The record-union., 1893-05-06


by the fact, as his puts were bought right
and left, and during the present crisis
and the severe decline in prices, pur-
chasers have been enabled to put stocks
to him at prices far above the market.
White says he is unable at present to give
definite idea of his liabilities.
NIce-President Havemeyer of the sugar
company says there is nothing in the
condltlon to warrant this mornings
break. The company has very large
surplus and is heavy loaner of money.
A dispatch from President Coffin of
the General Electric says the company
has no pressing liabilities, no outstand-
ing call loans, and recently paid 50, 600, 600
of its obligations. Collections are not
slow, and the company's factories are as
crowded as ever
Francis Henshaw & Co., stock brokers
at Boston, say their failure is due to in
ability to collect money due on margins.
1t is impossible to give statement of
their affairs.
Ferris q Kimball, whose failure was
announced at 12:45, went down under a
load of industrials. No statement has
yet been made.
SPECULATING ON THE SITUATION.
Wall street is deluged with kilograms
from all over the country to-day asking
II the financial crisis is over The replies
are for the most part to the effect that it
Is impossible to tell till further failures
develop. The names of several large
houses are being freely mentioned as
llGnlU fn
use yet 10 speculate on the outcome of it
all in the stock market. The best author
ltles hold the present crisis is not made
by the banks, which have not called loans
or forced liquidation any further than to
see that their margins are properly kept
up. Their customers have been afforded
every accommodation consistent with
safe banking.
The present slump is believed to be
simply Wall streets recognition of the
general contraction of trade, and credit
Is now setting in. The blow has only
hurt thus far where there has been in
herent weakness through over-trading.
Ihe situation i'll the street, outside GER
tam lndustrials and speculators in them.
is believed to be sound.
mysterious rumors flew all day every
Where on the street. Addison Cammacl<'s
name was mentioned among the bears.
and there were few prominent operators
on Inc street whose names were not con-
hected IN some way with sensational re-
ports. What was James r. Keene doing
over IN Exchange Place; was he loaded
with sugar? He was reported to be with
.. V. White, yet he gave no sign. 1t was
said he had unloaded sugar, did not own
a dollars worth Of cordage and was safe.
de said nothing, however, and let the
rumors fly.
SURVEY OF THE SITUATION
After the gavel had fallen and the bat
tie was over for the day, the men went
away IN quieter spots and looked
the situation over. In well informed
financial quarters the feeling grew that
the worst had been seen. and from this
time on matters will improve. ON this
theory, which had to some extent OH
talned before the close, and on the fact
that certain houses, whose names had
been mentioned as being in trouble earlv
In the day, pulled through all right
numerous purchases it seems have been
made. Right through the list there has
been revusion in sentiment, and prices
had bounded up almost as rapidly as
they dropped early in the day.
Alter scanning the situation after the
close to-day one of the Governors of the
Exchange, and member of one of the
most conservative of banking houses.
said: II do not care to have nv name
used, but you may say for me that think
the worst Is over now. When White
1alied the last bubble was punctured. and
we reached bottom. We already had
pretty sharp rally, and we shall probably
nave another with some slow liquidation
L do not look for any more failures
There may, of course, be some. but thew
Will be OF the small-fry order, and will
have no appreciable effect on the market.
There has been great deal of monev
lost, OF course, in this decline, but good
deal of it has been in margins. which will
show on the Exchange. Many members
OF the Exchange no doubt sustained
losses, but they will be able to stand
them. In my opinion the Stock EXCHANGE
is now bargain counter. If this was
not 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 10 any reliable source
DOES NOT CONCERN THE TREASURY DE-
PARTNIENT.
WASHINGTON, May 5.-The pauickv
condition of Wall street to-day, though
interesting to the officials Of the Treasury
Department, did not, they say, imme-
diately concern them, as the department
is unable to aid the situation there. That
the trouble is not seriously thought of is
shown by the fact that Secretary Carlisle
only remained at the Cabinet meeting
about fifteen minutes. and then went
home. The matter was not even dis
cussed. The feeling among the Treasury
officials, though they do not openly ex-
press it, is that Wall-street speculators
brought the present condition upon them
selves, and the Government is in no way
responsible for it. 1t is said at the Treas
ury that the time has passed when the
Government can aid Wall street. There
- q '4h4O "A0h, III PutcHdSlllU DOnuS,
relief might have been rendered, but that
condition has gone by, as the Govern
ment is not in a position to take such
action. AS far as the Treasury Depart
ment was advised at the close of business
to-day, no gold was taken from the Sub
Treasury at New York for export Satur-
day. Small offers of gold continue to
come in and be accepted.
Turner's May Festival.
The thirty-ninth annual Nav festival