il
WhisSey Trust from % IA to 81 IA
Lead from 80 to IS. United States Rub
Der from As to 40, Western Union from
SIS to 81 IA and Manhattan from 1876
to 80. Some sharp rallies followed:
91-2 i'll Chicago Gas, to 6S IL: 5 TO
4 3-S in General Elecric, 4 in Manhat-
tan to 100: 214 in Sugar to IS; in
Cotton Oil to 81: 214 in Quincy to Sc;
in Cordage TO 171-2, and 5 in do
preferred tc so.
ton was excited and feverish owing to
the circulation of rumors affecting the
solvency of other firms and individuals.
At II a. IN. the market was still fever
ish
London Buys Heavily.
The nervous tension in financial cir
cles shows no signs of relaxing. The
failure of White caused a fresh out
break of the selling fever Rarely, if
eyer,in the history Of the stock exchange
were OleEe Stlcu VIII uuCluluolS VIII
messed. One of the largest houses on
the street was said to be in trouble
and its failure only matter of hours
While our own brokers We're in a
dazed condition and throwing over their
stock regardless of prices, foreign houses
were at work picking up the dividend
payers. Their purchases We're heavy
enough to demoralize the foreign ex-
changes and posted rates were reduced
to 4.S6 to 4.S9.
Landeburg. Thalman & Co. says:
London is buying heavily of Ameri-
can stocks. Of course there will be no
gold shipments this week.
Money is close and stock exchange
borrowers are paying IL aud II per
cent.
At the Office of Henry Allen & Co.
Assignee Pammil says the statement of
the condition of the firm is not ready
and probably will not be given out to-
day.
Schuyler Walden, who was carried
down by yesterdays break in the in
dustrial stocks, says he has no hing to
say as yet about his affairs.
At the office of Landeburg. Thalman
& Co, it is said that there is not a
word of truth in the report that they