The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-05-06
ANOTHER BLACKFRDAY'
Four More Wall Street Firms
Forced to Suspend.
8 '. WHITE AMONG TIE NUMBER

Decline In tho Various In
dustrial Stocks, Followed by Rapid
RalIy--soenes Of Excitement In the
Stock Exchange.
NEW YORK, May 6--Yesterday was one
Of exceptional activity and intense excite
mcnt at tho Stock Exchange. The great
slump in prices during the last half hour
Of business on Thursday, and the further
break yesterday was explained by the fail,
ures Of 8. v. White, Floyd Ferris, Ferris
& Kimball and W. L. Patton & Co. Large
amount Of stocks were sold out for the
account of these houses, and the ava
lanche Of offerings created more panicky
condition Of affairs than has been expert
enced since the time of the Barring panic
According TO those who passed through
the BLACK Friday" troubles and all the
finan cial upheavals since then there never
has been time when Stock Exchange
houses were SO completely demoralized as
was the case yesterday. The situation re-
solved itself into a 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 one to
twenty-four points, andhad the pressure
to sell continued q short time longer there
is little doubt that other houses wonld
have been forced to the wall.
As it was London turned up as a heavy
buyer, and according to competent author
tiles took upwards Of 100 600 shares, and at
the same time home investors, who have
not put in an appearance in Wall street
for years back, took round amounts Of
both the railroad and industrial stocks.
The buying power thus exhibited turned
the tide, but not until American Sugar
had dropped "a points, the preferred II,
General Electric 90, American Cotton Oil
8, Chicago Gas 1tsz, Edison Illuminating
61, Manhattan Elevated l0l1. National
Cordage preferred 49, National Lead z,
preferred II, Omaha preferred 8, Rubber
s9, wheeling and Lake Erie preferred
81, and Big -Four 5sl The drop in the
other stocks was to points.
Shortly lsefore the lowest prices were
touched the failure of 8. v. White was an
nounced, and the street breathed more
freely, and funds became decidedly easier.
The foreign exchanges declined sharply,
thus removing the possibility of gold ex-
ports. All this combined to create better
feeling, and the recovery was even more
rapid than the decline. Electric went
from So to "a, Sugar from 60 to SllS, pre-
ferred from 68 to so, Cotton Oil from 80 to
89A, preferred from SO to 74X, Consolidated
Gas from lie to 119lS, Edison from ITO to
118, Lake Shore from 1913 to 1873, Manhattan
from lis to 1905, National Cordage from
I16x to22, preferred from As to 81, National
Lead from 26 to 49, preferred from g. to 75
New Jersey Central from 1041S to 100, and
Rubber from 80 to 48L.
During the last half hour few of the
industrials ran off sharply, but the gen
eral list held well, and the market closed
steady In tone with more confident feel
ing than has prevailed for several days
past. In a number of instances final quo
tations were above those of Thursday,
more particularly in the railway list.
The Stock Exchange was crowded all
day, and the scene at the opening was one
of intense excitement. The gavel had
hardly fallen before nineteen for Cord
age" was shouted, and in an instant 1000
shares were sold at that figure. Sugar,
st. Paul and Chicago Gas followed, and
the buyers and sellers of each were having
a high old time. The slaughter of the in
dustrials was awful, and it was evident
that there would be more collapses The
failure Of S. V. White brought the change.
The Brooklyn Eagle says that Mr.. Theo-
dore Havemcyer has accepted all of Mr..
Whites engagements, which will enable
him to go on with business on Monday
morning.
One Of the governors of the exchange
said: Il think the worst is over now
When Mr.. White failed the last bubble
was punctured, and we have reached bot
tom. We have already had pretty SHARP
rally. do not look for any more failures
There may, of course, be some, but they
will be of the small fry order, and will
have no appreciable effect on the market. >