Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-05-06
ON A fIRMER BASIS
The Excitement in Wall Street
Practically Ended.
THREE MORE BIG FAILURES
los.sioa Turned Up . Heavy Bsyer
THE Over the Bear.

Nav Yosx. Msy 81 The day .vaa one
of exceptional activity and in,sns, ex-
citement al the stock exchange Tho
great slump In prices during the iast
half hour II business yesterday sni tho
further break this morning wn ex-
planned s,y the fixtures ot =. r White.
Ferns 4 hlmball and W. l. Patton 4
c.. Large amounts ~ stocks were sold
out for the account q the-- houses and
the avalanche q the offerings crea-ed a
more panlcky condition - affairs than
hss heen experienced since the tine of
TIE Barring panic. According to those
who pass.-d through the Black Friday
troubles ant all the financial upheavals
since then there newer has been a time
when stock exchange houses were -
completely domorailzsd a. vas the case
today The situation turned Itself into
-slilng for practically any price obtain
able The enormous shrinkssc SHOWS
plainly how acute the panic had become,
The drop IA quotations over night Was
equal from o. "a points. and had The
pc~-sgre 20 sell continued short time
long-r there J. little doubt that other
house., Nould have been forced 10 the
eaii As IL Was London turned up as a
heavy huyef and according 10 compe
tent agthortt.rs. took upward of loo
s' shares and az the same time hoHe
investors. Hho have not put IN an ap
pears,ncc Ia Wall street FOR years hack.
took round amounts = both tho rail
roai AMI Industrial s;ocks
Quick Eeaction.
The buying power thus exhihiie q
turned th, tide. but not until American
Sugar had dropped "A puints. the pre-
frrrcd Il. Electric -. Cotton oil :.
Chicago Gas i5i,. Edison 81. Manha;
tan lOis. Cordage preferred -. Lead !.
preferred N. Omaha "a. Wheeling K
Lake Lri- preferred . and b. -Four
5f. The drcp IN other stocks was | "a
. The activity IA the money market
accelerated the selling movement. but
later funds became decidedly easier. the
foreign eNcaasse declined sharply, and
tifiGs v hich had been rcT-Drted o. be In
difficulty pulled through safely All
this combined Ia produce frmer feel
ing. and the recovery was even
more rapid than The previous de
cline. Eis-csiic sold up from II
- -, sugar from ., - ,lis. preferred
frNm - O. ~, tOttou tai from % u ~ Z.
preferred from - ,o - :. ,.as from | L.
q Ia, Edison from i.i0 10 | l6. Lake
Shore from | =; tn LIS. Manhattan from
u ,o i-.b,i ,: Corciase from l5', q -,
preferred from o. 10 -. Lead from ~ to
-. preferred from - q -, Jersey Cen.
ira from ic4i tc l.l9; 8utter from q
O. - and Western Union from s0l,
O. = :.
During the last half hour few = the
Industrials ran III sharply. but the ger
srai l.st held well AMI the market closed
steaiy m tone with more confident
feeling than has prevailed Tor several
days past. In number - instances
final quotations were above those 70 yes
trrday More particularly in tho railway
hst. The sales footed up ssl.,ss shares.
fhi- aftsruoan me e The governors -
tnr exChaGgc and member % cne -
th- mo-t conservative banking houses
sald Il do not care ~ have my name
u-edl tut YOU may lay Tor me that |
think the worst - over now. Whel Nr.
Waite failed the last habble vas pune
tured and ws have reached the bottom.
We have already had a pretty sharp
rail y and A. shall probably have others
wish ~Irne Slow bquidation- | don't
lc-.< for any more faliurrs