New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-20
THE LEAD TRUST BURSTS.
CORWITH & co.'s FAILURE DID 1T.
THE BEARS ON THE METAL EXCHANGE QUICK To
SEIZE THE OPPORTUNITY TO LOWER PRICES.

THE BEARS ON THE METAL EXCHANGE QUICK III
SEIZE THE OPPORTUNITY TO LOWER PRICES
The furry at the Metal Exchange Thursday cul-
minated yesterday in panic over tho reported iar
ure Of Corwith & Co., of Chicago and OF this ciS'
the alleged central power of tho Lead trust anu 'Ho
final result was the bursting OF the trust and. ior
the time, decentralization Of the market There hsa
been a decline of 100 points since Thursday ana 'no
closing price yesterday SO 81 1-2 for one nun.
dred mounds II seemed TO be the general bele1
that as the market closed firm, the excitement was
over The feature Of the day outside the ac'uai
bursting of the trust the thickening rumors oi
the heavy failure Of the Corwiths. Nathan Corw''h'
sr, has an Office here at No. 81 Wallst. ana our-
den Corwith a relative who usually operates for
himself has a place of business at No 46 Cnu-sI'
The son Nathan controls The Chicago ONCE. Inc 'ar
ure is said to heavy, and Gurdcn Corwith was re-
ported to lost large sum In the iast TWO oa's.
lie camc here three years ago and rcceh"y gave ou'
that he was agent for the Corwtths, though u was
reported yesterday that he was Interested III INC
trust
The trus. had got the price up to IS IS. and one
broker estimated that the decline represented S2o
ton or a shrinkage in value TO Gurdcn Corwith OF
800 OoO He was credited with buying from zoo 10
900 tons nearly every day for tho last mo"'n.
But the broker probably got things mixed, s4ooooo
representing the loss for all hands Yesterday 3oo
tons were sold under the rule II is said on the ac-
Clark of Naylor d Co., and the Lewis Brothers were
the BUYERS under the rule. There were reports of
failures, but Il said at the Exchange that one
private settlement had started fhc rumor lhcro
was a good deal of excitement on Change, and the
absence OF the Corwlths afforded the bears cause
OF exultation. The dispatches from Chicago an
nouncing the firms failure led TO savage attack by
the bears They went for the trust NJ the hrst
chew they bit of 100000 pounds, 100 tons being
November Five car loads of 500 pounds each were
sold under the rule at Sc 81 IL per hundred pounds
Over 81 600 pounds of spot lead sold at cents
a pound. 80. 500 at SO 81 1-2, and 10000 POUNDS
AZ 80 95 One hundred and nineyhvc thousand pounds
in October lead went for So % per hundred pounds
while November lead had realized 50 80, except
10 500 pounds which went under the rule. Dc
cember lead declined 10 SO 80, $4,000 pounds going
at 80 90 1-2 and 100 tons at SO 90. Nine hundred
and sixty tons were sold, the closing figure being
So 81 IL.
II is thought that the furry viii not last, ana
that the Corwiths win be only temporarily
embarrassed The Corwths in Chicago but
Trustworthy broker told reporter that their Liabilities
would come to 81 600, ,OOo but that the firm did not
stand TO lose more than 100000 900 through
shrinkaee in values Tho Corwhs could pay ,na,, naar
Dradsreet states that the senior Corwith has Deen
handling nearly three -fourths OF the output OF ano
smelling works In the last two months ne mas ad.
vanced the price of lead 10 about D IL cents, anu
metal The failure was caused by the refusal OF the
Union National Bank of Chicago to extend tme on
overdrafs for $50, 900 The Atlas Bank of that CITY
IS also said to be involved and Chicago dlspa'cnes
scem To think that the banks here Will be heavy
losers An attachment for 300, 900 has been taken
out in Chicago.