The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-07
WALL-STREET FURRY OVER
Yesterday Both Industrial and Rail.
way Stocks We're Firmer and Higher.
Deacon" White Not So Badly Wounded that
He Cannot Recover Cleveland and His
Financial Policy Scored by Mr. Depew.
QUIET DAY IN WALL STREET


Stocks Continue Their Upward Fiieht-"Dea-
con" White Not Hopeiessly swamped.
NEW YORK, May 6.-The speculative head
became cooled through the night. and this
morning Wall street ~alke up to the bull
ring with steadier nerve and a wider per-
ception of things. Since the close of yes
terday's conflict men have held the situa-
tion at arms length. and turned it around
for view on all sides. They see to-day
how the foreigners slid in under the smoke
of yesterdays engagement and grabbed
and made away with sackful of dIvi-
dend payers at Chatham-street prices.
Well take some of this ourselves" was
the feelingof brokers. as they smoked hight
after breakfast cigars this morning. and
more calmly read the record OF their tussel
for five hours yesterday. Hence 1t
was thar the general run of act
I've stocks, both railways and in
dustrial, opened strong and anywhere
from u TO pa per cent. higher Cordsge
rose u, to 21la and then receded to 20. In
the first ten minutes of business. however,
American Sugar. which had opened at 81.
fell to I'M. and this checked the rising
consequence of the favorable character of
the bank statement. but later the market
eased Off. The Industrials were firmer than
the railways. and show net gains for the
day of IL to II points. the latter in Ameri-
can Tobacco. The market closed quiet and
firm.
Confidence il slowly returning in Wall
street. Leading men express themselves
as more bullish on the situation. and the
following remarks of Russell Sage are the
views generally held in influential quar-
ters. Mr.. sage said: Il would not advise
indiscrminate purchases but good stocks
may be picked mp now and held. 1t takes
less money To carry Manhattan that it did
when 1t sold at l15. and Western Union
looks cheaper than at 101. Lackawanna
below lao is not dear, and the industrials.
the menace 10 the market and the ones
that have caused the de preston. are now
on n basis more representative of their in
trinsic value. l am not an unconditional
bull but think that sales of short stock
will not be productive of profits" The
temper of the market, taken altogether, is
less feverish. and commission houses re-
port better inquiry from investors.
,. V. White was on the floor q little be-
fore 10 o'clock this morning and received
many expressions of sympathy. This morn
ing all those who had Stock Exchange
clearing house contracts in America sugar
with Mr. White. which did not go through
hundred shares. The amount of such con-
tracts was $500 shares. This show the ex-
act loss White made on his Sugar deal yes
terday. At the office of Mr.. White it was
stated this afternoon that his affairs are In
better shape than WIS thought yesterday,
and that he will resume in a few days. The
reports that the Havemyers and others had
offered to put Mr. White on his feet were
denied. Mr.. White said: Il am not badly
oil at all. Ii man is struck by runaway
team he may have an arm broken or his
back broken. In my case IL is not
IN my Judgement going to be any
thing worse than a bad bruise. Any man
connected with the business will appreciate
that borrowing. ms / was. millions of dol
lars with q drop of Se3 per share in twenty
three minutes on some OF the securities L
was carrying. IL was perfectly evident that
calls would be made for margins greater
than could respond to on the instant and
it was my duty. under the laws of the
Stock Exchange. to promptly notify them
of the fact. / did it. and did not know how
bad the storm was going to be. As 1t aD-
pears this morning. things are looking not
at all serious for permanent results" As
Mr.. White has made no assignment. his
statements are generally credited.
The failure of Ferris ~ kimbal! is not
bad one. William y. Dixon. the assignee.
states that the liabilities are not large. but
he has no idea what the assets will amount
TO. X. Il. V. Mccarthy. assignee for w. l..
Patton IL Co.. w5o went under yesterday.
6hlu tDaL THO aUalTS Oh the llEln are SO COIN
plicated that it will require several days
10 ascertain the amount of liabilities and
assets
Facts and particulars regarding the in
side causes which led TO the downfall of
the National Cordage Company are gradu-
ally leaking out. and the my stery sur
rounding the unloading of the stock seems
about to be- unraveled. John Good. of the
Good Cordage and MachiDe Company, was
seen by a reporter to-day, and las asked II
1t was true that several directors of hi5
company had called on James NJ. Water
bury, and asked if the National Cord ge
Company had any overtnres to make TO the
Good company. as reported. 1T Is not
true" said Mr.. Good. mir. Jenkins, one of
our directors. went to see Mr.. Waterbury,
at my suggestion. TO offer our sympathy
and aid. He did not zee Mr. w Waterbury.
as he had gone homo ILL.," Mr.. Good said
that rho National CorGage Company's
difficulties were brought out by selling be-
low cost They were fighting the Good
company. which was a rival concern with
capital of S7.C0O.000 and machinery that
conld manufacture ut less cost than the
National Cordage pool I'VE ready
and In a position to help them if they Will
agree To our terms." said he. "Dnt If they
want any more medicine we can obliae
them. The salvation of the National
Cordage Company is through u.s." said he,
land they must agree TO our terms if they
expect 10 continue"