The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-06
MARKETS BY TELEGRAPH.
New York. May >, noon.-The following

New York May 3 noon.-The following
were the opening quotations;
Erie. 1888
Chicago and Northwestern. ............... 1914
Norfolk and Western preferred ......... 29l
Richmond and West Point Terminal. So
New York. MAY 5-P. M.-Money on cali
easy. ranging from 40 to per cent, closing
offered at per cent; prime mercantile paper
cas- per cent Sterling exchange unsettled;
posted rates "a S6td4 80; commercial bills
S4-S1 PG14 81. Government bonds steady. State
bonds dull. Railroad bonds a shade tirmer
New York, May 5.-The day was one of ex-
CeptiOnal activity and intense excitement at
prices during the last half hour Of business
yesterday and the further break this morn
ing was explained by the failures of ). V.
White, Ferris & htmball and w. i. Patton
& Co. Large amounts of stocks were sold
out for the account of these houses and the
avalanche Of offerings created more paniCky
condition of affairs than has been eXper-
enced since the time of the Barring panic.
According to those who passed through the
Black Friday troubles and all the financial
upheavals since then there never has been a
time when the stock exchange houses were so
completely demOraliZed as was the case to-day
The situation resolved itself into a matter of
selling for practically any price obtainable.
The enormous Shrinkage shows plainly how
acute the panic had become. 4 he drop in
quotations over night was equal to lGt24 points
and had the pressure to sell continued a short
JlIIlc longer tnere Is HJlle DOUBT lnHt fDt1er
houses would have been forced to the wall
As II was London turned up as a heavy buyer
and according to competent authorities took
upward of 100000 shares, and at the same
time home investors who have not put in an
appearance in Wall street for years back took
"a round amount of both railroad and industrial
stocks. The buying power thus exhibited
turned the tide, but not until American sugar
had dropped "A points, preferred H.
General Electric - American Cot
ton Oil g. Chicago Gas 1871
Edison G1a, Manhattan l0is. National Cordage
preferred p, National Lead T. preferred IT,
Omaha preferred 6, Rubber 81 Wheeling and
Lake Erie preferred 81 and Big -Four 81
The drop in other stocks was TO T. Activity
in the money market accelerated the selling
movement, but later funds became decidedly
easier, and foreign exchange declined sharply
thus removing the possibility of gold exports
and the firms which had been reported TO be
combined to create "A much better feeling and
the recovery was even more rapid than the
previous decline. General Electric sold up
from 80 TO 81, American Sugar from 81 10 8ll5
preferred from IS to so. American
Cotton Oil from 3pn39l4 Cotton Oil preferred
ll3dll9i2 Edison from ll06116, Lake Shore
from l23ID12S Manhattan from 1l5d 1907 Ma
tiOnal COrdage from i5i5M22, National Cord
age preferred from 1901 National Lead
from 3Gd3G, National Lead preferred from
67615, New Jersey Central from 1Or5d1O9
ern Union from 80I4Q864. During the last
half hour a few OF the industrials ran of
sharply, but the general list held well and
the market closed steady in tone. with more
confident feeling than has prevailed for sew
eral days past In number OF instances
final quotations were above those OF yester-
day. more particularly in the railway list.
The following were the closing bids.