Waterbury evening Democrat. [volume] (Waterbury, Conn.) 1887-1895, 1893-05-06
IS The CRISIS AVERTED /?
Prices Rally and Danger Con-
sidered to be Past.
THE PANIC ON 'cHANeE YESTERDAY

Everybody More Hopeful This Morning
Story of an Intensely Exciting Day on
the Stock Exchange-How the Millions
aires Came to the Rescue=.The Different
Failures in England and Canada.
NEW York, May 8.-There was still
much excitement on Wall Street this
morning, and looks of care and anxiety
were easily distinguished on the faces Of
many of the brokers' However, 1t was
nothing as compared with the scenes of
yesterday. There was also a noticeable
decrease in the number of visitors in the
Street and in the galleries. And, too,
those who did visit the Exchange were not
those who were anxiotis about their own
finances, but those who had COME out of
mere curiosity This of itself was reas=
surfing to the few fearful ones who were
present.
The day was one of the most exciting
that has been passed by the Exchange
community in many years. 1t was not
that the failures announced were of sensa-
tional import, nor that the general decline
in prices exceeded that of numerous preVi-
GUS conditions, but the Significance of the
situation lay in its threatening character,
which menaced the financial community at
one time with panic, which, If it had es-
capped control, might have produced eonse-
quences impossible to measure.
For about IS minutes in the morning the
stock market presented an aspect more
menacing than at any period since the
| days of 1878, and this view was taken, not
by young or untried men, or men whose
| temperaments were unreasonably excita-
BILE, but by level-headed, conservative
| brokers, who have been through the crash
| that followed the suspension of Jay Cooke
& Co. The crisis was only momentary to-
day, but it was the power Of mighty CAPT
| tai that checked the Generalization and
| saved the Street from menaced ruin.
The scene on the floor Of the Ex-
| change at the close of business was one
| that will ever be remembered. When the
/ chairman's gavel fell at 8 o'clock, as if
| prearranged, hats were thrown in the air,
cheers resounded through the room, and
| many Of the brokers actually fell into each
| others arms. 1t was q scene that has no
| parallel in the history Of the Stock Elk
| change.
The floor was not cleared until an I'M
usually late hour, the brokers having
/ stopped to discuss the developments Of the
day. They were congratulating each other
that the firms alleged to be in trouble had
succeeded In pulling through, and the con-
sensus of opinion was that the worst had
| been seen.
Great interest had been taken in the
proceedings of the previous day and quite
| a crowd had collected about the visitors
entrance. By $50 o'clock the galleries Of
the Exchange began to fll.
On the floor at $3.50 o'clock broker
yelled: "What will the price Of Cordage
beF' and the cry echoed back and forth
| through tho galleries.
Everybody was aroused and some were
In danger of tumbling over the railing to
the floor beneath In their endeavors to get
| q view Of tho Cordago crowd, which was
swelling In numbers every second.
Pandemonium was imminent, when, at
10 o'clock, the wooden mallet fell, and
with it's three sharp blows upon the chair
teen for Cordage." came on the instant,
and the sale of 5000 shares at that figure
was in a moment recorded on the
tickers The Sugar crowd, the St.
Paul crowd and the Chicago Gas crowd
were having high time for thespectators
Their interests lay with the Cordage crowd,
which was the most conspicuous in point
Of numbers, and on account of the greater
demonstrations with voice and pads waved
aloft.
II There were many more ladies present in
the galleries and the wild pushing and
yelling of the brokers below stirred them
up to such pitch of excitement that many
cried out in very sympathy.
The panic foreshadowed at last cropped
out full fedged. The sight became hides
cribable.
Il The crowd in the gallery began to sway
backward and forward, and it looked for
, moment as though the rush below was
to be reproduced above
Prices fell so rapidly that it was a
difficult matter to keep track of them.
The announcement of the suspension of S.
v. White added to the general demoraliza-
ton.
American sugar which opened at IS, had
dropped to SO at noon, Chicago Gas fell
from "a to So, General Electric from so to
J SO, National Cordage from 10 to Is IA,
Whisky Trust from 22 10 TO 81 IA, Lead
from 33 to %, United States Rubber from
40 to 40, Western Union from SO to 81 IA,
and Manhattan from 1873 to 1870.
There was a change for the better before
the close and steadier tone characterized
: the dealings. The closing prices of stocks
} which were dealt in chiefly were as fol
+ lows: