Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-05-05
Great Foreign Demand for Ameri-
can Securities.
MONEY ARKET EASIER
ON THE STOCK EXCHANGE.
An Exciting Time Among Dealers in I'll
"Industrials"-S.v. White Again Fails.

was very soon apparent that many more stocks
must be sold out regardless of price
The discrimination of banks aga inst certain
stocks. especially the .'industrials. as collat-
erals in loans. has compelled their holders TO
throw them overheard. Tue slaughter OF the
''industrials" was awful and il was very quickly
seen that there must be more failures. No house
largely interested in these stocks could be ex-
pected 70 remain solvent.
BY $50 o clock the galleries Of the stock ex-
change began to fill Yesterdays exciting
events had attracted every ones attention and
the public had awakened to the fact that panic
was in the AIR.
On the floor at $50 O'Clock a broker yelled.
"What will he price of cordage be- and the
cry re-echoed back and forth through the gal
leries.
EveI anybody aroused and some were in
danger of tumbling over the railing TO the
floor beneath in their endeavors to get a view
of the cordage crowd. which swelling in
numbers every second
PANDEMoSIUM IN THE EXCHANGE.
Pandemonium was imminent when, at 10
O'Clock. the wooden mailet fell. and with its
three sharp blows upon the chairman's desk
opened the market.
Nineteen for cordage" came on the instant,
and the sale of 5000 shares at that figure was
in moment recorded on the tickers
The sugar crowd. the st. Paul crowd and the
Chicago gas crowd were having high old time
for the spectators. Their interests lay with the
Cordage crowd. which was the most copspic-
| uous in point Of numbers. on account of the
greater demonstrations with voices and pads
waved aloft. There were many more ladies
present in the galleries than yesterday, 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 yesterday and this
morning at last dropped out full fedged. The
| sight became indescribable. The crowd in the
gallery began to swav backward and forward
and it looked for a moment though the rush
below was 10 be reproduced above.
DEACON" WHITE AGAIN FAILS
S. Y. White, more Familiarity known the
'Deacon, has again been forced to succumb.
| Shortly after 1880 O'Clock this morning Mr..
Whites suspension was read from the rostrum
/ of the stock exchange. 1t will be remembered
that M. White practically ruined about
| two years ago in an attempt to "corner" the
! corn market. He eventually made a settlement
with his creditors and resumed business at the
stock exchange. He made considerable money
in the ''industrials." but. like q great many
| others, overstayed his market.
| Mr.. White first came into prominence by his
masterly handling of Delaware. Lackawanns
ard Western some years ago for the III. B.
! Clafiin interest The late JAY Gould once said
in an interview that the only real leader in all
| street was Deacon White.
| Mr. White was very much broken up this
morning. He was besieged by his friends and
brokers through whom he had been dealing.
1t was not until after 10 o'clock that Mr.. White
realized that assignment was necessary.
| No idea of the extent Of the failure could be
learned at the office.
At IL a. m. Mr.. White made the following
statement TO the press:
'The unexrected drop in all securities has made ii
gins to meet my ensaSsments VI W ''''''' -N"'
.'tsiEnsdJ s.v WHITE"
INTENSE EXCITEMENT on CHANGE
The excitement on the stock exchange was
most intense. and prices fell so rapidly that il
was difficult matter to keep track of them
The announcements Of the suspension of S. v
White added to the general decentralization.
American sugar, which opened at IS. had
dropped to 63 at IL O'Clock. Chicago gas fell
from "A to 65, general electric from 80 to &c
national cordage from 19 to Is14. whisky trus
from 22l 10 Az, lead from 80 to 2s. United
States rubber from As to 40. Western Cnior
from 50 TO 81 and Manhattan from l26 ts
120.
Mr.. Theodore Havemeyer. vice president o
the sugar company, says there is absolutel,
nothing in the affairs of the company thai
would warrant the break of the morning. The
company has large surplus and is a very larg,
loaner Of money.
THE coRDAGE REcEIvERsHIP.
!, President Waterbury of the National Cord
age Company said this morning that he had no
applied for receiser for himself individually
; He said that his affairs had become somewha
embarrassed through loans which ne made I,
the corgage company, as well as attempts mad
TO support the stocks. The receivership of Tia,
company. will. in a measure. relieve him as wei
as his associate. Mr.. Wall, of pressure from tn,
cordage obligations. thus Strengthening .hei
condition.
; The appointment Of receivers for Nationa
/ tofa hon taS ,ssx1af shx.
sion for q further break in the preferre,
: stock this morning to As. Yesterday i
, closed at "a bid. The common opened a
at 19a21 5000: shares changed hands at thi
price. General electric another weak spot
and in the first few minutes Of business th
stock broke five points to IS. The fact tina
certain people have thought il necessary to IL
: sue a statement that the company is all right
D viewed with suspicion in some quarters.
, AT l0:l5 a. M. the stock selling at 6!
Sugar was also attacked and broke 10 76. Will
, Chicago gas dropped to GO. Manhattan sol
down So 20 l21.
Considering the panic in the industrial group
8 the general list held fairly well.
FOREIGN DEMAND FOR AMERICAN SECURITIES
= The posted rates Of sterling exchange hay
n been reduced cent to 4s6 and 4s9. One G
the banks quotes rates at 4s51< and ass. Actua
:. rates are about 4S3l5 and 4S4 for bankers sixt
!. DAYS. 4S6aiS619 for demand and 4s6$! s4S71S fo
cables. he demoralHatlOn ls due to heav
purchases of securities for foreign accoun
n which increased the volume of exchang,
= There will be no gold shipments tomorrow
= The stringency in the money market. call loar
: having advanced to 80 per cent, also has
. tendency TO weaken sterling.
a BETTER FEELING.
# 1:25 p.m.-There is a better feeling in Il
k stock market in the last hour and a steadi,
e tone characterizes the dealings. The foreil
. buying has been on very heavy sea
!; and European purchasers certain
= picked up some very cheap stocks. The e
. ample set by the foreigners and the confiden,
;, they displayed in our securities revived Il
!. dropping courage of home operators and
g general rally ensued. Manhattan bounced U
= to l30, gain of So per cent General ele
trio rallied from 5s to 774. sug,
:; rallied from 81 TO 7454 and Chicago g
: from SO to 72lz. The general railway i
:, showed recoveries Of anywhere from 1 TO
J, per cent.
ANOTHER FAILURE.
: At the Office of Ferris 4 Kimball whose ia
AZ ure was announced at l2:45 O'Clock, 1t W
\ fed hat M etafemaps NJ he condition