The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-05-09

| at ID to Il, O,JOO SHARES cii''7- ia r,crpd
these prices. Meanwhile, along me r;s 20,
decliyity of alarm, there were o'hel II, ~
ests tumbling and scrambllng agalnst .i,e
face of the situation. General Electric Was
antohcr weak spot and in the 1irSL igM ;rt ~ 70
utes of business the stock broke po 1 L,,o
~ ,rba f,rt that certain of the officials nave
thought it necessary to issue .';n,,.nd
| that the company is all right, was 1o.1S
with suspicion i'll some quarters i; az 90
o'clock a. H. the stock was s,hinc 1c
Sugar was also attacked ana nn p- Wanbattan
while Chicago dropped to ~. cliii;11ar;nn
was sold down : - TO III. Colls'' l.enor.
tho manic in the Industrial group me &''''''i
al list held fairly well.
The report that MIR. w hl'e VIZ 90 lrn,,t
the moor at the base of the prccipicf I,eI
ou;clly into the building. Wher" y iv ,nt or
axcitnmeDt was slrging to hlsn 1 1911
marks. The rumor was quickly iot'o A.
bv the official anlgounceilei1' 70 "n down
White was down. Some paused ~, ~ str1cIc
where bc lay and ask what h'.'' n,nJc
h Mm,'' AMI though disabled, he respo''' tt
that the terrific drop Of CordaSe a ll4 .,n1
| eyniosiou of Chicago Gas had Slni,ieu - -,
sufocated him. lie was unable To- ~ !, t Da
at present, though he might ~. tho cli{f
to where Mr. White was down, r tiI GOTTEN
'Too bad, and Just when NJ n''
| on his pins afresh. -. +brorob the
| clearing house all rl-At '"''
his checks were certified. 49,, s+,te
Soon there came from Boston m me s stnck
| an+ that Francis Hsrshaw u Co'' 80, n'o
| brokers'. had failed. wv no az ns,,,,r
many asked. but nobody pauseo ~ ;,,,,nsti.
| and the ma iority had little 'llAe ~ ,.a,or
fa'c vino ont and that was enouGh
~ ~ M" tho tnmDer. And SO passed tho
| first hour. n.;oas
The first hour the decline IN prices was ,' "i'
commonly heavy and the excitement rr ..;o,rs
ed higher pitch than at any E2ational
C f!lnyh sl''0 preferred dropped Is points
70 - American Sugar 20 Il 10
f;5 "a: American Sugar preferreH - . ~
GS; American Cotton On to .; t I%i,"I'.,
Cordage / I , TO IS II: American Tobacco e,
4 TO s.; Quincy TO So IL; ChlraG2 9a -.
* "A TO 50; Rock Island It to a II
I'ackawonna 9 IA to i3S 10: Genera ElGc-
tric - to So; Manhattan 10 l. 20 ID;
National Lead 6 II to ~ Il; Natl n1 y
Lead preferred TO to %; NGW E,lS' aIi 70 >"
to %; Omaha 5 to 113; Rubber - TO
20. Western Union 3 to 81; and Wheeling
and Lake Erie preferred ! Il to 40
Attachment Against the Cordage
Deputy Sheriff Young today received an
attachment for $3.50 against the Natl1n"
| CorClagc Company i'll favor OF Paul il. m
baud and others. The sheriff has served
Wall street brokers. President Waterbury,
of the Cor(agc company, said this morning
that he had not applied for receiver LOT
himself individually. lie would not say
! whether or not application would be 'paHe
for one. He said that his affairs had be
| come somewhat embarrassed tA'o:l%h leans
which he made to the Corda@e comp' ~
as we'll as attempts to support the Slo' rs,
The receivership of the comnany VIII III II
measure, relieve him as we'll as his aSSG-
Wuil Of
age obligation, thus strengthening their CON
dition.
London Euyinc Heavily.
Seen at q distance OF o,GOO miles, tue us
position had a different aspect " me our
own brokers were in a dazcd CONDITION ahi
throwing over their stocks regardless OF
prices, foreign houses We're quietly a! WorA
picking up the dividend payers. Iheir puf-
chases were heavy enough TO de1hot"!lze ill.,
foreign exchanges and posted rates were
reduced TO 1856 and iS9. II was estimated
that I'D to noon today London purchases
Of securities in the local market AgSrfSatcI
fully sixty thousand shares. consisting Oh
ST Paul Louisville and Nashville, WABASH
! preferred and other interior national faVo-
| rites Money at this time was close ana
| stock exchange borrowers Were paying IL
and II per cent.
| hours and many of those i'll the early en-
| gagcment had gone outside to the sutler s
camps for food. They heard how London
and other ccnters We're lying back in compar,
alive safety and absorbing the fruits OF
their sacrifices.
A Change for the Better.
The result was change for the better III
the stock market and a steadlcr tone chaT-
acterized the next dealings. The foreign
heavy scale and the New Workers saw that
| European purchasers had certainly picked
up some very cheap stocks. The example
set by the foreigners and the confidence
they displayed in our securities revived me
| drooping courage of home operators and a
great rally resulted. Manhattan bounced
up to $50 ID from 125, gain Of l. per
cent General Electric rallied IS to - y:
Sugar from 81 to a "a. and Cmcag? Gas
from 50 to 70 ID. The general railway
list showed recoyerics of anywhere from /
to 3 per cent Meanwhile the posted rate
of sterling exchange had been reduced IL
cent to 1856 and $50. One of the Canadian
banks quoted rates at 4S3 IL and tSS. Act
hankrrs sixty DAYS. 1856 II for demand
and 1856 81 and 1871 II for cables.
The decentralization was due to the heavy
purchases of securities Tor foreign account
change. There would, it became evident,
be no gold shipments tomorrow The strin-
gency in the money market call loans hav-
ing advanced to 80 per cent also had
| tendency to weaken sterling.
Then came into the situation another clap
| of thunder The suspension of Broker W.
| l.. Patton was announced and another house
was stated to have gone under, but the re
| port proved at least premature and was
| denied.
Following these announcements and
| further advancement in call loans to 10 per
cent. stocks began to weaken once moro.
| Manhattan. which had spurted up to 1870 ID
on "a rumor that the rapid transit commits
| sion would modify the terms recently offered
the company, broke to 10 National Cor
| dage and General Electric fell back to II;
| Sugar to 70 IL Cordage Common to 20 II;
| Chicago Gas to SO, and Quincy to Sc.
| AT 80 o'clock p. m. money sold off to
| IS to 20 per cent and theepressure against
| the market was lifted and just previous to
| = o'clock money on call fell to 6 per cent.
| owing to the heavy offerings of funds by
| for stocks became comparatively calm and
| brokers enjoyed the only real resting spell
of stock had been taken up and paid for.