The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-06
Spectators We're Demoralized by the Psnicky
Condition of the Markets. Their Inability
10 Stem the Downward Current
"Deacon" White and Other Too -Heavily-
Loaded Brokers Sunk by the Storm.
English Gold Thrown Into the Pit When Stocks
Were Lowest, and Prices Turned Upward
Again-The Worst Thought 10 lie Over.
SECOND BLACK FRIDAY.

Wall Street Full OF Excitement Yesterday
Several Brokers Forced 90 the Wal.
NEW YORK, May 5.-There was another
wild panic among the spectators on the
Stock Exchange to-day. and several more
failures were reported as q result of the
sharp decline in industrial shares. "Des-
con" White was one of the operators who
got caught on the wrong side of she mar
ket, and for the second time within year
OF two the Deacon" went TO the wall The
day was one of exceptional activity and in-
tense excitement The great slump in
prices during the last half hour of business
yesterday, and the further break this
morning was explained by the failures Of
S. V. White. Ferris IL Kimball and w. L.
Patton 81 Co. Large amounts OF stocks
were sold out for the account Of these
houses, and the avalanche Of offerings
created more panicky condition Of affsirs
than has been experienced since the time
of the Barring panic.
According to those who passed Though
the Black Friday troubles and ell the fnan.
cial upheavals since then. there never has
been O time when Stock Exchange houses
were so completely demoralized as was tha
case to-day. The situation resolved itself
into matter of selling for practically any
price obtainable. The enormous sbrinksge
shows plainly how acute the panic has be-
come. The drop in quotations over night
was equal to "a points and had the press
sure to sell continued a short time longer
there is little doubt that other houses
would have been forced to the wall. As 10
was, London turned mp as q heavy buyer,
and, according to competent authority.
took upwards of 100. 900 shares, and at the
same time. home investors who have NOS
put in en- appearance in Wall street for
rears back took round amounts of both the
railroad and industrial stocks The buy
ing power thus exhibited turned the tide,
but not until American Sugar had dropped
"a points. the preferred going of 10; Gen.
eral Electric. y; American Cotton OIL. s.
Chicago Gas. 15ai; Edison Illuminating. 6lts
Manhattan Elevated. lola; National Cord1
age preferred. 25; National Lead, z, the pre-
ferred going of IL; Omaha preferred. "a
Rubber, GA; Wheeling & Lake Erie Dre-
ferred, ca, and Big Four, ga. The drop in
other stocks was from 1 10 points.
The activity IN the money market ac-
CELEBRATED the selling movement. but later
funds became decidedly easier, the foreign
exchanges declined sharply, thus removing
the possibility of gold exports. and firms
which had been reported TO be in difficulty
pulled through safely. All this combined
to create q much better feeling and the re-
covery was even more rapid than the pre-
vious decline. General Electric sold up
from IS to 81; American Sugar, from 62 10
6ll2, and the preferred, from 6S to so; Amers
lean Cotton OIL. from 80 20 S9l4, and the
preferred. from 6S to 747s; Consolidated
Gas. from 1l2 to 1l9l9; Edison Illuminating,
from l10 TO 116; Lake Shore, from 123 TO 1881
Mapbatten, from 115 to 130A; National
Cordage. from l5l3 10 %. and the preferred.
from IS to 81; National Lead. 26 TO SO and
the preferred from O. to 20; New jersey
Central, from 10il9 to 109: United Stated
Rubber. from 50 to 46L, and Western Union.
from 6OA TO S6l4. During the last half
hour u few industrials ran of sharply. bun
the general list held well aud the market
closed steady in tone with q more confdent
feeling than has prevailed for several deya
past. In o number of instances final Quota<
tions were above those of yesterday more
particularly in the railway list The sales
footed up az, IN shares.