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

weaken again. Manhattan broke to Us. Cord
age and Electric 10 -. and sugar TO 7Vl< At
l;So money had fallen 20 lS1a. and oy
O'CLOCK to q Owing 10 heavy offerings of funds
oy commission houses. stocks became compare.
lively calm. Up TO 2 p. m. saies of listed stocks
had been 4zs,ooo shares, and unlisted 2o2ooo
shares. Stoc Ks were then somewhat feycrish.
OUT IN some instances above LAST nights clos
Ing Ferris & Kimhall, whose failure was an.
nounced at l2:45. went down under q load OF
Indusfriais. They have made no statement ret
The following stocks were sold presumably for
the account of s. V. White: Tweuty-one hun.
dred american Sugar. 100 Aschison. 500 Cord
England and 50 Western Union.
AtS p m. money was easy at Industrfals
closed y TO IA points lower, the latter being on
Cordage preferred Railroads closed X 20
higher There was . confident tone at the finish.
After the gavel had fallen aud the battle was
over Tor the day, men went away in quieser
spots ana looked the situation over In well
informed financial quarters the feeling grow
that the worst had been seen and that from this
time on matters win improve On this theory.
which had to some extent obtained before the
close. and the fact that certain houses. whoss
names were freely mentioned as being in
trouble early in tho day pulled through
had been made right through the list There
had been revulsions in sentiment and pricea
had bounded up almost as rapidly As thcy
dropped early In the day. After scanning the
situation after the close today, one of the gov.
ernors OF the exchange. and a member Of one
OF the most conservative banking houses, said:
do not care to have my name used. bat Won
may say for me that think the worst Is over
now. When W hite failed the last bubble wns
punctured and We had reached bottom. We
shall probably have others with some slow
hquioaflon do not LOOK for any moro fall
ures. There may, of course, be some,
but they will be of the small fry order
and will have no appreciable effect on
the market There has been a great deal oS
money lost. OF course, in this great decline, but
show On exchange. Many mem bers of the az
change no doubt have sustained losses hut
they viii be able to stand them. In my opinion
the stock exchange now 10 a bargain counter.
II this was not bargain day then there never
was one on the exchange.
rumor obtained at one time that 8 " white
would be taken up by certain of the sugar mag
mates. Thisa however, could not be traced to
any reliable source
v. White says the drop in Sugar was ono OF
the leading causes OF his failure. lie was a
large seller on privileges and his present trouble
Is seriously affected by the fact that as his puts
were bought right and left and during the pres.
eut crisis and severe decline in prices pur.
chasers have been enabled to put stocks to him
at prices far above the market White saws ha
10 unable at present to give definite idea OF his
liabilities
Vice President Havemeyer, OF the sugar com.
pany, says there Ia nothing in the condition NJ
the company to warrant this mornings break.
The company has large surplus and ID heavy
lender OF money.
dispatch from President Comm. OF thu
General Electric Company, says tho COMPANY
has no pressing liabilities and no outstanding
call loans, and has recently paid s. 900 OF its
obl1gationA Collections are not slow, and the
company's factories are - crowned a. ever.
Tho big failures today were: s v. White.
Ferris & Kimbau and w. L. Patton 4 Co
BY common consent the turning on the tide IN
credited to the exertions OF Drexel, Morgan d
Co. and the vandsrbilts. 1t IL generally
believed that several important houses AZ
the close OF business were confrontea A
with wnat appeared to b inevitable
failure. Tho enormous losses in the last weak.
the utter Generalization of the buying power in
the market and practical paralysis Of credit.
promised liquidation that unless stayed.
would sweep them on their feet But
the night and early morning had
been employed b. every strong tntsrsst.
which realised that the weak mus
b saved st any cost ana bankers and hanks
avert the most serious threatened danger. but it
could not b Demonstrated % once that the sit-
uation had been controlled Not until after
further extensive uQuidations In certain
directions had been accomplished was the
market reveEseds and quotations souddine rap.
idly upwards told 70 all persons interested the
story Of rescue and rsoovsTy.
OF necessity the namas OF M houses vhoeA
suspension was dreaded must romain I'm con-
hdential circles The means adopted may
not be described, but they were o0ootual
1t 10 reported that William X. vanderbilS and
Robert Goslst placed 100000 In the rap
The banks. where It was possible. gave the ut
mendous influence OF Drexsl, Morgan
Il Co was At the service OF the street.
Tho weak spots were strengthened
and the troubles feared BY the whole down town
community tidsd over. White said tonight that
he expected to be able to resume payments to-
morrow, and 1t is currently stated that Have
meyer. the wealthy sugar man, put up money
enough. 81. .0O0 900 It 10 said, to place White ON
his feet again.
NEW YORK. May a-In the United States cir.
cult court today Judge Wallace made an order
appointing T. +. c. Young and George Weaver
Loper receivers for the National Cordags COM
pany in the Southern district OF New York state.
The application tor receivers was BASED upon
the petition OF Augustus and v. II. Ellis, stock.
holders in West Chester county. The same rea.
sons a. those given to Chancellor McGiil, OF New
Jersey, were stated.
insert panic
Boston, May a-Francis Henshaw 4 Co..
stock brokers, suspended this morning. They
say their failure was due to inability to collect
money due on margins. 1t 10 impossible to give
Q statement of their affairs.
CHICAGO, May ga special to an evening
paper from New York says: Havemyer. the
sugar king, has given g. v. White LOOT, 900, and
no will resume business tomorrow. He intends
to settle with all his creditors II Is believed
his liabilities are $500 900.
WASHINGTON CITY, May 5-The panicky con-
dtion OF Wall street today. though interesting
officials OF tho treasury department. did not
they say, Immediately concern them, AZ the de-
partment was unable 70 aid the situation there
That the trouble Is not seriously thought Of in
shown by the fact that Secretary Carlisle only
remained at the cabinet meeting about fifteen
minutes and then went home The matte. was
not even discussed. Tho feeling among the
treasury officials. though they do not openly
express 1t, Is that Wall street specuiatora
brought the present condition upon themseIves 4.
aud that the government Is not In any way re-
sponsibe for it. II 10 said ct the treasury that
the time has passed when the government can
aid Wall street. There was q time when, by the
purchasing OF bonds. relief might have teen
rendered. but that condition has gone by, a. the
government 10 not In position TO take such sc-
ton. AZ far a. the treasury department. was
dvised at the close Of business taday. no gold
was taken from the sub.treasury at New York
for export on Saturday. Small offers OF gold
continue to come In and are accepted.
BY voting "yes" on both proportions at sAe school
election today you rote to increase the efficiency Of the
public school system Of Seattle