The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-05-10
WALL STREET FURRY.


HAtenss Excitement on the Nsy York Stock
Exchange Flnctuations Wore wide ~
sDeacon" White and several Other Hrolr-
ers Go to the Wall-Big Drop In sscuri-
ties.
New York, May e.-Friday was the
worst day Wall street has seen In this
week Of woe. The hopes indulged In
Thursday evening that the panic had
run its course were premature. The
stock market opened amid great excite-
ment and with prices about the same as
Thursdays closing. 1t was very soon
apparent that many more stocks must
be sold out regardless Of price. The
discrimination of the banks against
certain stocks, especially the indus
trials, as collaterals in loans, compelled
their holders to throw them overheard.
The slaughter of the industrials was
awful, and 1t was very quickly seen
that there must be more failures. No
house largely interested in these stocks
could be expected to remain solvent
by 9:30 o'clock the galleries Of the
stock exchange began to fill Thurs
days exciting events had attracted
every ones attention and the public
had awakened to the fact that panic
was in the air
S. V. White & Co. announced their
suspension ut 10:45. S. v. Whites
sheet went through the clearing house
all right Thursday night and his checks
were certified. Mr.. White says: "The
terrific drop in cordage and Chicago
gas makes it impossible for me to go
on"
The failure Of S. V. White caused a
fresh outbreak of the selling fever.
Rarely if ever in the history of the
Stock Exchange were there such wide
fluctuations witnessed. One of the
largest houses on the street was said to
be in trouble, and its failure only o
matter Of hours. While our own bro
kers were in dazed condition .and
throwing over their stocks regardless
of prices, foreign houses were quietly
at work picking up the dividend payers.
The foreign buying was on very
heavy scale and European purchasers
certainly picked up some very cheap
stocks. The example set by the for
eigners and the conf dence displayed is
our securities revived the dropping cour-
age of home operators and general
rally ensued. Manhattan bounced up
to 1901 from 1875, a gain of 5K per cent.
General Electric rallied from 6S to 721f
sugar rallied from 82@74H, and Chi
cago gas from SO to TN. The general
railway list showed recoveries Of any
where from to per cent.
A feeling prevails in usually well in
formed financial quarters that the worst
has been seen in Wall street, and from
this time on matters will probably inn
prove.
The day was one of exceptional ac-
tivity in Wall street and intense excite
ment at the Stock Exchange. The
great slump in prices during the last
half hour of business Thursday and the
further break was explained by the
failures Of s. v. White, Ferris & Kim
ball and w. L. Patton & Co. Large
amounts of stocks were sold out for the
account Of these houses and the avail
anche Of offerings created more pan
iclxy condition of affairs than has been
experienced since the time of the Bar
ing panic. According to those who
passed through the black Friday
troubles and all the financial upheavals
since then, there never has been time
when Stock Exchange houses were Sc
completely demoralized as was the case
yesterday.
The Brooklyn Eagle this morning
says that Henry Havemeyer has taken
up S. v. Whites contracts and White
will resume Monday.