Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-05-13
ALMOST A PANIC.
Another Day of wild Excitement on Wall
Street.-The Tide Turned by tho Action
of Bankers and Millionaires-"Deac
Mhlta nn1ynna a AnnIn-Atl,cI- rnil.lraa

dropped out of everything on Wall
street on Friday and the stock
exchange was the center of wild
whirl from the opening. The news of
the appointment of receivers for the
National Cordage company Thursday
night was followed by the announce
ment that S. V. White & Co had sus-
pended. Later the failure of Ferris Sc
Kimball was announced, and on the
heels of this came the news of the sus-
pension of w. l.. Patton &5 Co. Excite
ment was intense and prices fell so rap
idly that it was almost impossible to
keep track of them 1t was the worst
day Wall street has seen in this week
of disaster At times the scenes of
black Friday were recalled.
The crisis wag only momentary, but
1t was the power of mighty capital that
checked the Generalization and saved
the street from menaced ruin BY
common consent the turning of
ertions of Drexel, Morgan &
Co. and the Vanderbilts. 1t is is gem
orally believed that several important
houses at the close of business were
confronted with what appeared to be
inevitable failure. The enormous losses
! in the last week, the utter
decentralization of the buying pow
| er in the market and the prac-
| ticai paralysis of credit promised
| liquidation that, unless staid, would
| have swept them off their feet. But the
night and the early morning had been
employed to purpose by every strong
interest, which realized that the weak
must be saved at any costs. Bankers
and banks alike joined hands with de-
termination to avert the most serious
| of threatened danger, but it could not
| be demonstrated at once that the situa-
| tion had been controlled. Not until
after further extensive liquidations in
certain directions had been accom-
| plished was the market reversed, and
quotations, scudding rapidly upward,
told all persons Interested story of
| the rescue and recovery.
The stock market opened amid great
excitement and with prices about the
same as Thursdays closing. 1t was
very soon apparent that many more
stocks must be sold out regardless of
price. The discrimination of the
banks against certain stocks. especially
compelled their holders to throw them
overheard The slaughter of the indus
trials was awful, and it was very quick
ly seen that there must be more fail
ures No house largely interested in
these stocks could be expected to re-
main solvent.
BY $3.50 o'clock the galleries of the
stock exchange began to fill. Thurs
| a
every ones attention and the public
had awakened to the fact that panic
was in the air. Pandemonium was inn
minent when at 10 o'clock the wooden
mallet fell and with it's three sharp
blows upon the chairman's desk opened
the market.
There We're many more ladies pres
ent in the galleries than on Thursday,
and the wild pushing and yelling of the
brokers below stirred them to such a
pitch of excitement that many cried
out in very sympathy. The sight be-
came indescribable. The crowd in the
gallery began to sway backward and
forward. and it looked for moment as
though the rush below was to be repro
duce above.
Sugar started at sS5.75, sold at $50. so,
and then broke to soaps. Cordage
started from $40 to SCI, and went off
to SIG. Electric started at $50, and
dropped to S5S. Chicago gas went from
SI4 to $50.
At lO:4O the failure of s. V. White &
Co. was announced. and every one ex.
pected further failures. Asked about
) the failure Mr.. White said the terrific
drop in the market forced him to sus
pend. He had many outstanding con
tracts which must be closed out. He
thought his liabilities We're about $500,
: 600. He hoped to be able to adjust his
affairs SO as to resume at once.
Mr.. White has been member of the
stock exchange since 1869. During
nearly the whole of his career h,
, has been one of the most con
5 spicuous figures in the exchange. Or
l September -, 1891, Mr.. White became
embarrassed through his speculatIon'
o.. in corn and was forced to suspend will
: liabilities of over sl,OOO,O 900. He begaI
. business again in January 1892
/ and by September had paid off
: with interest, his entire liabilities
1 and had about Sl,OOO,OOO left over
: lie was able to do this through
tNC hl'l VI liIC iIltiSoto III oh- al
: cordage and whisky. Mr.. White ha,
f either part or entire charge of tn
. pools in these stocks and by his master
:, ~ manipulation was able to advanc
them to the highest figures reache
last year.
By noon things were at fever hea
@ and the nervous tension in financia
circles showed no signs of relaxing, A
e 12:45 the failure of Ferris & KimbaI
d was announced, and the brokers fairl
e went crazy in their efforts to UNLOAD
e Rarely, if ever, in the history c
d the stock exchange We're ther
IS such wild fluctuations witnessed On
d of the largest houses on the street wa
e said to be in trouble and its failure onl
y matter of hours. While our ow
k brokers We're in a dazed condition an
is throwing over their stocks regardles
k of prices, foreign houses were quiet
Ie at work picking up the dividend pa.