The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-05
FURRY IN STOCKS.

New YORK, May 4.--There was q small
panic on the Stock Exchange to-day and
several failures resulted. When CHAR
man Mitchell raped three times with has
wooden mallet, at 10 o'clock this morning,
a hundred members or more let out one
wild whoop. There were three distinct
rushes on the floor. At the opening on the
south side the Cordsge people gathered,
and such gathering! The widest scrim.
mage the football field has ever seen was
put to shame. Members from every quar-
ter. who had been standing about listlessly,
wero transformed into bowling demons. and.
with arms wildly swinging like wind
mills, they formed for the fray. On the
Broad-street side the Sugar crowd made
things quite as lively, though the numbers
were not great. But what these brokers
lacked in numbers they made mp in the va
riety OF their rushing tactics Instead of
standing erect and trying to fight their
way to the oenter. they would double up
their bodies and with a 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 ths
Chicago Gas people held their argument.
They were less demonstrstIve than the
Others and took matters little easier.
At the different entrances to the exchange
members rushed in and out like wild Indi
ans. No one thought of walking. Faces
were. in many cases, pailid and worn.
There were no smiles Cordage common.
which closed last night at 36aG, opened
anywhere between 81 and 2S, and quickly
sold down to 26lR. From this figure there
was rally, but later the stock declined TO
70. This makes total fall of IS points
since last Friday. Cordsge preferred sold
down to 60. against closing OF 7e last
night. 1t was a Waterloo for the National
Cordage Company.
FAILURE OF ALLEN a co.
Other shares also went of, and closed
lower. At 1918 o'clock the chairman's
gavel called the excited brokers around
his desk. He announced the failure
OF Henry Allen IL Co.. of No. 81
New street. The firm was formed In May.
1884 and dad q very large business, both in
grain and stocks. 1t W as very short OF
Sugar during the big February rise in that
stock. One of Its large customers was Mr..
4. Weaver Loper, IT.. son OF one of the
Cordage comps ny's directors. The house
was of the gfit-edged variety. The Gus
toners were noted for their good clothes
Norton. of the firm Of Henry Allen IL Co.,
made the following statement:
Ali transactions of the house have been for the
account OF customers. The firm has been strict
ly doing commission business. Every account
had n trusted customer back OF it. In the bad
breaks in market values yesterday the margins
OF some important customers were exhausted,
but as tho customers were not only reported 20
be solvent. but very rich men, the firm took care
OF their accounts out OF its own resources on
pledges from those customers that about $780,
would before A
NJ to-day. These promises not kept and
the firm had no other recourse but 10 epnOunoe
suspension and TO make an assignment, the
slgnee being W. %. Hamlin.
Schuyler Walden, who has been q mem.
Der OF the Stock Exchange since 1881. an-
nounced et LEO o'clock that he was unable
to meet his contracts. Yesterday he turned
bull and bought heavily Of Cordage. When
that stock went down this morning he
called upon his customers for whom he
purchased Cordage and their failure TO re-
spond resulted IN his going under. He SAID
that be thought his suspension would be
only temporary. Several small failures
were also announced at the Consolidated
Exchange.
There was much speculation as to who
were the important customers" who have
failed TO keep their pledge and pay back
to Allen ~ Co. the margins advanced by
the brokers 10 carry customers along until
morning. Rumors immediately connected
the names OF some OF the men who were
trying 10 carry the National Cordage stock
In the face of the pounding which it has
been getting since last Friday, when It
was quoted at C5. Among the men
mentioned rs carrying large blocks of the
cordage stock on margins was James IA.
Waterbury. the president of the National
Cordage Company, and the capitalists
who WAS mainly responsible for the organ
lZati0n Of the trust. As first Mr.. Norton
would not indicate who tho customers
were who had failed to come up To the
agreement TO carry the margins over
"Wednesday night but later In the day he
told q reporter that they were National
Cordage people. 1t was a subject for won-
der that the loss of S200000 would break
down such firm as Allen az Co.. but Mr.
Norton explained it this way: The
amount that the oordage men failed TO
pay at the time promised represented only
the amount of the margins that were car
ried for them since yesterday. Before that
they owed us s45O.OO0. This makes 5000, 900
that the cordage people owe rs"
Late to-day Mr.. Norton said that they
hoped 10 he able TO resume business IN a
day or two. he thought that the firm had
resources that would put it upon its feet
soon. he said that every account on the
books had Trustworthy customer behind
it. The extent OF the failure Is yariously
estimated at from $500. COO to 81. 500. .Oc0. but
as the statement of the accounts was not
completed these estimates are not alto
gether Trustworthy.
VIEWS OF FINANcIERs.
Henry CleWo NOlceQ the IeeilD gt OF the
more conservative Wall street men when
he said at noon: There are times that big
mems souls. as well as their pockets are
tried. If the latter are well filed. how
eyer, together with a clear head. oportunI-
ties are afforded for quick movements IN
the market 1t would be good policy TO
buy good stocks hereafter on the pro-
nounced breaks for fair profits. which sue
ceeding rallies are sure TO bring. It must
be remem bered that prices are now fully az
low. on an average. as those In the Barring
panic of 1890. That was q worlds panic,
while this Is but q local one-at any rate.
confined within the boundaries of our own
country. / lam quite of the opinion that to-
day will eradicate the weak spots and
mako n stronger bottom for good stocks
than they have had for some time past.
Squalls come periodically. and after we get
over this we Will be exempt from
other for several years TO come. This 10
the experience of the past and the present
upheayal will not be unlike former ones in
that respect
William Shearer. manager OF the New
York Clearing House, when asked as TO the
condition of the banks this afternoon. said:
I'VE have seen absolutely no effect here %
the disturbance on the Stock Exchange.
The banks are IN excellent shape. In fact
ut IL o'clock to-day the balances were nn-
usually large and there was O marked ab-
80 hur nj ma haafan.