Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-05-06

NEW YoRK, May 5.-Great excite
ment prevailed on the Stock Exchange
at the opening this morning over yes
terday's events.
Every eye was on Cordage. The ap-
pointment OF receivers for the National
Cordage Company at a late hour last
night was the occasion for further
break in the preferred stock this morn
ing. The preferred stock had closed al
65, but within ten minutes after
10 o'clock IL had lost its balance and
plumped down IS points 70 so. Ihere
IL caught a iutting rock for moment,
hut the rock was knife-edged, and
Cordage preferred slipped its brief hold
and rsttle6 down the precipice until II
touched As.
General Electric was another weak
spot. In the first few minutes OF
business, the stock broke points TO
rs. Sugar, Chicago Gas and Manhat-
tan Joined In the downward movements;
Considering the panic in the lndnstrlal
group, the general list did fairly WELL
Before 1920 o'clock there had been
renewal OF yesterdays rumors that ;.
V. White was tangled up In the weeds
directly below the spot where Cordage
had lodged on the brink AZ the close OF
Yesterdays cyclone. When the temp
est was this morning renewed and when
Cordage was blown off and over the
brink where IL clung over night u was
found that, true 70 rumOr, ). V. White
was struggling directly Ia the
pathway and there was also
a smell OF Chicago Gas in the vicinity.
Cordage had tangled and bound him
fast so that he could not move, ana IL
was with COrdage that be was stricken
down three-fOurthS of an hour after tue
opening Of the whistling storm. The
report that Mr.. White was hat on the
moor at the base Of the precipice crept
Quickly into the big building, where
hell OF excitement was surging TO high
water mark. The rumor was quickly
followed by the official announcement
that Mr.. White was down.
Sume paused to go down where be
Law and ask what had struck him; and
,ahOugh disabled he responded that the
terrific break In Cordage and the ex-
ploslon OF Chicago Gas had stunned and
suffocated him. He was unable TO 90
on az present though he might get up
later on and people who looked over
the cliff 20 where Mr.. White was re-
marked: "TOo bad and just when he
had gotten on his pins airesh."
;. V. Whites sheet went through
the Clearing House all right last night
and checks are certified. In the nrst
hour the decline iu prices was uneom-
monty heavy and the excitement reach
ed a higher pitch than at any previous
time since the panic started.
At lO:35 a rally occurred but ala not
hold, aud speculation was excited aud
feverish owing TO the circulation Of
rumors affecting the sOlvency Of other
firms and individuals. At IL a. m. the
market was still ieverish.
The alarm and excitement at the
Stock Exchange abated somewhat after
IL O'Clock, but the fluctuations con-
tinued wide and frequent. The absence
of further failures had a reasSuring ef-
feet, and at noon the market was hrm
and advancing.
After the gavel had fallen and the
battle was over for the day, In we'll in
formed financial quarters, the feeling
grew that the worst has been seen In
Wall street, and from this time on
matters will improve. On this theory,
which had to some extent obtained be-
fore the close, and on the fact that GER
tain houses. whose names had been
freely mentioned as being In trouble
early in the day, pulled through
All right, numerous purchases
A. was seen had been made
right through the list. There had been
a revulsion OF sentiment and prices had
bounded up almost as rapidly as they
had dropped early In the day. James
r. Keene was heavy buyer Of Ameri-
can Sugar, his brokers taking fully
10000 from "a up. One broker received
an order for 1000 shares OF lead when
the stock was selling st 30. All he was
able 20 secure was 400 shares at SO.
This indicates the manner in which the
market moved in the last hour.
After scanning the situation after the
close to-day one Of the governors OF the
Exchange and q member Of one OF the
most conservative banking houses said:
II do not care 10 have my name used,
but you may say for me that l think
the worst is over now. When Mr..
White failed the last bubble was pune
tured and we have reached bottom. We
have already had a pretty sharp
rally, and we shall probs-
bly, have others with some
slow liquidation. l 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 sppreciable
effect on the market. There has been
great deal Of money lost, Of tOurse, in
this great decline. but good deal Of il
has been in margins which will not
show on the Exchange. Many members
have no doubt sustained losses, bNt they
will be able 10 stand them. ~ my
opinion the Stock Exchange is noW q
bargain counter. IL this Is not bari pin
day then there never was on the *
change"
A rnmor obtained at one line
that S. V. White would be taken carey (of
by certain Of the sugar magnstds.
This, however, could not be traced 10
any reliable source.
The bOndsmen for Edward F. -
Young and George W. Loper, the,
eelvers for the CordaEe Trust. quail
IA Jersey City this morning. They
George f. Perkins, OF Perkins, Col
4 Co.. Of Duane street. New Y
John Mullins. Jersey City, and wi