The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-06
INCIDENTS OF THE PANIC.
Scenes In Wall Street and on Change Dur
ing . Memorable Days Business.

Scenes In Wall Street and on Change Dur-
ing . Memorable Days Business
NEW YORK, May 5.-There were lowering
and portentous clouds cn the Wsll-streeu
horizon this morning. Brokers and banks
ers had not idled over their rolls and coffee
at breakfast. Every man with q coppeT's
interest in speculative fields knew that the
band would begin to play at the drop OF
the Gavel at the Stock Exchange. and each
one was anxious at that time to be in ths
procession and close up where the elephaDts
should be walking. In every Office IN the
hustliDg community the clsttering ticker
was the center-pin about which all 70.
volved. Nobody could tell before tho
opening what history lay just the other
side of o'clock. Then pandemonium
should be let loose. Those who were in
wore strained and anxious faces, while
those who were out, but hovered about
from habit. were scarcely less anxious. No
man could know hie neighbors secrets and
he who had On aHzious secret told it only
in his manner of feverish unrest. Some.
perohance felt their toes were over thu
edge of q sheer declivitv. and could not
know but that the DEVELOPMENTS Is Of an hour
might push them clean over the brink aud
into the final pit Others, with q narrow
margin between their feet and the preci-
pice-but yet q perceptible margin-were
largely waiting 20 learn II the intervening
space was rock. OF sliding sand, or crum.
bling gravel. In the streets men and boys
shot past each other. diving In here and
carting out there. rushing into this or hur-
rying out OF that office. where their inter-
est centered.
Any fond optimist who, before the open.
ing. imagined that the stock market might
stiffen at the outset was disappointed.
Every eye was on Cordage, and there was
movement in the picture. within ten min
utes after the fall OF the gavel. 10 engage
every eye. The appointment Of receivers
for the National Cordage Company. at @
late honr last night. was the occasion for q
further break IN the preferred stock this
morning. The preferred stock had closed
at IS. but. within ten minutes after 10
O'Clock it had lost its balance and
q iutting rock for moment, but
the rock was knlfe-edged, and Cord
age preferred slipped It's brief hold.
and ratified down the preciDiee until
II touched 45. Where is il going TO landf'
said those who watched the descent
Never mind" cried the optimist lit Will
lodge and stick pretty quick. There viii
be q breathing spell and loss OF wind
pretty SOON" And the prediction was IN
some degree verified before the hour had
passed, there being. before IL o'clock. per-
ceptible lessening of the rush TO sell. Cords
shares changing hands at those prices.
Meanwhile. along the ragged deellvlty
there were other interests tumblng and
scram bling against the face OF the sitaas
tion. General Electric was another weak
SPOT. and in the first few minutes OF ousl-
ness the stock broke points 10 "a. AZ
l0:l5 A. NJ. the stock was selling at o..
Sugar was also attacked aud broke 20
76. while Chicago a5dropped 70 90, Man.
haitian sold down ~. 70 lel Ccnsiderins