The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-05-06
IHE BRINK Or A PRECIPICD
Anxious Faces Peering into the
Wall Street Abyss.
A NUMBER FALL In THE PIT.
The COrdage TO Which They CIans
StrangIed Several
Others Were Overcome by Gas and Suf
focared-Deacon White Is Re-
suscitated by Plastar from
The Sugar King.

NEW YORK, May 5.-There were low
sring and portentous clouds over Wall
street this morning. Brokers and
bankers fastened to that financial storm
senter knowing the band would begin to
play at the drop of the gavel at the stock
exchange, and each was determined to be
Is near as possible to the head Of the
procession. Nobody could tell before the
opening what history lay just the other
Eide of 1o O'Clock, when pandemonium
shopld be let loose. Those in the war
strained anxious faces; those out lowered
about from habit, scarcely less anxious.
Some perchance felt that their toes were
over the edge of the sheer precipice, not
knowing but that developments OF an
hour might push them clean over the
brink into the financial pit. There was
hur-ying and scurrying OF men
and boys diving in here, dart
Ing out there. rushing into this
hurrying out of that Office where their IN
terests conferred, and so the calm hands
on old Trinity's grim clock dial crepJ up
10 the hour when turmoil should begin
and another day that wears the flesh and
nerve of men, be ushered in.
Any fond optimist who imagined before
the opening that the market might stiffen
ut the outset was disappointed. Every
eye was on Cordage, and there was move
ment enough within ten minutes after the
sounding of the gong to engage every eye.
The appointment OF receivers for the Ma
tional Cordage company late last night
was the occasion for q further break In
preferred stock this morning. 1t closed
yesterday at 90, and in ten minutes after
opening it was ID points lower, at 81. Ii
heSitated there moment, then tumbled
TO 45. Then came a perceptible lessening
In the rush to sell and more steadlneSs.
Cordage common opened at 19(G2l.
Meanwhile there was long ragged de-
ciivity of alarm, and there were other in
teresis stumbling and scrambling against
the face of the situation. General Elec-
trio was another weak spot, and in the
first few minutes it broke points to 70.
The fact that certain officials have thought
it necessary to issue a statement that the
company was all right was viewed with
suspicion in some quarters, and at 1918
O'Clock the price was SO. Sugar was also
attacked; 1t broke to 76, and Chicago Gas
dropped to 60 and Manhattan Elevated
broke IS to 125.
Considering the panic in industrial
stocks, the railroad list held fairly well.
Manhattan Elevated went down the to-
boggaR slide at great rate, wiping out
all margins on g slump from 126 to 1154.
Progress was stayed at that point and a
rally TO 120 followed, but 1t slid on again
to 116.
Soon after the opening there was re-
newal OF Yesterdays rumors that 5. v.
White was in trouble in connection with
Cordage. Before three-Quarters OF an
hour after opening the slump in that
stock became too great for him to stand
and he went down before the storm. The
fact of the failure OF the great Spectator,
whose going to the wall a year or so ago in
grain deal on the Chicago board of trade
caused Snch q sensation, was known on
the street and found its way into the
Stock exchange room before formal an
nouncement therein. According to his
own statement the Cordage deal was the
CHIEF element in his failure, but ne was
also interested in Chicago gas. Cordage
strangled him; gas suffocated him, and
he was unable to go on al present, though
he might get up later on, he said. Soon
there came from Boston a statement that
Francis Henshaw & CO.. stock brokers,
had failed. Nobody seemed to know
much about them, but it made little diff
ference; it was a failure, and that was
enough to add to the fury OF the tempest,
and SO passed the first hour.
When II O'Clock chimed from Trinity
steeple the record stood like this: The
decline had been uncommonly heavy and
excitement had reached a higher pitch
than at any time since the panic started
with the market still feverish. National
Cordage had fallen % to 40; Ameri-
can Sugar 20k to 65s<; preferred II
TO 68: Cotton Oil to 81; National Cordage
common "A to 15A; American Tobacco
to IS; Cleveland, Cincinnati. Chicago and
st. Louis So to 80; Burlington and
Quincy to 50 Z Chicago Gas 15A to SO;
Rock Island AZ to T&; General Electric
% to IS; Manhattan 109z to us; National
Lead So to 26h; preferred 10 TO S.;
Omaha 5 to 113; Rubber Ga to 81; Western
Union to 81.
Following the announcement of White s
failure there were some sharp rallies.
Chicago Gas rose ga, General Electric 5,
Manhattan 4, Sugar %, Cotton Oil 4,
Burlington & Quincy 2k, Cordage, COM
mon 2, preferred 8. The rally did not
hold, however. Speculation was feverish
on the circulation OF rumors affecting the
golvency OF other firms and individuals.
Alter II o'clock the excitement on the
stock exchange abated somewhat, but
fluctuations continued wide and frequent.
Buying orders appeared and prices
Jumped three or four points at time, but
any pressure to sell was Immediately fol-
lowed by a break. The recoveries from the
lowest were z points in General Electric,
g. in Sugar, 3& in preferred, in Man
haitian, in National Lead, 3 in Western
Union. The absence of further failures
had a reassurlng effect. and at noon the
market WIS firm and advancing.
The afternoon battle Stacked of q trif1e
In intensity. There were spasms of
riotous bidding and selling, however, for
q time, then action again became more
RAPID. Rarely if ever in the history OF
the stock exchange were such wild huctu-
stions witnessed. One of the largest
houses on the street was said to be in
trouble and certain to fail. While this
condition existed dazed brokers were
throwing over stocks, regardless of price,
to foreign houses guilty of picking UP
dividend payers. 1t is estimated that up
to noon London's purchases aggregated
fully 60, 900 shares, consisting mostly of
st. Paul, Louisville and Nashville and
Wabash preferred.
This incr .se in foreign exchange
caused drop in sterling rates to 486G489,
but money continued close at 11G12
per cent. The confidence displayed
by foreigners caused home opera
tors to take courage and gem
eraI rally ensued. Manhattan rose
from 125 to 1907; Gene al Electric from
6S to 771s; Sugar from 62 to TAX; Chicago
Gas from SO 10 TN. Railways recovered
j to 5: actual rafesi for foreign exchange
about 3. S3ssfa4.S4 for bankers 60-day
bills, 4. S6ld4. S65s for demand; 4.S6%6
zS75z for cables, when it became evident
that there would be no gold shipments to-
morrow. Money meantime advanced to
30 per cent.
Then came another thunder clap in the
suspension of w. L. Patton, and call
loans advanced to 90. causing stocks to
weaken again. Manhattan broke TO l. %,
Cordage and Electric to p; Sugar to 705< /.