Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1893-05-13


were announced before l. o'clock and
the end is not yet. Pandemonium
reigned on the stock exchange from
the opening.
National Cordage, which closed last
night at 80 81, opened today anywhere
between 81 and IS, and sold down to
26 / 2, from which there was a rally,
but later the stock declined to % This
makes total fan of 80 points since
last Friday. COrdage preferred de
clined to 60, against closing of %
last night.
When Chairman Mitchell raped three
times with his wooden mallet at 10
o'clock this morning a hundred mem
bers or more let out one wild whoop.
1t was a cry which filled the spectators
who filed the galleries with excitement
Ladies and gentlemen crowded each
other regardless Of consequences as
they leaned far over the rail- inspired
by the wild sce"e beneath.
Members from every quarter, a mo.
ment before the opening standing about
listlessly, We're transformed into howl
ing demons, and with arms wildly
swinging like windmills formed for the
affray.
Swaying to and fro the brokers yelled
and grew red in the face. Hats We're
knocked in and old mon. after a mo
ment Of desperate energy in the midst
Of the fight, fell out again to regain
their strength. Then once more they
would make one wild dive for the
center Of the mass. The young men
had the best Of it. They seemed never
to tire.
On the Broad street side the sugar
crowd made things quite lively, though
the numbers were not great But what
these brokers lacked in numbers they
made up in their variety Of rushing tac-
tics.
Instead of standing erect and trying
to fight their way into the center they
would double up their bodies aud with
run make for The slightest Opening
and IN another moment they would
bob up serenely pad in hand, prepared
TO do or die. In the center the Chicago
Gas people held their argument They
were less demonstrative than the others
and took matters q little easier
At the different entrances to the eX
change members rushed in and out like
wild Indians No one thought of walk
ing Faces were in many cases pallid
and worn. There We're no smiles.
1t was a Waterloo for holders Of
National Cordage stock. At 1918 O'Clock
the chaiman's gayel called the excited
brokers around his desk. He announced
me failure of Henry Allen " Co., of 81
New street. The firm is composed of
Henry Allen and +, l.. Norton, the
latter being the board member. The
firm was formed in May, 1884, and did
a very large business in both grain
and stocks, 1t was very heavily short
of sugar daring the big February rise
in that stock. 1t S supposed to have
uId recently a very large interest in
Cordage.
one Of its large customers was G.
Weaver Lopez, Jr., son of one Of the
Comage compuny's directors. Another
of Henry Allen & Co.'S customers, who
dealt in Cordage for himself and his
friends, wus Eyander Berry Wall The
house was of the giltedged variety.
The customers were noted for their
good clothes and high living. No in
formation concerning the condition OF
the firm was given, but a fun statement
was said to be IN preparation, TO be
made public later in the day.
The failure of b. L. Smyth X Co, of
A. Exchange place, was announced Il
little later. This firm was composed Of
b. L. Smyth, the board member, and
sydney l.. smith 1t was organized in
May, 1887 The failure is said to be
due in part To the failure of Henry
Allen \ Co.
when the announcement was made
from the n strum the room was thrown
into a panic In the various crowds
half a dozen prices prevailed at the
same time for the same stock. Even
the most cool headed of brokers were
carried away by the stirring scene for
a time. RumorS aSSdiling the credit
of the leading institutions flew thick
and fast about this time.
Schuyler Walden was greatly over
come when asked about his suspeu
sion. lie said. My suspension was
due to the drop in cordase My Gus
toners were unable TO respond TO my
calls for margins and l could not pro
tcct myself i'm time
Mr. Walden's customers are under
stood to be some high officials Of the
trust lust who they are Mr.. Walden
would not say
Brokers i'm Wall street would have
refused such accounts" he added. =
was promised faithfully that The ac-
counts would be made good by i
o'clock today. The Cora9ge people laid
down GA me and / had to suspend"
The same story was told by &. l.
Insv 4 Co. They too, had given cred .
II On their books to the coriage officers
ana directors and had the iatters
promise TO make good their accounts
~ this morning.
lit is said today chat Henry Allen \ i
~ ia .s,-a,, rbafr CDri7arp customers +