The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-06


the panic in the industrial group. the gen.
eral list held fairly we'll. Manhattan, how
ever, took q notion 20 romp down the bill
OF speculation. IL started from the mark
at l26 and seuttled along tho slide little
more than ten jumps On its way II secured
away oil margins on long holdings down 90
lisa. Then Manhattan seemed little
ashamed of it's gambol. and. turning about.
chm bed mp again 10 10. There 1t stopped
for breathing. bat proved TO have become
weak during its antics ana SLID down
again. this time 60 lilo.
VICTIMS OF TIE TEMPEST.
Meanwhile colored lights were being
turned on the outside of the Stock Ex-
change building Before 1920 there had
been q renewal Of yesterdays rumors that
S. v. White was tangled up in the weeds
directly below the spot where Cordage had
lodged on the brink at the close of yester-
days cyclone. When the tempest was this
morning renewed. and when Cordage was
blown off and over the brink where itclung
over night, it was found that. true TO ru-
IN the pathway. And there was also
smell of Chicago Gas In the vicinity.
Cordage had tangled and bound him fast
so that he could not move. and 1t was with
Cordsge that he was stricken down
1hree-fourths of an hour after the
opening of the whistling storm. The
report that Mir White was flat on the
moor at the base of the precipice crept
quickly into tho building. where mael-
btrom of excitement was drawing In Its
victims. The rumor was quickly followed
by official announcements that Mr.. White
was down. some paused 20 20 down where
he lay, ask what had struck him, and.
though disabled. he responded that the
terrific drop of Ccsaage and tho explosion
of Chicago Gas ha3 stunned and sutfocated
him. He was unable TO go on at present.
though he might get up later on, and peo-
pie who looked over the cliff TO where Dir.
White was down, remarked: Too bad.
and JUST when he had gotten on his pins
Rfresh.D s. v. Whites sheet went through
she clearing house all right last night. and
his checks are certified.
Soon there came from Boston the state
ment that FranoIs Henshaw * Co., stock
brokers, had failed. who are theyp
many asked. but nobody paused to an
swer, and the majority had little
time TO investigate. 1t made little
difference, however, it was q wipe out. and
that was enough to speed the tempest. and
SO passed the first hour.
In the first hour the decline in prices was
uncommonly heavy, and the excitement
veached higher pitch than at any previous
time since the panic started. The panic
eliminated, however, with the announce
ment of tho failure of :. V. White. Follow
ing this some sharp rallies occuIred-9h IN
Chicago Gas to 6Sl5; to GO. in General
Electric; In Manhattan, TO 10; pa In
sugar. to 6s: 4 in Cotton Oil. TO 81; % in
Quincy. TO Sc; In Cordage common, to
171, and In Cordage preferred, to 80. The
rally did not hold. and the speculation was
excited and feverish. owing TO the circula-
ton OF rumors affecting the solyency. OF
other firms and individuals. At IL o'clock
the market was still feyerish.
A LULL IN THE BATTLE.
AZ high noon the battle of values Stacked
away q trife IN the intensity of its move
H.
still there, but she flesh had wearied some-
what. and thus the movement was less
rapid. There was thundrous tone. how
ever. in the speculative atmosphere and
though there were spasms of riotous bid
ding and selling. they came like the flashes
of lightning through tempest clouds that
have wearied of their beating. The fluc-
tuations at noon were wide. though O trifle
less frequent than before. When some
broker lifted up his voice and his finger TO
buy the furIes rushed IN upon him ana In
stantly the tape which was carrying his
tory into hundreds of offices recorded an
advance of from to 4 points On the
other hand. let any man press his thumb
against the tiabby and unsteady market,
and 10 yielded or gave way. Some in ter
psts that had been sucked into the whlrl-
wind were. however, catching hold upon
stout ssplings along its pathway. At noon
hooks into the earth and had pulled itself
back IL points: Sugar had recovered Ga,
Manhattan had scurried backward along
the storm path lengths. and others had
caught and recovered. though less in dis
tance. toward the starting point.
The third hour OF the days battle was
yet young when the action" again became
more rapid. There may have been some
one executed by electricity. To those
in the crush OF the movement
however. the speculative spasms
that came early in the afternoon
were. to all intents and purposes. the throes
of great interests fighting deadly attacks
Rarely, If ever. in the history of the Stock
Exchange were there such wild fluctua-
tions witnessed. One of the largest houses
on the street was said TO be in trouble and
Its failure only matter of hours. Seen at
distance of 5000 miles the situation had
different aspect While our own brokers
were IN dazed condition and throwing
over their stocks regardless of price, for
eign houses were quietly at Work picking
mp the dividend payers. Their purchases
were heavy enough to demoralize the for
eign exchanges. and posted rates were re-
duced TO q. So and S4.S9. lie was estimated
that MP TO noon to-day London's purchases
OF securities In the local market aggregated
fully 60.000 shares. Money at this time was
close and Stock Exchange borrowers were
paying IL and IL per cent.
at l o'clock the battle had been on three
hours. and many OF those IN the early en-
gagement had gone outside TO the suffers
camp for food. They heard how London
aud other centers were lying back in CON-
parative safety and absorbing tho fruits of
their sacrifices. The result was O change
for the better In the stock market. and o
steadIer tone characterized the next deal
ings The foreign buying was felt inside
TO have been on q very heavy scale, and the
New Workers saw that European purchasers
had certainly picked up some very cheap
stocks. The example SET by the foreigners.
and the confidence they displayed in our
securities. revived the droopiDg courage
of home operators. and q general rally re-
suited. Meanwhile the posted rates of
sterling exchange had been reduced one
half
About this time there came into the situ-
alton another clap OF tnunder. The sus-
pension of w. l.. Patton * Co. and Ferris
AZ kimball was announced, and another
house was stated 10 have gone under, but
the report proved, at least. premature. and
was denied. Following the announcements.
and q further advance IN call loans to 20
per cent. stocks began to weaken once
rr0f In m To