The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-05-05
PANIC ON 'CHANGE.


up it was found that the Gould stock had
not been neglected. There has not been
| such break in Western Union in years.
A fail of 60 with sudden recovery of 81
is enough to show how sudden was the
| shock to the room.
Today's excitement began early with
the announcement of failures. Henry
Allen & Co., stock brokers, B. L. Snlythe
4 Co., bankers and brokers, p t. Beard
sley, L. d. Bradford, e. r. Wilson and
Schuyler Walden. assigned during the
day. Mr.. Walden has been member of
the stock exchange since 1881. Il
This afternoon, E. u. Norton, of Henry
Allen d Co.. made this statement: "A1l
the transactions of the house have been
for the account Of customers. The firm
has been strictly doing. commission
business. Every account had
A Trusted Customer Back of 1t.
In the bad breaks in market values the
margins of some important customers
were exhausted, but as the customers
were not only reported as solvent but as
very rich men, the farm took care of their
accounts out of its own resources. We
had pledges from those customers that
about 100000 in cash would be paid
back before 10 a. m. today. These prom
ises were not kept. and the firm had no
other recourse but to announce its sus-
pension and make an assignment"
The great feature at today opening was
further break in National Cordage. The
stock closed at 81 yesterday, and this
morning it opened at 81 and quickly
dropped to 2S. The preferred which
f,1ncad - a+1 L. no
and then broke to 70. There were
further liquidations in sugar, General
Electric, Cotton Oil, Wheeling and Lake
Erie, and Atchison. At 10. Is the market
presented very ragged appearance.
With the announcement of the assign
ments the liquidations were enormous.
especially in such stocks as the firms
were supposed to be interested in. Great
excitement prevailed as block after
block came upon the market. AS COM
pared with the final quotations of yester-
day National Cordage preferred broke
IS points to Is; ditto, common II points
to 26, American sugar points to S74,
ditto preferred points to S7s, Cotton
Oil preferred q points to 70; Whiskey a
points to 213; General electric points to
81; Manhattan 2 to 1873; rubber Al to 45;
Wheeling and Lake Erie So to 10g and
the preferred to ~.
After This Enormous Shrinkage,
sufficient buying orders appeared to
rally the prices considerably. National
preferred rose points to 10 and others
improved from l to 8 points. At IL
o'clock the market was still feverish.
The market after midday was democrat
lied in the extreme. The supply of long
stock appeared to be simply inexhausti-
BILE. The fears of higher money, added
to the nervousness prevailing and the
calling in of loans, compelled weak hold
ers to bring their securities to market.
Good-paying securities were sold by the
ream. Whenever the market did show
disposition to improve Cordage developed
fresh weakness and checked the rising
tendency. The announcement of the
Walden failure was the signal for one Of
the fiercest attacks yet witnessed. Cor
dage broke to %, Chicago Gas to 661,
General Electric to S.. and American
Cotton Oil to 3S4. The steady stream of
long stock finally alarmed holders of rail-
road securities and a frantic rush to sell
followed.
Rock Island dropped to 76 IA, st. Paul
to II ga, and the preferred to lis, Quincy
to IS, Atkinson to % 3-S, Big Four to
40 Is, Michigan Central to so 10. Lake
Shore to 124 1-9, Canada Southern to
81 10. Missouri Pacific to SO ~, New
Jersey Central to 10S, Northern Pacific
preferred to 81 IL, Omaha to 43 1-2,
Union Pacific to 81 rs and Wabash pre-
ferred to 181-4
4 These prices show declines of to 1-2
per cent as compared with last nights
closing.
The increased activity in, money, call
loans having advanced to 20 per cent just
before 2 O'clock, added to the nervous
feeling.
At 2.15 p. m. the market showed a lit
tie more strength and prices rallied 1-2 to
1-2 per cent. Cordage and Richmond
Terminal preferred were exceptions, the
former selling at 81 ~ and the latter at
81.
Members of the clearing house COM
mittee say that no meeting of the clear
ing house or of the committee has been
called, and as far as they know there is
no bank in trouble, or whose condition
in any way requires inspection by the
clearing house.
ALI the bankers seen today were unani-
nous in the opinion that there is no like
lihood of any bank going under during
the present furry in Wall street.
- Receivers Appointed.
JERSEY CITY, May 4.-Chancellor Nc
Gill, tonight appointed Geo. w. Lopez
and e. E. Young receivers for the Ma
tional Cordage Company. Lopez is
treasurer Of the company and Young is
president of the First National Bank of
Jersey City. The company can pay off
the demands on it in few days. The
petition for the appointment of re-
coiver was made for the purpose of pro-
tecting the company's property against
attachment.