The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-05-06
FINANCE AM TRADE.
Tho Features of tho Money II Stock
Markets.

Tho Features Of tho Money and Stock
Markets.
New YORK, May 5,-Money on call loaned
from 4 to 40 per cent? last loan 4 per cont;
closed offered at 4 per cent Print mercantile
paper Gas per cent. Sterling exchange unsettled
ut 81 S3a4 sGi& Sales III. M shares.
The day was one OF exceptional activity and
intense excitement ut the stock exchange. The
great slump In prices during tho last half hour
OF business yesterday, and the further break
this morning, was explained by the failures OF
:. v. White. Ferris Il kim00ll and w. /, Patton
& Co, Largo amounts OF stock were sold out for
the account of these houses. and the avalanche
OF offerings created Il more pauicky condition of
affairs than has been Experienced since the time
OF the barring panic According to those who
passed through the Black Friday troubles and
al the financial uphcayals since then, there has
not been u tlmo When stock exchange houses
were so completely demOrallzed as was the case
today. Tho situation resolved itself Into Il mat
ter OF selling for practically, any price obtalna.
how acute the panic had become, The drop III
quotations over night was equal to la4i points.
md Ind the pressure to sell continued a short
time longer there Is little doubt that other
houses would have been forced to the wall.
AS II was London turned up as u heavy buyer,
aud according to competent authorities took UP
wards al 100000 shares, aud ct the sane time
home investors, who have not put In nh appear.
anCc In Wall street for years back, took round
amounts, Of both the railroad and industrial
stocks. Tho buying power thus exhibited turned
the tide, but not until American Sugar had
dropped u points, tho preferred II, General ElcC.
trio -, American Cotton OIL 8. Chicago Gas ijA,
Edison Illuminating 81, Manhattan lOE, Ma.
tlonal COrdHgC preferred o, National Lead 4,
preferred II, Omaha preferred G. Wheeling &
Luke Erie preferred 81, md Big Four 81. The
drop in other stocks was | TO 4 points Tue nc.
tivity In the money market accelerated the sell
Ing movement, but lHtCr funds became decided.
" enSlOr, the foreign exchanges declined sharp.
IL, thus tOuiovlug the possibility Of gold exports,
and firms, which had been reported to bC IN
difficulty, pulled through smelly. All this com.
bined to create Il much better feeling, and tho
recovery was even more rapid than tho previous
decline. General Electric sold up from bS to 81,
American Sugar from O9 TO Sl4, preferred from
GS to so, American Cotton oil irOmH0 u 80Jt, pre-.
fCrred from GS to HJs, Consolidated Gas from liz
TO 49,, Edison from 10 to ll6, Lake shore from
1913 TO i2S, National COrdHgc from ljl3 to y, pre.
icFFed from Is 80 ~. National Lead from g6 10 81,
preferred from q TO III, New Jersey Central from
i0i to iOl, United states Rubber from 80 TO 4GLl
aud Western Union from SOA to S6A,
DIrlngthG last half hour a few Oflhc lnduSlrlnll
ran OF sharply, but the general list held well
aud the market closed steady In tone with n
more confident feeling than has prevailed for
several days nASt. III d number OF Instances fnnl
quotations were above those Of yesterday, moro
particularly IN tho railway list. The salos footed
| Up III iii Bhnrcs.
railroad bonds were d~cmopllzcd. Sales ST..
$1,000.