Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1893-05-11

III our securities revived the dropping
courage of home operators and gen
eral rally ensued Manhattan bounced
up to 40 IL from 125, a gain of 5 IL
per cent. General Electric rallied from
SO to Il II: Sugar rallied from 81 to
"A 81 and Chicago Gas from 50 to
- IL. The general railway list showed
recOveries of anywhere from 1 to )
per cent.
At the Office Of Ferris & Kimball,
whose failure was announced at 12:45
o'clock, it is stated that no statement
Of the condition Of the firm will be
given out until late this afternoon. The
firm is composed Of William A Kimball
and Floyd Ferris and has offices at 6
Wall street. The shrinkage in indus
trials carried down the concern
A feature Of the market in railway
and miscellaneous bonds was a break
in security corporation to 50. The last
previous reported sale was at Sc. This
is the company that was organized to
tinancier the National COrdage company.
The failure of III. L. Smith & Co. yes
terday brought out these bonds.
Sold Under Rule.
The following stocks We're sold out
under the rule at the New York Stock
exchange today, presumably for S. v.
White: 2.1O0 American Sugar, 700 Atchi-
son, 800 Corlage, 100 Lead, 100 Erie
200 New York and New England and
80 Western Union.
115 .. m.-The posted rates of ster-
ling exchange have been reduced II
cent, to 4.S6 and 4.S9. One Of the
Canadian banks quotes rates at 4.35 IL
and 4.SS. Actual rates are about 4.S3 II
and 4.S4 for bankers sixty days, 4.S6 II
for demand, 1856 81 to 4.S7 II for
cables. The Generalization is due to
heavy purchases of securities for or
eign demand which increased the vol
ume of exchange. There will be no
gold shipments tomorrow The strin-
gency in the money market, call loans
having advanced to so per cent, also
has a tendency to weaken sterling.
A feeling prevails that from this on
matters will improve. There was a
complete revulsion in sentiment and
prices bounded up almost as rapidly as
they had dropped early in the day. J.
r. Keene was a heavy buyer of Ameri
can Sugar, his brokers taking fully
10000 shares from Ga up. One broker
received an order for 1000 shares of
Lead when the stock was selling at 30.
All he was able to secure was 400 shares
: at So This indicates the manner in
which the market moved in the last
half hour.
Money has been easy, ranging from
40 to 5, last loan 5 and closing offered
at 4. After 2:3O p. m. the stock market
reached to the extent of IL points in
General Electric, 3 in American Sugar,
2 IL in Manhattan and 2 in Chicago
Gas. The general list was much tirmer
and the market at the close was quite
steady in tone.
Later.
/ After the gavel fell and the battle
was over for the day the men went
away in quieter spots and looked the
situation over. In wellinfor1ned finan-
cial quarters the feeling grew that the
worst had been seen and that from
this time on matters will improve.
( BY common consent the turning of the
/ tide is credited to the eXerhOnS of DreX-
ell, Morgan & Co. and the VanderbiltS
The tremendous influence of DreXel
Morgan & Co. was at the service OF
the street.
White said tonight he expected to be
able to resume payments tomorrow. IT
is currently reported that the Have
meyers, the wealthy sugar men, put
up money enough (S1,0OO,O0O to place
White on his feet again.