Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-05-05
IN WALL STREET.
One Of the Periodical Squalls Causes
Excitement.
SOME FAILURES ANNOUNCED.
Tho Market Of Noon Closes Steauier
and with an Upward
Tendency.

Wall street this morning. Brokers
and bankers bastened TO tha'
financial storm center, knowing
the band would begin 10
play at the drop OF tho gavel Mt the
stock exchange, and each determined
10 be- MS near rs possible to the head OF
tho procession. Nobody could tell
before opening what history lay Just on
the other side OF 10 O'Clock. when pan.
demonlum should be let loose. Those
In the rear strained their anxious faces.
Those Out lowered about fcom habit,
scarcely less anxious. Some, per.
chance, felt their toes over the edge OF
the sheer precipice, not knowing but
that the developments OF an hour
might puah tliom clean over the brink,
into the financial pit. There was hur-
rying and scurrying OF men and boys
diving In here, darling out there,
rushing into this, hurrying out OF that,
Office where their interests conferred.
And 30 the calm hands on old Trim
ity's grim clock dial crept up TO the
hour when tho turmoil should begin
and another OF those days that wears
the iieeh and nerve of men, be usher.
ed In.
Any fond optimlst who Imagined
before opening that tho market might
stiiien at the outset was disappointed.
Every eye was ON the Cordhgc, and
there was movement enough within
ton minutes after the sounding OF the
gong, to engage every eye. The MP.
pointmont OF receivers for the Nation.
al Cordagc company late last night
was tho occasion for "A further break
in preferred stock this morning. IL
closed yesterday at %. In ten
minutes after the opening It was
10 points lower at so; IL hesitated
there for moment, then tumbled 10
IS. Then came porceptiye
leesening In the rush to soil and more
uteadiness.
Cordage, common, opened at 10 "a
n. General electric was another weng
spot and In tho first fow minutes IL
broke 8 poials to 10. The fact that
certain officials have thought IL neces-
sary TO issue a statement that the COM
pany IL all right was viewed with
suspicion In some quarters. At lO:l5
o'clock the price was 80. Sugar
was also attacked, broke to 10 and
Chicago Gas dropped TO 90. Manhattan
Elevated broke from 81 10 l25.
Considering the panic la industrial
stock, this railroad list held we'll.
Manhattan Elevated went down the
toboggan slide ut a great rate, wiping
out all margins ON slump from I26 TO
ll5.. The progress was stayed at that
point and a rally 10 100 f.llewed.
But 1t slid of again to ZIG.
Soon after the opening there were re-
newals Of Yesterdays rumors. y. V,
White IL In trouble In connection with
the cordage. Before three quarters OF
an hour after the opening the slump In
that stock became too great for him to
stand and he went down before the
storm. The fact OF the failure OF this
great speculator. whose going TO tho
wall year or so ago IN n grain deal
on the Chicago board Of trade caused
such sensation, was known ON the
street and found It's way into
the stock exchange room before the
formal announcement therein. Ac.
cordlng to his own statement the
Cordage deal was tho chief element In
MS failure, but he was also interested
III chicago gas. The cordage strangl-
ell him, the gas sufiocated him. He
was unable to go on at present, though
no might get up later on, he said.
soon there came from Boston the
.s''oheh. 'nn' ri"ncis iensnaW *
Co., STOCK brokers, had failed. No
Dody seemed TO know much about
them, but II made little difference. II
was a failure and that was enough to
nud to the fury Of tho tempest. And
30 passed the first hour.
=. when III O'Clock chimed from Trim
ny steeple the record stood like this:
Ihe decline had been uncommonly
hehyy and the excitement reached u
higher pitch than Mt any time since
the panic started, with market still
ievofish. National cordage had fallen
20 TO IS; 20 to 10. American sugar |
svt to U5l; preierred, IL TO SO.
CCdon OH $ to 81; National Cordage, |
common, ~ to l5s; American tobacco
10 So. Cleveland, Cincinnati, Chi.
cago and 81. Louis 81 to 80; burlington
anu Quincy TO 6S!; Chicago gas l5l |
u 90; Rock Island II to ia; Genera
Electric % to IS; Manhattan lO4 to It's;
National Lead % to 26l; Preferred 10 |
10 0s; Omaha 8 to ll3; Rubber o. to |
30; Western Union to 81.
Following tho announcement NJ |
White's failure there were some SHARP |
rallies Chicago gas rose o., General
electric, 8, Manhattan, 4; sugar, 9I;
cotton oil, .; burlington Il Quincy,2l;
so,uhge, common, 9; preferred, 8, TINS