The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-05-09
THE TUMBLING STOCKS.
WALL STREET NEWY YORK, IN n STATE
OF PANIC,
Caused BY the Almost Unprecedented DC.
elmo in Stocks, Which Recalls the His
toricnl Panicky Days Of '73.

led soon after the opening by the failure of
Henry Allen & Co., because of its ramifica-
tions in Chicago and other western cities.
| has commanded large patronage and eX-
erted important influence on change. Al
most simultaneously with this announce
ment came the failure Of 3. l.. Smythe "
Co.. and later the suspension of Schuyler
Walden was made known from the rostrum
of the exchange.
| All three concerns owe their misfortune
to the remarkable decline in National Cord
age stocks, of which they We're heavily long
for customers, who failed to respond to the
| calls for additional margins.
Throughout the day there were rumors
| that other failures We're impending, and bro
kers and spectators were kept in state of
trepidation and excitement by the fear of
further calamities. Liqudations were on a
wholesale scale and intense excitement pre-
vailed various firms sold out their GUS
| toners and perfect avalanche OF stocks
! came upon the market.
The drop in prices was unusual, even for
! times of panic, and denoted the serious
straits in which spectators find themselves
! The fact that London and Paris bought
heavily, and that investors here with ample
means also took stocks freely, failed to stem
| the downward current Two or three sharp
rallies occurred but the rise only served to
increase the desire to get out.
| fad breaks IN StOcKs
| Just previous to the close there was par
| ticularly bad break in General Electric,
| Cordage, Sugar and Manhattan, and the
| manner in which these stocks were thrown
overheard gave rise to rumors that other
| firms would suspend tomorrow. ShreWd in
vestors. howver, continued to buy, and the
belief obtains that the panic is in fact ap-
preaching the eliminating point. The trad
ing reached I'll ,912 shares, the largest total
for a very long time, Over 10000 of I'M
listed, stocks changed hands. National Il Cord ord
age figured for 132,S1O. Sugar for 5000,
st. Paul for 62,500, Chicago Gas for 44,534,
Burlington and Quincy for 62,5OO and At
! Gibson for 27.174 shares.
About King & Co.'s Failure.
The failure of A. H. King & Co. was the
cause of some surprise i'll commercial circles
Yesterday, owing partly to the fact that
under one name or another, the firm has
done business for forty years in this city.
| Harry Cohen, the cashier, says that the la
bilities of the firm were now definitely
known to be $250,000, and he thought the
mess he said, will be continued in a very
few days, on Saturday if possible lie at
tributcd the failure to the backward season.
Our creditors, think. he said. under
stand the situation. and they have been very
kind to us. many of them offering to loan us
money to hcln tide over the difficulty"
After the Inventory of the stock of A. III.
King 81 Co.'S stores has been taken set
| tcmcnt Will be made without litigation
| There are no preferred creditors.
| what the Post Says.
The Post says: Though it is quite impossi
| BIZ 10 predict with certainty the investment
markets future, there was reason to think
| today that Wall street had already seen the
| worst. None of the wild rumors circulated
| yesterday about the banks have received a
moments confirmation. The action of the
ness, confidence and resolution. Merchants
have met the monetary shock with an ease
l Of ,i1,,I flNn i,,rn of
| status. London houses, it will be noticed
. bought the railroad stocks promptly at this
| mornings opening and there is reason to
believe that their purchases represented this
| time something more than New York orders
| In the conservative broker houses OF the
street there were heard from emphaticaily
today capitalists who rGrey show themselves
/ in Wall street; bargain houses, whose pres
ence means assurance, and whose absence
in such time as this the worst of
| all bad olnens.
The bond markets intrinsic strength was
remarkable degree 1t Is, however, by no
] means to be assumed that the recovery, il it
long continued. An oyerturn like this is not
forgotten in day. The grave question re-
mains moreover that WAL street is always n
| felt approaching for the commercial world
| at large.
Another Black Friday.
New York, May 5.--S. V. White, more
! Familiarity known as the Deacon" has
| again been forced to succumb. Shortly at
| ter 1880 O'Clock this morning Mr.. Whites
suspension read from the rostrum of
| the stock exchange. 1T will be remember
| ed that Mr.. White was practically ruined
| about two years ago i'll an attempt to cor
| ner the corn market. He eventually made
| a settlement with his creditors and resumed
| business at the stock exchange. He made
| considerable money III the lndustrials. but
! like a great many others, oycrstayed his
market Mr.. White first came into prom
| NV of )nl
| ware, Laclawanna and Western some
years ago for the II. b. Clatlin interest
| The late Jay Gould once said in an inter
view that the only real leader. i'll Wall
was very much broken up this morning
| He was besieged by his friends and brok-
crs through whom he had been dealing.
| 1t was not until after 10 o'clock that Mr..
| White realized that an assignment was
| necessary. No idea of the extent of the
| failure could be learned at the office until
| II 10 o'clock a. M, when Mr.. White made
| the following statement to the press:
| The unexpected drop in all securities has
made it impossible to realize on securities or
to collect margins to meet my engagements.
S. V. WHITE.
When seen at his office after this an
nouncement, Mr.. White said:
IF you want to know the reason of my
suspension you need only to look at the
tape. The terrific drop in the market has
used me up and | was forced to suspend
L
tracts which must be closed out The drop
in Sugar was one of the chief causes of my
suspension.
Scenes the Street.
There were lowering clouds on the WaIl
street horizon this morning, though the sun
of nature was shining brightly through a
ran-washed and Wind-bown atmosphere
that was stereoscopiCally clear Brokers
and bankers have not idled over their rolls
and coffee at breakfast livery man, with
coppcr's interest in speculative fields
| knew that the band would begin to play at
| the drop of the gaval at the stock exchange
and each one was anxious ut that time to
be in the procession and close up where
| the elephants should be walking.
Acting Like They Were Mad
| In the streets men and boys shot past
| each other diving in here and darling out
| there--rushng in or hurrymg out of the
| office where their interests centered, and
| so the calm hands on old Trinity's calm
| clock dial pointed the hour that should
| begin another day that wears the flesh and
nerves of men was uShered in. And what
| should be the record of the next five hours
| that lay between the opening and closing
| of that pandemoniac pit, where the for
| tunes of men might be tossed about like
| kelp on stormy tide. Any fond optimist
| who. before the opening, imagined that
the market might Stiifcn at the outset WAS