Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-05-12

New York, May SIS. V. White d
Co. announced their suspension at lo:4o
o'clock this morning. No idea OF the
extent Of the failure has been learned
at the office. At ITO "a. N. Mr.. White
made the following staement to the
press:
The unexpected drop in all securities
has made it impossible to realize on
securities or to collect margins to meet
nv enpacements. S. V. White.
At 1915 the failure Of Ferris q KIM
ball was announced on the stock eX-
change.
At 1:45 p. IN. the failure Of w. L.
Patton &, Co. was announced on the
stock exchange.
This was the worst day w; | street
has been in this week Ct woe. The
hopes INDUCED in last evening that the
panic had run its course were prema-
ture. The stock market opened amid
great excitement and with prices about
the same as yesterdays dosing.
1t was very soon apparent that many
more stocks must be sold out rasaIl-
the banks against certain stocks. =
pccially the irdustrials, as collaterals
in loans, has compelled their hol'ters
TO throw them over.
The slaughter Of the industrials was
awful, and it was very quickly seen
that there must be more failures. No
house largely interested in these stor ks
{,I 20 col MI
BY $50 o'clock the galleries Of the
stock exchange began to fill. 4ester-
days exciting events had attracted
every ones attention and the public
had awakened to the fact that panic
WAS in the air On the floor at 800
O'Clock n broker called "What will the
price Of Cordage be-" And the cry
echoed back and forth through the
galleries.
Everybody was aroused and some
were in danger Of tlImhling over the
railing to the floor beneath in their Ell,
deavors to get Il view of the COrdage
crowd, which was swelling in numbers
every second.
Nineteen for COrdage."
Pandcmonilm was at its height when
at 10 O'Clock the wooden mallet fell and
with it three sharp blows upon the
chairman's desk, opened The market.
"Nineteen for Cordage," came on the
instant, and the sale of 5000 shares at
that price was in Il moment recorded
on the ticlerS.
The Sugar crowd, the st. Paul crowd
and the Chicago Gas crowd were hav-
ing Il high old time, for their interests
lay with the Cordage crowd, which was
the most conspicuous in point Of num-
DelS, and on account of the greater dem
onstrations with voice and pads waived
aloft
There were many more ladies present
in the galleries than yesterday and the
wild pushing and yelling of the brokers
below stirred up to such Il pitch of
excitement that many cried out in
very sympathy. The panic foreshadow-
ed yesterday had dropped out full
iledged.
The sight became indescribable. The
crowd in the gallery began to sway
backward and forward and it looked for
a moment rs though the rush below was
TO be repeated above.
The excitement on the stock eX-
change this morning was most intense
and prices fell so rapidly that it was Il
difficult matter to keep track Of them.
The announcement of the suspension
of s. v. White added to the general de-
moraliZation: Chicago Gas fell from a
to 65. General Electric from so to G6,
National Coriage from 10 to Is II
Whiskey Trust from % II to 81 IA
Lead from 80 to IS. United States Rub
Der from As to 40, Western Union FROM
So to 81 Il and Manhattan from 125
TO 40. Some sharp rallies followed:
9 II in Chicago Gas, to 6S 10: 5 TO
4 SIS i'll General Elccric, 4 in Manhat-
tan to 100; 214 in Sugar to 6S; 4 in
Cotton Oil to 81; pa in Quincy to SIS;
. in Cordage to 111-2, and in do.
preferred tc 80.
ton was excited and feverish owing to
the circulation of rumorS affecting the
Solyency of other firms and individuals
AT IL A. m the market was still fever
ish.
London Buys Heavily.
The nervous tension in financial cir
cles shows no signs Of relaxing. The
failure of White caused fresh out
break of the selling fever. Rarely, if
eNer,in the history of the stock exchange
were there such wild fluctuations wit
messed. One of the largest houses on
flN.N S.fr Il
and its failure only a matter Of hours
While our own brokers were in a
dazed condition and throwing ever their
stock regardless of prices, foreign ho.ses
We're at work picking up the dividend
payers. Their purchases were heavy
enough to demoralize the foreign ex-
changes and posted rates were reduced
to 4.S6 to 4.S9.
Iandeburg. Thalman & Co. says:
London is buying heavily of Ameri-
can stocks. Of course there will be no
gold shipments this week"
Money is close and stock exchange
borrowers are paying IL and l. per
cent.
At the office Of Henry Allen & Co.
Assignee Pammi says the statement of
the condition Of tho firm is not ready
and probably will not be given out to-
day.
Schuyler Walden. who was carried
down by yesterdays break in the in
dustrial stocks, says he has no hing to
say as yet about his affairs.
At the office of Landeburg, Thalman
& Co., it is said that there is not a