The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-05-06

At 1 80, money had fallen to 1920, and
by z O'Clock to 6, and owing TO heavy
offerings OF funds by commission houses,
stocks became comparatively calm.
Up to 2 p. N. the sales of listed stocks
was AL, 900 shares; unlisted, 202, 900 shares
Stocks were then somewhat feverish, but
in some instances above last nights
closing.
Ferris & KimbaII, whose failure was
announced at 1915, went down under
load of industrials.
The following stocks were sold pre-
sumably for the account of S. V. White:
Twenty one thousand shares of American
sugar, 700 Atchisou, 300 Cordage, 100
Lead, 100 Erie, 200 New York & New
England, 90 Western Union.
At 5 p. m. money was easy at 4. Indus
trials closed one-half to fourteen points
lower, the latter Cordage preferred. Rail
roads closed one-half to four higher, and
there was a more confident tone at the
finish.
After the gavel had fallen and the battle
was over for the day, men went away IN
quieter spirits and looked the situation
over.
In well informed financial quarters the
feeling grew that the worst has been seen
and that from this time on matters will
improve. On this theory which had to
some extent obtained before the close, and
in face of the fact that certain houses,
whose rames were freely mentioned as be-
ing in trouble early in the day, had pulled
through all right. Numerous purchases,
il was seen, had been made right through
the list. There had been a revulsion in
sentiment and prices had bounded up al
most as rapidly as they dropped early in
the day. After scanning the situation
after close today, one of the governors of
the exchange and member of one of the
most conservative banking houses, said:
81 don / care to have my name used,
but you may say for me that think the
worst is over now. When White failed
we reached the end. We have already
had pretty sharp rally aud shall prob
ably have another with some slow
liquidation. 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 appreciable effect on the mar
ket. There has been a great deal OF
money lost of course in this great de-
cline, but good deal has been in margins
which will show on exchange. Many
members of the exchange, no doubt, sus-
tanned losses, but they will be able TO
stand them. In my opinion the stock
exchange is now a bargain counter, and
if this was not bargain day then there
never was one on the exchange"
Rumor obtained at one time that 5. ".
White would be taken care of by certain
OF the sugar magnates. This, however,
could not be traced to any reliable source.
By common consent the turning of the
tide is credited to the exertions of Drexel,
Morgan & Company and the Vanderbilts.
1t is generally believed that several inn
portant houses will lose business when
confronted with what appears to be in
evitable failure. The enormous losses in
the last week. utter demors lization OF the
buying power in the market and practical
paralysis of credit promised a liquidation
that unless stayed would have swept them
off their feet. But night and early morn
ing has been employed by every strong in
terest which realized that the weak must
be saved at any cost. Bankers and banks
alike. Joined hands with that determine
ton. The most serious danger was
threatened, but it could not be demon
strated at once that the situation had
been controlled. 1t was not until after
further extensive liquidation in certain
directions had been accomplished was the
market reversed and quotations scudding
rapidly upward was told to all persons
interested the story OF rescue and re-
covery.
OF necessity the names of houses whose
suspension was decided upon must remain
in confidential circles. The means
adopted will not be described but they
were effectual 1t was reported that Will
liam K. Vanderbilt and Robert Glllett
placed 8, 200, 900 in the banks, and where
it were possible gave the utmost
credit where it was needed. The
tremendous influence of Drexell, Nor
gan & Co. was at the service
of the street. The weak spots were
strengthened and troubles feared by tie
whole down town community were tided
over.
Mr.. White said tonight that he ex-
pected to be able to resume payments to-
morrow. 1t is currently reported that
Havemeyers, the wealthy sugar men,
put up money enough, viz, 81 ZOO, 600, it is
said, to place White on his feet agata.S'=