The morning call., 1893-05-06

was over for the day men went away into
quieter spots and looked the situation over.
In weI-;nfOrmed financial quarters the feel
ing grew that the worst had been seen and
from this time on matters would Improve.
On this theory. which had 10 some extent
obtained before the close, and on the
fact that certain houses whose names were
freely mentioned as being in trouble carly
In the day pulled through all right, numer-
Gus purchases is seen 10 have been MADE
right through the list. There had been q
rerulsion i'll sentiment, ana prices had
bounded up almost as rapidly as they had
dropped early in the day.
On scanning the situation after the close
to-day one of the governors Of the EX-
change and q member of one OF the most
conservative banking-houses said:
Il do not care to have my name used,
but you may say for me that | think tile
worst of it is now over. When White failed
the last bubble was punctured and we
reached bottom. We have already had n
pretty sharp rally, and we shall probably
have another with some slow liquidation.
do not look for any more failures. There
may. of course, be some. but they will be
of the small fry order and will have no ap-
preciable effect on the market There has
been great deal of money lost, Of course
in this great decline. but good deal of it
mas been in margins. which will not show
on the Exchange. Many members of the
EXhaUge no doubt sustained losses. but they
will be able TO stand them. In my opinion
the Stock Exchange is now bargain coun-
ter, and If this was not a bargain day then
there never was one on the Exchange"
rumOr obtained at one time that S. v.
White would be taken care of by certain of
the sugar magnates. This however, could
not be traced TO any reliable source.
BY common consent the turning of the
tide is credited TO the eXertions of DreXel,
Morgan u Co. and the Vanderblts. 1t is
generally believed that several important
houses, at the close of business, were con-
fronted with what appeared to be ineviia-
BILE failure. The enormous losses In the
last week, the utter decentralization of the
buying power in the market and the prac-
tical paralysis of credit promised liquida-
ti0n that, unless stayed, would have swept
them off their feet. But last night and this
morning had been employed by every
strong interest, which realized that the
weak must be saved at any cost. Bankers
ami banks alike joined hands with de-
termination TO avert most serious threat
ened danger. but it could not be demon
STATED at once that the situation had been
controlled.
Not until after further extensive liquida-
tions in certain directions had been accom-
plished was the market reversed, and the
quotations, seudding rapidly upward, told
10 all persons interested the story of rescue
and recovery. OF necessity the names of
the houses whose suspension is dreaded
must remain in confidential circles. The
means adopted may not be described. but
they were effectual. 1t is reported that
William X. Vanderbilt and Robert Goelet
placed S2.000.0O0 in the gap. The banks.
wherever possible, gave the utmost credit
where it was needed. The tremendous in
fiuence of Drexel, Morgan & Co. was at the
service of the street. The weak spots were
strengthened and the troubles feared by the
whole downtown community were tided
over.
White said tonight that he expected to
be able to resume payments tomorrow.