Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-05-05

The cosd4Se Combine Breaks
Under the Attack
AND ASKS FOR RECEIVERS
L~osxs LDpes and sas. Noanx viii
Lrok ows ne she lnsesesss oS
the Csr<1isors.

JkKsxr CirY. n. ". May A-Chancsi-
ios Mcsiili tonight appointed Geofg'.
Lopez and H. &. Young receivers of the
National CorciAge company. They we're
appointed On the application Of
counsel sor the company for the purpose
of protecting the CON paays property
against attac hnent
The receivers we're appointed al 10
o'cioek tonight. At that hour a clo~ei
Carriage drove Hp to Chsncels"r Metiilts
residence In ~ were Lawyer t.alh~rt
Collins. =. y. LiaebgTg. j. Csdsaller Il
Jersey City and a representative ~ the
banking house "a Drexel. Morgan 4 Co.
whose naase coud not be ascertaino.l
They sai1 that demand Ot $1,000 had
been uaasis apon tho Cordags company.
which, II is said. the creditor wss
going "a apply for a writ 81 attach
ment In the face of this pro-
osr.iIng they wanted receiver
APPOINTED in order o. protect the
interests u the other creditors. Mr..
Collins propa-ed that George " Lopez.
the treasurer q the company bc ap-
p"int~d- This proposal wss backed up
by Drexei. hoggan Il Go. ; representa-
tive. Chancellor Mc.,iil thought
that 40 such case a. this Z
would be advisable - appoint two
receivers There are no objections 10
this suggestion ani Mr. Nourg was forth
With appointed. They wIli Zach qualify
IN s-,Sso tomorrow. Anofher bull Ter
5000 Wiil be presented tomOErOx. but
by shom II was impossible 10 learn to-
p'ght
fors~d To thr Wall
NEw ioKK. Nav 4. Wall street was
startled -.-pn after the opening by the
failure Il Henry Allen X Co. hous.
which. because II its ramihcatians IN
Chicago and other western cities. has
Commanded a large patronage and ex-
erted an important influence on
'changr Almost simultaneously with
this announcement came the announcer
ment 70 the failure q H. l. Smyth 4
Co, and later the suspension q Schuy
lor Walden vas made known frcm the
rostrum % The exchange All these con.
Germs owe their m!sfortunes % the rc-
markablc decline N Cordage stocks. f
~hlch they sere heavily hong fcr Gus
toners who faded to respond to the calls
for additional larg. margins. Through
out thu day there yer. rumors that
other failures we're impending. AMI
brokers and speculators were kept in a
state II trepidafion and Txci'emcrt
by the fear - further calamltiesl
Lp1uiaatsOns were on Wholesale
sale and inten=. excitement prevailed.
a. various firms soli out their customers
and perfect avalanche 20 stocks came
upon the market. A drop in prices was
unusual even for times 81 panic and lie,
noted the serious straits IN which specti-
laiors were an.
Big Ipdu.triai stump.
Two or three sharp rallies &C
cured but the Tise only served
o. increase the desire u get cut. just
previous % the close there was par
i.cuisriy had break IN General Electric.
Cot,iagr. Sugar and Manhattan. apd the
manner IN which these stocks were
thrown overheard gave risc % rumo-s
that other FIRMS would suspend touor
ros Shrevd investors. however. con
tinued % buy and the belief obtains
that tho panic - fast approaching the
eliminating point The trading reached
1892 shares. the largest total for IA
very long time. Over issaso - unlist-d
-to,ks changed hands. Cor,iage figured
for l2>l0. sugar for 5000. 81 Paul
eco: Chicago Gas iilJi. aad
Atchison 27.It The declines we're L.
IN CDrdsge. i in tho preferred. - IN
Sugar. pi In tho preferred IN Anperi
can tTl. 81 IN Cleveland. Cincinnati &
Chicago and II LOUIS. .. IN Burning.
TN. 3 In St Paul. = IN Colorado: q, M
,. = 4 H, tiu 1. 4 " preferred. ; N
NJ lszuari rscifc. 81, N Nes Jeyse, Cen
trd. . m Oregon Nsvigaiioa, q, N
Pullman. SIN X r pre,erred. g.. m
Rubber. : in Do preferred. -, IN Wheel
INK Lake t.rie ard lo IN preferred At
The clo-c Corisge preferred vs- , si-ve
the losesf and remainder ~ the list
showed rally q "a per cent The
market closed feverish and unaettiel.
Cor,isg~ Trust statement.
Late TINS afternoon an informal state.
r-a1t Wa giade in regard % the cprdi
iion = affairs q the National Cordsgs
company President Waterbury vas
Mt n ia oTice a. the tune. hut the
statement Nss made t'y an officer ~ the
company after CONSULTATION with sevrrsl
- tte directors and the counsel Tor the
tur,lsgN trust
The statement vss - the effect that
.he Safion al Crr'lsgr rompany bad not
applied fur = receiver and va= fully phIe
- rag a. dividends f,y tho enst ing
year The sI,ilen Decline in The price
s.f Cor,lsge stock . Attributed ~ the
oiFcers 4 the trust - the Tact that a.
this -es-on a great aeal q raonsy .,r.s
cuf . the city 20 out$i,ie invesfnfs in
the SHAPE q iivtlsn,is snd il fsl,es s,inA
;infe for - ts Ks back tr the city t,.siu
there wili 30 sonle Discrimination Nv the
banks against Corsiagr Paper AMI 'hls.
,.-u-fhsr :. nth the re,.ant additional -
asse - p fsc go ~ ad,iiioral stock. has 1
ssd The -Fesf = forr'g prices ,issn Z
rhs sa.iifirusl stock sss ,ss'ird n "a
-aid ~ ar,ser e. iiGnriate q Iof n aut T
sfaa,hng garer = the trust
what Wall ~tr-~t Say.
TIE fueation sas then ssk-i aav /
f..-t,rs-l .rsharrssunient r fr~si lent I
Wsfsffurv souh ,7voivr the C1rts ra I
fru-f This So denied. a. Ssa tie
.fsrs.rlenf thsf Mr WstrrburF - 81 anr 4
snsneisl .hNieu ~ The stores lioet I
Nsil street ths afternoon we're nsf.
hsieerrr. strictly IN sccori WITH this
later Statement
fat- thfs sftffnoru r T. Nort,a e .
fie 'i-fn - iieurv Alnr 4 e.. marc TIE 4
? fwinz sfSf-nrn Az tfansss 'lon@ 4
q fas heils- have hs-n fsr re scsseues 4
- -e-t,uuer~ The Tr-u hss teTr
sfrictsY .iesug = esnriI-sp'u h'f-frr-~a