The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-05-12
WALL STREET PANIC.
Several Heavy Failures ami An I'M
mense Fall In Stocks De-
Cured Yesterday.
Approximations That Today May De
vei0p Fnrthcr Tr0ubir-A HcurTy
ON Change.

New York, May i.-Wall street was
startled soon after opening by the fail
urc of Henry Allen Il CO. house which,
because of its ramifications in Chicago
and other western cities, has commanded
large patronage and exerted an important
influence on Change. Almost simulta-
reously with this announcement came
the failure Of b. l.. Smyth a. Co., and
later the suspension Of Schuyler Walden
was made known from the rostrum of
the exchange. All three concerns owe
their misfortuncs to the remarkable de-
cline in National Cordage stocks, of
which they were heavily long for custom
ers who failed to respond to calls for adj
ditional margins.
Throughout the day there were ru-
mors that other failures were impending
and brokers and spectators were kept
in a state of trepidation and excitement
and fear of further calamities. Liquida-
tons were on a wholesale scale and in
tense excitement prevailed as varioJs
firms sold their customers out and ii per-
feet avalanche Of stocks came upon the
market. The drop in prices was I'M
usual even for times Of panic and de.
noted the serious straits in which spccu-
lators find themselves.
The fact that London and Paris
bought heavily and that investors hore
with ample means also took stocks free
~ failed to stem the downward current.
Two or three sharp rallies occurred.
The rise only served 10 increase the de-
sire to get out. Just previous TO the
close there was a particularly bad break
in General Electric, Cordage. Sugar, aud
Manhattan, ard the manner in winch
these stocks we're thrown overbourdg gave
rise to runIors that other tirme would
suspend tomorrow. Shrcwd investors.
however, continued to buy, auG the be
lief obtains that the panic is fast APP
preaching a eliminating point. Trad
ing reached 1892 shares, the largest
total for many a long time. Over L.,
600 of unlisted stocks changed hands.
National Cordage figured for 3 2,8lO.
Sugar for 5000. st. Paul for 62.J0O, Chi
cago Gas for 44,J3i, Burlington a. Quincy
for As, 100 and the Atchison for 21,,14
shares. Declines were 1871 in National
Cordage, Is in preferred; 1}8 in Sugar,
9l4 in preferred; 4 in American Cotton
Oil; 5l5 in Cleveland, Cincinnati. Chi
cago * st. Louis; 80, in Burlington Il
Quincy;3 in st. Paul; 3 in Colorado
Fuel; 3al in Evansville & Terre Haute; 0
in General Electric; 4 in Lake Erie &
Western preferred; 10 in Manhattan
in Missouri Pacific; 81 IN New Jersey
Central; 4 in Oregon Navigation; 3l5 in
Pullman Palace Car; ) in Richmond Ter
minal preferred: Az in United States
Rubber; I in u. >. preferred; J15 in
Wheeling IL Lake Erie and 10 il same
preferred.
At the close National Cordage pre-
ferred was . above the lowest. and the
remainder of the list showed a rally of
"a to l per cent, The market closed
f%everish and unsettled.
Late this afternoon an informal state.
ment was made in regard to he condi-
ton of the affairs of the National Cor
dage Co., President Waterbury WAS not
in his office at the time but the state
ment was made by an officer of the COM
pany after consultation with several of
the directors and the counsel for the
Cordagc trust. This was to the effect
that the National Cordage Co. had not
applied for a receiver and was fully able
to pay all dividends for the ensuing year.
Banks have also Disseminated against
the Cordage paper. and this, together
with the recent additional issue Of 300
600 in stock has had the effect Of forcing
down prices.