The morning call., 1893-05-06
LIKE WILD MEN.
Wall=Street Brokers Were
DaZed.
UNLOADING WITH A RUSH.
And the Agents of European Capitalists
Stood By and Bought Up the
Dividend-P Payers.
WITH A RUSH.
Special to THE MORNING CALI.

this morning. Brokers and bankers hast
ened 10 that financial storm-center, know
ing hat the band would begin to play at the
drop of the gavel at the Stock Exchange.
and each was determined to be as near as
possible to the head of the procession. No
body could tell before the opening what his
tory lay just the other side of 10 o'clock,
when pandemonium sould be let loose.
Those in wore strained and anxious faces,
those out hovered about from habit, and
were scarcely less anxious. Some, perhaps.
felt their toes over the edge OF the sheer
precipicP, not knowing but that the deyel-
opmeDtS of the hour might push them clean
over the brink into the financial pit. There
was hurrying and seurrying Of men and
boys. Diving in here, darting out there;
rushing into this and hurrying out of that
office where their interests were centered;
and so the calm hands on old Trinity's
grim clock dial erept up to the hour when
the turmoil should be gin and another day
that wears the flesh and nerve of men
should be ushered in.
ANY fond optimist who imagined before
the opening that the marke. might stifren
at the outset was disappointed. Every eye
was on cOrdage and there was movement
enough within ten minutes after the sound
ing of the gong to engage every eye.
The appointment of receivers for the
National Cordage Company late last night
was the occasion for a further break in the
preferred stock this morning 1t closed
yesterday al 65. In ten minutes after open
ing it was fifteen points lower, at go 1t
hesitated there for moment, then tumbled
to 4j. Then came a pereeptible lessening
in the rush to sell and more steadiness.
Cordage common opened at 10 10 81.
Meanwhile, along the ragged declivity of
alarm there were other interests stumb bling
and grumbling against the face of the situa-
tion. General Electric was another weak
spot, aad in the first few minutes il broke
five 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 lD some quar-
ters. At 1915 the price was Co. Sugar was
also attacked. 1t broke to 76. and Chicago
Gas dropped to CO. Manhattan Elevated
broke So to 125.
Considering the panic in industrial stocks
the railroad list was held fairly well.
Manhattan Elevated went down the tobog-
gar-slide at a great rate, wiping out all
margins on slump from 126 to 1134.
Progress was staii at that point and a rally
to 100 followed, but the stock slid off again
to JIG.
Soon after the opening there were re-
newals of yesterdays rumors that S. Y.
White was in trouble in connection with
cordage. Before three-quarters of an hour
after the opening the slump in that stock
became too great for him 10 stand, and he
went down before the storm. The fact of
the failure of the great speeulator, whose
going to the wall one year or so ago in a
grain deal on the Chicago Board OF Trade
caused such a sensation. was known on the
street and found its way into the Stock Ex-
change room before the formal announce
ment was made therein.
According to his own statement cordage
was the chief element in his failure, but he
was also interested in gas. Cordage strangled
him and gas suffocated him. lie was unable
to go Oh at present, though he might get up
later on, he said.
Soon there came from Boston a statement
that Francis Henshaw 81 Co., stock brokers,
had failed. Nobody seemed to know much
about them. But il made little difference {;
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
oAStplC ACGOlu oLVOQ HAS lIISs Inc UG-
cline had been uncomm0nly heavy, and the
excitement had reached higher pitch than
at any time since the panic started, with
the market still feverish. National Cordage
preferred had fallen % to 65, American
Sugar 20H TO 652i. preferred II to 6S, Cotton
Oil to "a. National Cordage common AZ
to 1512, American Tobacco to 5S, Cleve-
land, Cincinnati. Chicago and st. Louis
E9L If, Pm II 4
Chicago Gas 1874 10 90, Rock Island Az
to TX, General Electric % to IS. Manhat-
tan 1G1a to 115 National Lead 61s to 26%
and preferred 10 to 6S. Omaha to 113, Rub
ber Ga to 80, Western Union 3 10 81.
Following the announcement of Whites
failure there were some sharp rallies. Chi
cago Gas Eose 9b General Electric ), Man
haitian 4, Sugar u, Cotton Oil 4, Burlington
and Quincy 2h, Cordage common 2, pre-
ferred ). The rally did not hold. however,
for speculation was feverish on the circula-
tion of rumors Affecting the solvency of
other firms and individuals.
After IL o'clock the excitement in the
Stock Exchange abated somewhat. but the
fluctuations continued wide and frequent.
Buying orders appeared and prices jumped
three and four points at time, but any
by break. The recovery from the lowest
was II points In General Electric, 81 in
Sugar. 315 in preferred. in Manhattan, 4
in National Lead and in Western Union.
The absence of further failures had re-
assuring effect. AT noon the market was
firm and advancing.
In the afternoon the battle Stacked off
trifie in intensity. There were spasms of
riotous bidding and selling. however. for a
time, and then the action again became
more rapid. Rarely, if ever. in the history
of the Stock Exchange were such wild
fluctuations witnessed.
While this condition existed dazed brokers
were throwing over stocks regardless of
price, and foreign houses were quietly
picking up the dividend payers. 1t is esti-
mated that up to noon London's purchases
aggregated fully 10000 shares, consisting
mostly Of st. Paul, Louisville and Nash
vile and Wabash preferred. This increase
10 foreign exchange caused a drop in ster-
ling rates to 81 SO and S4 50. but money
continued close at IL to II per cent.
The confidence displayed by fore gners
caused home operators to take courage, and
a general rally ensued. Manhattan rose
from 125 to 130A, General Electric from IS
W ouEdl lipll " W it4, SblCdsO
gas from 50 to 7212. The railways recovered
1to5.
The actual rates for foreign exchange
were S4 S3h to S4 S4 for bankers daybills.
81 sc to S4 S6h for demand. S4 S624 to S4 S715
for cables. 1t became evident there would
be no gold shipments tomorrow. Money
meantime advanced to 30 per cent.
Then came another tbunderclap in the
suspension of w. L. Patton, and call loans
advanced to 30. making stocks weaken
again. Manhattan broke to 125. Cordage
and Electric 10 72 and sugar to 70A.
AT 1870 money had fallen to IS to 12, and
by o'clock to 6. Owing to heavy offerings
Of funds by commission houses stocks be-
came comparatively calm. Up to o'clock
P. NJ the sales of listed stocks we're 444. 900
shares; unlisted 100000 shares. Stocks
then became somewhat feverlsh, but In
some instances above last nights closing.
q