The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-05-06

while along the ragged declivity Of alarm were
other interests stumbling and scYambling
against the face OF the situation General Elec-
trio was another weak spot and in the first few
minutes it broke points. to "a The fact that
certain officials had thought necessary to issue
q statement that the company was all right was
viewed with suspicion In some quarters, and at
1918 O'Clock the price was 49, Sugar was also
attacked and broke to 76 Chicago Gas dropped
to go and Manhattan Elevated broke 81. to 12A
Considering the panic in industrial stocks, the
railroad list held fairly WE'LL Manhattan Ele-
waited went down the toboggan slide at great
rate, wiping ont all the margin, on . slump
from l23 to 1l5s<, Its downward progress was
checked at that point and rally to 10 followed,
but it slid off again to 116.
Soon aft or the opening there was . renewal OF
yesterdays rumors that s. V. White was in
trouble in connection with Cordage Before
three quarters Of an hour after the opening tho
slump in that stock became too great for him to
stand, and he went down before th . storm. The
fact of the failure OF the grain Speculation, whose
going TO the wall year or SO ago In the grain
deal on the Chicsgo Board Of Trade caused such
asensation, was soon known on the street, and
found its way into the Stock Exchange room be-
fore the formal announcement WAS made there
in. According to his own statement the Cord
age deal was the chief element in his failure.
but he was also Interested in Chicago gaa
Cordagc strangled him and gas su6ocated him.
He was unable to go on at present, though he
might get up later on. he said.
Soon there came from Boston the statement
that Francis Henshaw d Co.. stock brokers, had
failed. Nobody seemed to know much about
them, but 1t made little difference. 1t was a
failure, and that was enough to add to the fury
OF the tempest, and SO passed the first hour.
When IL o'clock chimed from Trinity steeple
the record stood like this: The decline had
been uncommonly heavy and the excitement
had reached higher pitch than at any time
since the panic started, with the market still
feverish. National Cordage had fallen 25 to 6s
and 25 to %; American Sugar. 2ol4 to 65s<, aud
preferred, II to 6S: Cotton Oil. to "a: National
Cordage. common, ~ to !5} 4; American To-
bacco, 4 to IS; Cleveland, Cincinnati, Chicago d
ST. Louis, 50 to 30: Burlington & Quincy, to
s3,s; Chicago Gas. 15s< to SO: Rock Island, ~
TO 77iz: General Electric, - to IS; Manhattan
Elevated, 101z to 1l5; National Lead. 615 to 26I1;
Preferred, 10 to 6s: Omaha, to lib: Rubber. az
to 80; Western Union, 3 to 81 Following tho
announcement of Whites failure there were
some sharp rallies, and Chicago Gas rose 81;
General Electric. 5; Manhattan, 4; Sugar, 2I4;
Cotton Oil, 4; Burlington d Quincy, ~; Cord
age, com mon, 2: preferred, s. The rally did not
hold, however, and speculation was feverish on
the circulation of q rumor affecting the solvency
of other firms and individuals.
After IL O'Clock excitement On the stock ex-
change had Hbsted somewhat, but fluctuations
continued wide and frequent Buying orders
appeared. and prices jumped three and four
points at time, but any pressure to sell was i'm
mediately followed by break. There was re-
covery from the lowest OF II points in General
Electric. 81 in Sugar. 81 in preiorred, In Man
haitian, 4 in Natianal Lead, In Western Union.
The absence Of further failures bad reassuring
effect. At noon the market was firm and ad-
vancing.
In the afternoon the battle Stacked OF a trins
in Intensity. There were spasrns of riotous bid.
ding aud selling, however, for time, and then
action again became more rapid. Barely, If
ever. in the history OF the stock exchange were
such wild fluctuations witnessed One of the
largest houses on the street was said to be in
trouble and certain TO fail. While this condition
existed dazed brokers were throwing over stock .
regardless OF price and foreign houses were
quietly picking up dividend payers. It IL esti.
mated that up 10 noon Loudon's purchases ag-
gregated fully 5000 shares consisting mostly
OF ST. Paul, Louisville d Nashville and Wabash
preferred This increase In foreign exchange
caused drop In sterling rates to - s6{9As9 but
money continued close At liG9l2 per cent The
confidence displayed BY the foreigners caused
the home orators TO take courage, and general
rally snsued. Manhattan rose from I25 TO 130l5,
General Electric from IS to ia, sugar from
g TO 7f<, Chicago Gas from 80 TO 72lS, and rail-
ways recovered TO Actual rsses for foreign
exchange were about 81 s351 and - 81 for bank
ers sixsy-day bills, 81 S6l9& Ss15 for demand, and
tina, saere would b no more gold shipments TO-
morrow.
Money in the meantime had advanced to 90
per cent. and then came another thunderclap
In the suspension Of W. l. Patton 4 Co.. and