The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-06
WALL STREETS WILD FURRY
Deacon White and Two or Three
other Firms Forced TO Suspend.

New York, May 5.-S. V White & Co.
announced their suspension al 1O;45
o'clock this morning. 5. Y. Whites sheet
went through the clearing house all right
last night and his checks We're certified.
Mr. White said: "The terrific drop in
Cordage and Chicago Gas makes it impos-
siblo for me to go ON.
The Brooklyn Eagle says: "Honry
Havcmeyer takes up S. V. Whites con-
tracts and lets him resume Monday"
The failure of Ferris & Kimball was
announced on the stock exchange mt noon
The failure of w. II. Patton & Co was
announced on the stock exchange at las
O'Clock this afternoon.
The appointment of receivers for Ma
tional Cordage at late hour last night
was the occasion for a further break in
the preferred stock this morning to 40.
Yesterday it closed at 77 bid The com
mon opened at 1902, 5000 shares chang
ing hands at this price
General Electric was another weak
spot, and i'm the first few minutes of bUsi-
ness the stock broke points The fact
that certain people thought it necessary
to issue statement that the company IS
all right was viewed with suspicion in
| some quarters.
Considering the panic in the industrial
group, the general list held fairly well.
EXCITEMENT ON 'cHANGB.
The excitement on the stock exchange
was intense and prices fell so rapidly
! that it was difficult matter to keep track
! of them. The announcement of the sus-
| pension of s. V. White added to the gen
| Cral decentralization which seems TO have
set in. American Sugar, which opened at
So had dropped to 63 at II o'clock. Chi
| cago Gas fell from "a to 50, General ElCc-
trio from so to Sc, National Cordage from
! 10 to 1914 Whisky trust from 22l4 to p i
Lead from 33 to %, United States Rubber
from 45 to 40, Western Union from S8 to
Sl4, and Manhattan from 1876 to l20.
A RALLY AT NOON.
AT noon the alarm at the stock exchange
had abated, but the fluctuations contin-
ued wide and frequent. When buying
| orders appeared prices jumped 2, and 4
points at a time, but any pressure to sell
was Immediately followed by break.
! The recovery from the lowest at noon was
! II points in Electric, 81 in Sugar, 3l5 in
Sugar preferred, Z in Manhattan. 29l in
New England, in Big -Four, in Ma
tional Lead and i'll Western Union. The
| absence of further failures had reassur-
ing effect and at noon the market was
firm and advancing.
The nervous tension i'm financial circles
shows no signs of relaxing The failure
| of s. V White caused fresh outbreak of
| the selling fever Rarely, if ever, in the
| history of the stock exchange were
| there such wild fluctuations witnessed.
! One of the largest houses on the street
was said to be in trouble and its failure
! only matter OF hours. While our own
brokers were in dazed condition and
throwing over their st8nl1s regardless ot
price foreign houses were quietly at wOrl
picking up dividend payers Their pur
chases were heavy enough to demOraliZt
| the foreign exchanges, and the posted
rates were reduced to Sc and 81
! Ladenburg Shalman & Co. say London is
buying heavily of American stocks O.
course there win be no gold shipment,
| this week. Money is close and stock eX
change borrowers are paying IL and /:
per cent.
BY common consent the turning of the
tide in Wall street is credited to the exer
tiOns of DreXel, Morgan & Co and the
Vanderbilts 1t is reported that w. Is
Vanderbilt and Robert Goelet PLACED
s., 100000 in the gap. The banks where
ever possible gave the utmost
credit where it was needed
The tremendous influence of DreXel
Morgan & Co., with clientele" Of far
reaching Importance was at the service
Of the street, weak spots were strength
ened and the troubles feared by the whole
downtown community We're tided over.
BOSTON AUCTIoNEERs FAIL.
Boston, May 5-Erancis Henshaw 6
Co., stock auctiOneers, have failed.