The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-05-06
Worst Day of the Whole Week on
the New York Stock
Exchange.
During the lorning Hours the Bottom
Fell Out of Almost Everything
on the List.
A sharp Rally Later on Heavy Buying
Orders From London-Close
Much Easier.

worst day Wall street has seen in this
week of woe. The hopes INDUCED in
that the panic had run its course were
premature. The stock market opened
amid great excitement and with prices
about the same as they had closed.
1t was very soo apparent that many
more stocks must be sold out regardless
of price. The discrimination of the
banks against certain stocks, especially
the industrials. as collaterals in loans
has compelled their holders to throw
them overheard.
The Slaughter Was Awful.
The slaughter Of the industr.als was
awful, and it was very quickly seen,
that there must be more failures. No
house largely interested in these stocks
could be expected to remain solvent.
BY $3.50 o'clock the galleries Of the
| Stock Exchange began to fill. The ex-
citing events of the week had attracted
every ones attention and the public
had awakened to the fact that a panic
was in the air. On the floor at $50
| o'clock a broker yelled what viii the
price of Cordage be-? and the CRY
echoed back and forth through the
galleries.
Everybody Was Aroused
and some were in danger of tumbling
over the railing to the floor beneath in
their endeavors to get a view of the
Cordage crowd, which was swelling in
numbers every second. Pandamonium
was imminent, when at 10 o'clock the
wooden mallet fell and with it's three
sharp blows upon the chairman's desk,
opened the market. Nineteen for
Cordage," came on the instant and the
sale of 5000 shares at that price was in
a moment recorded on the tickers. The
Sugar crowd. the st. Paul crowd and
the Chicago Gas crowd were
Having a High Old Time
for the spectators. Their interests lay
with the Coraage crowd, which was
the most conspicuous in point OF, num-
bers. There Were many more ladies
present in the galleries, and wild push
ing and yelling of the brokers below
stirred them up to such a pitch of ex-
element that many cried out in very
sympathy.
The panic foreshadowed had at last
cropped out tull fiedged. For a moment
it looked as though the rush below the
galleries would be reproduced above.
Hard to Keep Track Of Prices.
Prices fell SO rapidly that it was a
diff calt matter to keep track of them.
American sugar. which opened at s.,
had dropped to 60 at II o'clock; Chicago
Gas fel from IA to 60; General Electric
from 50 to 66; National Cordage from
10 to 1S IA: Whisky Trust from % IA to
II IA; Lead from 80 to 28; United States
rubber from 40 to 40; Western Union
from 83 to 81 IA and Manhattan from
126 to 10.
Some sharp rallies followed, 0 1-2 in
Chicago Gas to IS 1-2, 5 to SO So in
General Electric. 4 in Manhattan to
l29. 2 IA in Sugar to 69. 4 in Cotton Oil
to SO, . Q IL in Quincy to So, 2 in Cord
age to II ID. and 5 in Cordage preferred
to SO. The rally did not hold, and
speculation was excited and feyerish.
Foreigners Bought Heavily.
The nervous tension in financial cir
Giles shows no signs of relaxing. The
failure of S. v. White caused a fresh
outbreak of the selling fever. Rarely
If ever in the history of the stock ex-
change were there such wild fuctua-
ions witnessed. One OF the largest
houses on the street was said to be in
trouble, and its failure only a matter of
hours. While our own brokers were Ia
q dazed condition and throwing over
their stocks regardless of prices foreign
houses were quietly at work picking up
the dividend payers. Their pu chases
were heavy enough to denoralize the
+ foreign exchanges and posted rates were
} reduced to 4,86 to 4.Sy.
i A Change for Better.
There has been a change for the bet.
: ter in the stock market in the last hour
, and a steadier tone characterizes the
dealings. The foreign buying has been
on a very heavy scale and European
purchasers certainly picked up ON
very cheap stocks. The example set by
: the foreigners and the confidence dis
played in our securities revived the
: dropping courage of home operators
and a general rally ensued.
: London's Heavy Buying.
1t is estimated that up to noon Lon
don's purchase OF securities In the loca
market aggregated fully 10000 shares
consisting of ST. Paul. Louisville, Nash
vile, Wabash preferred and other in
a ternational faverites.
Following the announcement of thu
u suspension of Ferris 81 Kimball and
" further advance in call loans to 40 pc
cent. stocks began to weaken once more
At 1:30 p. m. money got down to Is ant
90 per cent and the pressure against tn
market was lifted.
Just previous 10 Q o'clock money 81
d call fell to Q per cent, owing to tn
heavy offerings OF funds by commission
% houses. AS a result the market TO
p stocks became comparatively calm an
10 brokers enjoyed the only real restini
spell they have had this week. Indica
tions point to the fact that considrrabl
l. amounts OF stock have been taken u
nnL ,Sn.I frr A hn,xf 4 n5ciacE 4ha Eel