The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-05-05
DEACON" 5. '. WHITE FAILS.
Terrific Drop in Stocks This Morning
Better Prices Later.

Ierfinc Drop IN SJOckS inns mofulnS-
Better Prices Later.
NEW YORK, May 5. 1898. The stock
market opened amid great excite
ment. and with prices about the
same as Yesterdays closjngs. II was very
soon apparent that many more stocks
must be sold out regardless of price. The
discrimination of the banks against GER
tain stocks, especially the lndustrials, as
collateral in loans, has compelled
their holders TO throw chem overheard.
After eleven O'Clock change set in for
the better and stsadier tone character
lied the dealings. When al ten O'Clock
the Chairmen's wooden mallet fell, and
the stock market opened, there was
q bid Immediately. Nineteen for Cord
age" was shouted, and the sale Of 5000
shares az that figure was re corded in a
moment. General Electric went down
from so to SO. Sugar from s615
National Lead Trust sold at 20 1-2, Ameri-
can Cotton OH at 80. Whiskey at 20 20
and Rubber, at 80. declines all the way
from to % points.
AT halt-past ten the failure of deacon"
S. V. White was announced. When seen
at his Office after the announcement Of his
failure, Mr.. White said:-
ssThe terrific drop in the market has
used me up, and was forced to suspend.
l have a large number of outstanding
contracts which must be closed out. The
drop in sugar was one of the chief causes
of my suspension"
Mr.. White has been m ember of the
Stock Exchange since 1859. On
September %. 1891. he became
tions in wheat aud was forced to
suspend with liabilities of over sl.000.0 900.
He began business again in January,
1892. and by September had pad OFF with
interest his entire liabilities, and had q
cold 81 ZOO, 900 left over.
He was able TO do this through the
aid of the large interests 10 Sugar,
Cordage and Whiskey. Mr.. White
had either part or entire charge of
the pools in these stocks ard by his
masterly manipulation was able to ad-
vance them to the high figures reached
last year. He has always been known as
one of the most audacious and aggressiv g
manipulators on the Stock Exchange.
After eleven o'clock change for the
better set in.
The foreign buying has been on very
heavy scale and European purchasers
certainly picked up some very cheap
stocks. The example set by the
foreigners and the confidence they
displayed in our securities revived
the dropping courage OF home operators
and general rally ensued. Manhattan
uounCeu up W 1ou - iioui t~0. gam u
1-2 per cent. General Electric rallied
from 5S to II 1-2. Sugar from 62 to "A 3-4.
and Chicago Gas from SO to ~ 1-2. The
general railway list showed recOveries of
anywhere from to per cent.
At quarter to one p. m. the failure of
Ferris & Kimball was announced on the
Stock Exchange.
Mr.. Theodore Hayemeyer, Vice -Presi-
dent of the Sugar tCcmpany. says
there is absolutely nothing in
the affairs of the company that would
warrant the break of this morning. The
company has large surplus. and is a
very large loaner Of money.
LadenDerg. Thalman & Co., say:-Lon-
don is buying heavily of American stocks.
OF course there will be no gold shipments
this week. Money is close aud Stock Elk.
change borrowers are paying II and Il
per cent.