The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-05-10

New YORK, Nav 5.-The day was one of
exceptional activity and intense excite
msnt at the stock exchange. The great
slump in prices during the last half hour
of business yesterday and the further
break this morning was explained by the
failures Of S. V. White, Ferris & Kimball
and W. L. Patton < Co. Large amounts
of stocks were sold out for the account of
these houses and the avalanche of offer
in0s created more panicky condition of
affairs than has been evincsd since the
time Of the Barring panic. According to
those who passed through the Black
Friday troubles and all the financial up
heavals since then, there never has been
a time when stock exchange houses were
so completely demoralized ss was the case
today. The situation resolved itself into
q matter of selling for practically any
price obtainable.
The enormous shrinkage shows plainly
how acute the panic had become. The
drop in quotations over night was equal
to 24 points aud had the pressure
TO sell continued a short time longer there
is little doubt that other houses would
have been forced to the wall. AS II was
London turned up as a heavy buyer, and
according to competent authority took up
ward of 100000 shares. and at the same
time home investors who have not put in
an appearance in Wall-st for wears back
took round amounts Of both the railroad
ami industrial stocks. The buying power
thus exhibited turned the tide. but not
until American sugar had dropped y
points. the preferred 10; General electric,
%; Mexican cotton oil, s; Chicago gas,
l53; Edison illuminating, 81; Manhattan
elevated, lO4 ; National cordage preferred,
25; National lead, 7 preferred. II; Omaha
preferred. 8 Rubber, o. Wheeling x
Lake Erie preferred, g. and Big Four,
81. The drop in other stocks was l to
points
4 Recovery Take, Place.
The activity in the money market &C
CELEBRATED the selling movement. but later
funds became decidedly easier the for
eign exchanges declining sharply, thus
removing the possibility of gold exports
and firms which had been reported to be
in difficulty pulled through safely. All
this combined 10 create a much better
feeling and the recovery was even more
rapid than the previous decline. General
electric sold up from IS 10 81, American
sugar from % 10 81 J, preferred from IS TO
50 American cotton oil from 30 TO 39i,
preferred from Is 10 = I. consolidated gas
from ll2 to 1872. Edison illuminating
from 10 TO liz, the Lake Shore from l23
10 Us. Manhattan from us TO 1901. ma
tionGl cordGge from lJ4 10 p, preferred
from - 10 D. national lead from 26 to 36
preferred from 81 to -, New Jersey Cen
trsl from l0ll 10 l09. United States rub
Der from 80 TO As and Western Union
from SOL to SCI.
The Close FIRM.
During the last half hour few indus
trials ran oil sharply, but the general list
held we'll and the market closed steady in
tone with more confident feeling than
has prevailed for several days past In
number of instances final quotations were
above those of Yesterday, more particu-
lsrly in the railway list. The sales footed
up al, III shares. Railway bonds were
demoralized. The sales were 81 $4,000.
Chesapeake & Ohio general 4ls fell 81 %
04C9 7S4. Chicago q Eastern Illinois con-
soils 3 to ll3, Hooking Valley Us 3 TO %,
General electric debentures % Z 10 SOFA
81. Little Rock q Memphis firsts D TO 40
Long dock Ga 3 to l22, Milwaukee d North
ern hrsts 3 10 III J. Oregon Improvement IS
3 to 5O(e 81, Omaha cOnsois 3 % us, To-
ledo x Ann Arbor and Grand Trunk iirsts
g to 100. and Wheeling * Lake Erie con-
soils Is 3 to IS. Readings were irregular.
After the gavel had fallen and the battle
was over for the day men went away in
quieter spirits and looked the situation
over from the distance. In well-informed