The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-05-06

opening this morning over yesterdays
events, Every eye was on Cordage.
The appointment OF receivers for the
National Cordage company at a late
hour last nigh. was the occasion for u
further break in tho preferred stock
this morning. The preferred stock had
closed at Us, but within ten minutes
after 10 o'clock 1t had lost its balance
and pumped down 15 points to 80.
There it caught q jutting rock for a
moment but tho rock was knlfe-edged
and Cordage preferred slipped its brief
hold and ratified down the preclpice
until It touched As. General electric
was another weak spot and in the first
few minutes OF business tho stock
broke 5 to 10. Sugar. Gas and Man
liattalt Joined in tho downward move
meut. Considering the panic in the
industrial group the general list did
fairly well.
WHITE GOES DOWN.
Before 1920 o'clock there had been
renewal OF yesterdays rumors that
s. V, White was tangled up in the
weeds directly below tho spot whero
Garbage had lodged on tho brink at the
close OF Yesterdays cyclone. When the
tempest was this morning renewed and
when Cordage was blown oil and over
tho brink where 1t clung over night it
was found that, true to rumor, 5. v.
White was struggling directly in the
pathway, and there was also smell oi
Chicago Gas in the. vicinity, Cordage
had tangled and bound him fast 30 that
lle could not move and II was with
Cordage that he was stricken down
three.tourths OF IN hour after the open
ing OF the whistling storm, The report
that Mr.. White was tlat on tho moor at
tho base OF the pteciplce creps quickly
into the big building where a hell Of
excitement was surglng to high water
mark The rumor was quickly, fol-
lowed by official announcement that
Mr.. White was down.
Some paused to 90 down where he
lay and ask what had struck him; and
though disabled he responded that the
terrific break in cordage and the oxplo.
sion OF Chicago Gas had stunned and
sutIocated him. lie was unable to go
on ut present, though he might got up
later on, and people who looked over
the cliff to where Mr.. White was down
remarked:
'loo bad and just when he had got.
ton on his pins atresh."
s. V. Whites aheet went through the
clearing house all right last night aud
checks arc certified. In the first hour
the decline IN prices was uncommonly
heavy and the excitement reached u
higher pitch than at any previous time
since the panic started.
RALLY.
At lO:45 a rally occurred, but did not
hold and speculation was excited
and fcverlsh owing to the cir.
culatIOn OF rumors affecting the solv.
eucy Of other firms and individuals. At
II u. m. tho market was still feverish.
The alarm and excitement at the
stock exchange somewhat abated after
II o'clock. but the fluctuations con.
tinued wide and frequent. The absence
OF further failures had reassuring
effect and at noon the market was firm
and advancing.
WHITES STATEMENT.
s. V. White was very much broken
up this morning. He was beslered by
brokers and friends with whom he had
been dealing 1t was not until after 10
o'clock that Mr.. White realized that an
assignment was necessary. No idea OF
the extent OF the failure could bo
learned at the office until ll:l0 a. M,
when Mr.. White made the folio wing
statement TO the press:
"Iho unexpected drop In all securi.
ties has made II impossible to realize
on securities or TO collect margins to
meet my engagements,
lSignOd.) rs. v. WHITE"
Whom seen at his oiIlCo after this an
nounccmont Mr.. White said: III you
want to know the reason Of my suspen.
Sion, you need only to look at the tapo.
The terrific drop In tho market has
used mo up and i was forced to sus.
pend. | have a large number OF out.
standing contracts which must DO closed
out. Tho drop In sugar was ono Of tho
cllioi causes Of my suspension"
Mr. White was largo seller OF stock
privileges and his present troubles arc
largely due to that, lll' puts on tho
markets had been brought right and
Iett during the present crisis aud tho
rapid and severe decline In tho market
has enabled the purchasers Of HE priv.
ilcpos 10 put stocks TO him at prlcos
away above tho market.
MIR. WhitO this morning was unable
70 pivo definite idea OF his liabilities,
hut sOid no would mako q public state.
menI In day or two.
MI Theodore Havelncypr, vlcu prosi.
dent Of tho sugar company, states thOro
was absolutely nothing III tho affairs OF
Iho company that would warrant the
nioak Of this morning. Tho company,
hn said, had very large surplus aud
was very large lonnor Of money.
Az the Office Of Henry Allen 4 Co.,
Assignee llamlll sAys TIC statement OF
'ho condition Of tho firm is not roady,
ahd probably will hot DO givon out To-.
dag.
schuyler Walden, who was carried
down by Yesterdays break In tho In.