The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-05
MARKETS BY TELEGRAPH.

Norfolk and Western preferred ........ 3098
Richmond and West Point Terminal. .... go
New York, May 4-P M.-Money on cali
irregular. ranging from 6020 per cent. CLOSING
offered at 10 per cent; prime mercantile paper
60S per cent Sterling exchange very weak
with actual business in bankers bills at
"a S4AGI4 $50 for sixty days and 81 SAM
SSl4 for demand; commercial bills s. Sid
4 81. Government bonds steady. State bonds
dull Railroad bonds depressed.
New York. May 4.-Wall street was startled
soon after the opening by the failure of Henry
Allen Il Co, house which, be ause Of its
ramihCatiOnS in Chicago and other western
cities has commanded Il large patronage and
exerted prominent influence on Change. Al
mOSt-simultaneOuSlY with this announcement
came the failure of b. l.. Smyth & Co, and
later the suspension of Schuyler Walden was
made known from the roStrum of the OK
change. All these concerns owe their mis-
fortunes to the remarkable decline In
National COrdage stocks. OF which they were
heavily long for customers who failed to re-
spond to calls for additional margins
Throughout the day there were rumOrs that
other failures were impending, and brokers
and spectators We're kept in a state of
trepidatiOn and excitement Ey fear Of
further failures. LiquidatiOns were on Il
wholesale scale. and intense excitement pre-
vailed as various firms sold out their custom
ers and perfect avalanche OF stocks came
upon the market The drop in prices was
unusual even for times of panic and denoted
the serious StralPhtS 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. just
previous to the close there was particularly
bad break in General Electric. Cordage, Sugar
and Manhattan and the manner in Will, h
these stocks were thrown overheard gave rise
to r1ImorS that other firms would suspend to-
morrow. Shrewd investors. however. contin-
u6d to buy, and the lelief obtains that the
panic is fast approaching the eliminating
point The trading reached 74l 972 shares the
LARGEST total for very long time. over ~
900 shares of unlisted stocks changed hands.
National Cordage figured for 32 $40, sugar for
96 U7O. St Paul for $500, Chicago Gas for
A 53i Burlington and Quincy for as 700
and Atchison for 277i shares. The de-
clines we're 1874 in National Cordage,
Is in the preferred, rs in Sugar,
ga in preferred, 4 in American Cotton
OH 81, in Cleveland. Cincinnati Chicago and
St Louis 3ai in Burlington and Quincy, in
St Paul. in Colorado Fuel. "a In Evansville
and Terre haute in General Electric. in
Lake Erie and Western preferred. 10 in Man
haitian 3 in Missouri Pacific. 81 in New Jer-
sey Central in Oregon Navigation. BE- In
Pullman Palace Car. , in Richmond Terminal
preferred. AZ in United States Rubber. in
preferred SO in Wheeling and Lake Erie and
iOin preferred AT the close National Cord
age preferred was per cent atoVe the low
est and the remainder OF the list showed
rally OF IaGll per cent The market closed
feverish and unsettled.
The following were the closing bids.