Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-05-12

in our securities revived the dropping
courage Of home operators and gen.
eral rally ensued. Manhattan bounced
up to 40 IL from 125, gain Of 5 IL
per cent. General Electric rallied from
So to II II; Sugar rallied from 81 to
a 81 and Chicago Gas from 50 to
y IL. The general railway list showed
recoveries of anywhere from 1 to 5
per cent.
At the office of Ferris & Kimball,
whose failure was announced at 1915
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
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 90. This
is the company that was organized to
financier the National COrdage company
The failure of H. L. Smith & Co. yes
terday brought out these bonds
Sold Under Rule
The following stocks were sold out
under the rule at the New York Stock
, exchange today, presumably for S. "
White: 2, 100 American Sugar, 700 Atchi-
son, 300 Cordage, 100 Lead, 100 Erie,
200 New. York and New England and
30 Western Union.
1.15 p. m.-The posted rates of Ster-
ling exchange have been reduced -
cent, to 4.S6 and 4S9. One Of the
Canadian banks quotes rates at 4.35 IL
and 4.SS Actual rates are about 4.S3 IL
and 4.S4 for bankers sixty days, 4.S6 IL
for demand, 4.S6 81 to 4.S7 IL for
cables. The decentralization 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 80 per cent, also
has 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 Il heavy buyer Of Ameri-
can Sugar, his brokers taking fully
10000 shares from Ga up. One broker
received an order for 1000 shares of
J Lead when the stock was selling at 80.
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,
= 1-2 in Manhattan and 2 in Chicago
Gas. The general list was much firmer
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 wellinformed 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
J tide is credited to the eXertions 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. 1t
/ is currently reported that the Have
meyers, the wealthy sugar men, put
up money enough ($1,OOO,OOO) to place
White on his feet again.