The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-05-16
WALL STREET DISTURBED.
THE AUSTRALTAN FAILURES FELL IN
LONDON SELLING.

THE ~AUSTRALIAN FAILURES FELT IN
LONDON SELLING.
Cordage Creditors set About n Reorenuizs-
ion-H. II. Hoii,ns a. Co. Consult the Dis
trict Attorney-Transsctions ON 'Chsnge
that Are Causing Taik-Chnrges Preferred
Wall street WAS disturbed and the stock
market unsettled again yesterday. chiefly on
account Of advlces from London OF the sus-
pension OF three moro Of the big Australian
banks Some idea OF the magnitude OF tho
financial collapse In Australia may be obtained
from the staten emit that the capital and de-
posits OF two Of the banks that failed to-day
aggregate about S25o.O00. 900. 30 far nearly
q dozen OF the largest financial Institutions In
Australia have suspended. and as about a
third of their deposits are due to residents Of
Great Britain and about half OF their capital Is
held in that country. It is not surprising that
the London security and money markets are
beginning to feel the effects OF the collapse.
The relations between the various sections
Of the commercial world are now so Intimate.
owing to telegraphio Communication that It
Is entirely natural that Wall street should
feel. through London. the effects Of the disas-
tsrs in Australia. It felt Thorn yesterday
through sales OF stocks here for account Of
London dealers and speculatora These sales
were not upon the surface very extensive. but
the change in the attitude Of London. which
had been q fairly liberal buyer last week. not
only deprived the stock market OF o good deal
Of support, but actually helped the bears.
Less attention appeared to be paid to domes-
tic disturbances than last week. while there
was O cessation Of the distressing rumors
which ELECTED from Messrs. II. B. Hollins &
Co. on Saturday q statement about their flnan-
cial condition. Measuring advicos from MIL
waukoe about the PlankinCton Bank and q
thorough understanding Of the affairs and
prospects OF the Northwestern Guaranty Loan
Company. obtained through The Sun yester-
day morning. helped to allay the anxiety OF
the financial community regarding the con.
dition OF things In the West.
The stock market was unusually irregular.
but towar the close Of business the entire
list was favorablv affected by the following
authoritative statement:
consider tho situation Of the National Cordase Com.
p%any,s affairs. rrsi,%ins.y .smsn furnished BY
tho liasii.tles a committee Iss. appointed, in coneur.
s Esn'sa M,sa :. Sf &c .uD M S.1t e +, .lo s5Is%s: e p'; Thi IS o 5s3a:
n Antics :: w ss1p r,.i Gs ot Mr. sao S s.a 81 i Z. IsEsnn 81 "f s.ssns.
H nnSGnn = ! e e. MI Mr. E dus.svs sh h, so..isr Of :, 4 tasss m,,nct
d Co. who win repor. At the earliest date possible.
1t is understood that the meeting referredto
was Of the creditors Of the company. and that
the committee appointed is essentially a cred
itors' committee. Its duty will be to present
report upon the financial condition OF the
company. and then. 1t IL understood. a reor-
ssa aIns tne o ssaRa5s' and Ti The e ..ossRPRRS S1Iaa.ss to- to
F ticn q, in en g e enser 1S5 the fne n %siiee essa 81 If.
richest capitalists in the country. who. 50 far
or as creditors. It is possible. however. that
they may have been picking up Its stocks dur
,RE fhG ru TeSeh Iast de Msef ao in 19s e. shs 81 nTi Iess
than 1900 900 would have secured absolute
control OF the company.
ttompasny toe to tho efr.s. nat an Unless Sa' the sssdih is
Bonds authorized. q step that j. opposed 81
majority OF the Board. the company would
e saSs tt t. & IN into pre shi ss need o. Of Z ta asSs.v'r r Si,
familiar with the affairs Of the company. They
not nS.t 10 am an sx,.nt That variants WAR; %ssd tho %1 adost Pas
" any one OF the measures suggested hy
Of e"I ali but two Of tho IL 't thirteen S.SS dl.tiiie SiiHs'a at
Peoria owned or controlled by tho company
{ Tas D Di sss egm n psss in i.s sinss 4, { Is eps e.: fSs;
during the sumner months. for tho reason that
the cattle. which consume it's dry product DUR
ing them IN the yards their places are not re-
opinion yesterday than on Saturday that
;ad'sFsus Ii tho -. hh Sola stem q i G9; yts hsd s" * the 3
requests Of their friends to deny the many and
persistent rumors rejecting upon their credit
the management Of tho Foreign and Domestic
s SsTs cSR9P PSas M sssfs H fenf 1st { q e. sa haS sS..
pended. has explained It's mistake sstis'ac-
t tOstly; ard t Gis9 fSs paSiisa th1ss w moi not a%iT %sds
with malice and was made by many others
than the news agency. The agency made a
.SsMtI q the stocR Eachanss as " veil ia as It" to
SIGN rin regret tsnt It h had pcf i r fHdijIns = 60.
called upon District Attorney .Kicoi!G Yesterday
to ask whether = prosecution ior criminal libel
s slea1t si thu N E Soass s.r' H. !' Siceil ' said tRsst the Re
change on saturday Was the talk Of the Street
t tfcSss .I ESr mos sa pn : mSr mngb Sns 81 t ths
stocks. sold 500 shares Of Chicago. BprlinEton
IN the day no gave up his principe; which was
n hasses ~ n ~ In th s.r rSmo yI mo 1ne w9 1ast r nad o'en
Messrs; Combs 4 e. declined, q, they had Z
right to So DO, to accept the pIin Mbo ba Sgt so iasidst ioi
res s:pd nSati s' !: s:1o "a a W. ss sa:s Sa's e
Co. would, allow It to go %through, the Clearing
House as having been mado with his princt-
pal. but they refused his proposition. In con-
the Stock Exchange clearing house yestsr-
day with the broker who executed the order a
party to 1t. He was not averse to this. 40 far
as clerical work or personal responsibility IL
The entire Stock Exchange learned OF the
ion that the refusal Of Messrs Combs 4 Co. to
accept the house referred to as principal WAS
GIstrust at a time whom every one should seek |
to ailay it. As Messrs. Comb 4 Co. have been
heavy sellers during the DECLINE and are be-
~ 4 49, haar onaratorR as wall aa tn amsaIvao