Waterbury evening Democrat. [volume] (Waterbury, Conn.) 1887-1895, 1893-05-06

main in confidential circles. The means
EN- ployed may not be described but they
were effectuaI 1t is reported that VIM.
K. Vanderbilt and Robert Goelet placed
30, O00, 900 in the gap. The banks, where
ever possible, gave the utmost credit where
it was needed The tremendous influence
of Drexel, Morgan & Co., with a "clien-
teelle" of far-reaching Importance, was at
the service of the street. Weak spots
were strengthened and the trouble feared
by the whole downtown community was
tided over.
The fresh failures of the day were those
of 8. v. White & Co. and two of the
smaller frms-Ferris & Kimball and w.
L. Patton & Co. Mr.. White, for the
fourth time in his life, was compelled to
announce default on his obligations. The
crash in American Sugar Refining and in
Manhattan, and the recent prolonged de-
preston in Western Union, exhausted the
resources Of this operator, who, in less
than a year, had closed off a million dol
lars Of debts, after the collapse of the pro-
jected corner in corn as recently as 1891,
and placed handsome credit to his bank
accounts.
The other failures appear comparatively
unimportant in the light of Mr.. Whites
downfall, and the firms which were forced
to the wall by the collapse in National
Cordage, which came on Thursday, are
building hopes that reorganization of the
affairs Of that corporation may improve
their own conditions and prospects.
The announcement of the receivership OF
the National Cortiage company was in
fact a relief to the street. although new
light may yet be shed upon the condition
of ats finances. Some experienced bankers
even contend that the rehabilitation of the
combination may be effected sooner than is
generally expected and ascribe the failure
not to an inherent weakness in the bust
ness foundation Of the company, but to
| unwise omissions in its organization of
provisions for financing it's affairs in times
of monetary stringency.
The receivers, E. F. G. Young and G.
w. Lopez, who were appointed for the
| Cordage company of New Jersey late
| Thursday night, have been named to take
charge of its property in this State
| by Judge Wallace in the United States
| Circuit The application was made by
| William B. Hornblower, as counsel for
| Augustus V. H. Ellis, representing some
/ of the stockholders The assets Of the
| company were valuable, the application
said, but they could not be realized on i'm
meadiately. They consisted of mills in
various States, stock in hand and bills re-
| ceivable which were all likely to be at
tached.
Effects in Other Countries.
In Montreal intense excitement was
| caused on the Stock Exchange by the
| break there. Little business was done
Montreal spectators lost more than 8
| million dollars and it was feared at one
time the panic would cause bad break II
local Canadian stocks. but fortunately this
| was averted and while the market was de-
pressed, prices were maintained in almost
| all stocks.
A special from London says: prevail
ing financial impression here is favorable
because New York exchange is lower
Thus S. V. White and National Cordag
failures are disregarded. Arbitrage houses
| made immense profits"