The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-05-06
dustrial stocks, says he has nothing to
say as vet about his affairs.


say rs yet about his affairs,
After the gavel had fallen and the
battle was over for the day the feeling
grew that the worst has been seen in
Wall street aud from this time on mat
tors will improve, On this theory,
which had to some extent obtained be-
fore the close, and on the fact that GER
tain houses whose names had been free
~ mentioned as being In trouble during
the day pulled through all right, numer-
ous purchases IL was seen had been
made right through the list,
MOVED RAPIDLY,
There had been revulsion Of scntl-
ment and prices had bounded up al
most as rapidly as they had dropped
early in tho day. James Il, Keene was u
heavy buyer OF American sugar, his
brokers taking fully 10000 shares from
"a up, One broker received an order
for 1000 shares OF lead when the
stock was selling tor so. All he was
able to secure was 400 sharos at 49,, This
indicates the manner in which the
market moved in the last hour.
After scanning the situation after the
close to-day, one OF the governors Of
the exchange aud member OF one oil
the most conservative banking houses,
said; II do not care to have my name
used, but you may say Tor me that l
think the worst Is over now. When
Mr.. White failed the last bubble was
punctured and We have reached bottom.
We have already had a pretty sharp
rally, and We ahall probably have others
with some slow liquidation, do not
look for any more failures, There may,
OF courHe, be some, but they will be OF
the small fry order and will have no
appreciable effect on the market. There
has been great deal ol money lost, OF
course, in this great decline but good
deal Of it has been in margtns which
will not show on the exchange. Many
members have no doubt sustained
losses, but they will be able to stand
them. In my opinion the stock ex.
change ia now bargain counter II
this was not bargain day then there
never was one on the exchange"
WHAT SAVED A PANIC.
The crisis was only momentary to-
day, but 1t was the power Of mighty
capital that checked the Generalization
and saved the street from menacsd rum.
BY common consent tho turning of
the tide Is credited to the exertions of
Drexel, Morgan & Co. and the Wander
biltS. 1t Is generally believed that sew
eral important houses, at the close OF
business, were confronted with what
appeared to ba inevitable failure.
OF necessity the names Of the houses
whose suspension was dreaded must re-
main in confidential circles. The means
employed may not be described, but
they were elfectual. 1t is reported
that William X. Vanderbilt and
Robert Geolet placed 100000 in the
gap. Tho banks, wherever possible,
gave tho utmost credit where 1t was
needed. The tremendous influence Of
Drexol Morgan & Go. with clientele"
of far reaching importance was at the
service OF the street Weak spots were
strengthened and the troubles feared
by the whole downtown community
were tided over.
Mr.. White said tonight that he ex-
pected to be able to resume payments
tomorrow. 1t is currently stated that
tho Havomyers, tho wealthy sugar men,
have put up money enough Isl, 1000, 900,
it is said, to place Mr.. White on his feet
again,