The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-05-05
Failures Early in the Day Cause
CONSERVATION Among the
Traders.
The coop in Prices Decidedly Un-
usual Even for Times OF
Panic.
Scenes OH Change Wild In the Extreme
National Cordage the Object OF
Hardest Attack.

New YoRK, May 4.-WAC street was Btars
led soon after the opening by the failure o
Henry Allen & CO., a house which, because
of it's ramiications In Chicago and othe
western cities. has commanded q largo pa
trcuaCe and exerted an i,n portant influence
on change. Almost simultaneously wit
this announcement came the failure OF b
l.. Smith.& Co., and later the suspension o
SCHUYLER Walden was made known Al
three concerns owe their misfortunes to tn
remarkable decline in National Cordag
stocks, of which they were heavily long TO
customers who failed to respond TO calls 70
additional margins. Throughout the da!
there were rumors OF other failures i'm
pending, and BROKERS' and spectators wer
kept in a state of trepidation and exotic
ment BY fear of further calanities. Liqui
dations were on a Wholesale. scale and in
tense excitement prevailed as the vatlou'
firms sold out their customers and a pe:-
feet avalanche of stocks came upon
tho market. The drop in prices was
unusual even for times of panic and de-
notes the serious straits in which specu-
lators find themselves. the fact that Lon
don and Paris bought heavily and investors
here with ample means also took stocks
freely failed to stem the downward current.
There are many rumors Of other firms to
suspend tomorrow.
The feature at the opening was a further
break in National CordaRe. This stock
closed at 81 YESTERDAY. This morning 1t
opened at 81. but almost instantly fell to ".
Preferred, which closed yesterday Mt IS bid,
opened at 70 and broke to 70. There were
further liquidations in sugar. General Elec-
A-:> C-Ak~n Nh an1 AtNhIa0n
There was a good deal of suppressed ex-
element after lit m. owing to continued
rumors affecting certain Wall street firms.
The market continued feverish. with ttful
fluctuations in leading shares. Some
stocks were comparatively stendy while
General Electric broke "a to S5s4. Manhat-
tan 81 to 1867. A sharp rally followed.
American sugar jumped suddenly from 81
to 911l, Manhattan from 1868 to 100. Con-
eral Electric from s534 to S734..
After noon liquidatlons broke out in new
places. more especially in railroad stocks.
As for industrial stocks, the more they de-
cliped the greater seemed to be the molina
ton to sell.
The scene on the exchange was worry wild.
Crowds gathered around the trading posts
Of active stocks, swung their arms, yelled
themselves hoarse in attempts to sell.
Messengers ran as If Satan were after them.
NODOUy phOukAV "a oAAAhk oA AS , "a
ity of the situation was accented by the
pale, anxious faces of the struggling
brokers'.
The condition of affairs WAS aggravated
during the past two hours by the calling Of
loans by leading trust companies. In
shifting loans incidental to the tremendous
shrinkage in value the forces Of these insti-
~tutions adopt extreme measures. At the
office of the National Cordaee company
Appleton Sturgis. counsel of the company,
said the raid of the bear element on cord
age stock was not warranted by the condi-
COMPANY has on hand cash
sufficient to pay dividends for the next
year and that dividends would be paid.
There is said to be absolutely nc truth in
the rumors on the street affecting the tinan-
cial responsibility of Waterbury, president
Of the company. He also said as fur as be
knew none OF the principal stockholders in
the company arc spectators.
Failure to be put up margins caused the
suspension of the brokerage houses which
failed to-day.
The selling movement in stock broke out
afresh after delivery hour and the lowest
prices of the day were touched in nume.-
GUS instances. General Electric, National
Cordege and New England, the greatest
sufferers, declined to 1871, 1874 and 261s,
respectively.
The market closed feverish and unset
tied. Money irregular after noon, ranging
six to 20 per cent. closed at 10.
Henry Clews voiced the feelings of the
more conservative Wall ST. eet men when he
said to-day: ''These are the times that big
mems souls as we'll as pockets are tried.
If the latter are we'll filled, however,, to-
gether with q clear head. opportunities are
afforded for quick movements in the mar
ket. 1t would be ,Rood policy to buy stocks
hereafter on pronounced breaks for fair
nrnfifa whiCh tho anCOnaAipn ral1v ia y, re
to bring. 1t must be remembered that
prices are now fully as low ON the
average as those in the Barring
panic of 1890. That was a worlds
panic, while this is but "A
local one, at any rats confined within the
quite of the opinion that to-day will erndi-
cate the weak spots and make q stronger
bottom for good stocks than they have had
for some time past. Squalls come period
ically and after We get over this one We
will be exempt from another for several
years to come. This is the experience OF
the past and the present upheaval will no,
be unlike former ones in that respect"
VIM. Shearer, manager of the Gearing
House ASSOCIATION. regarded the cause OF
the present depression in the market as th.
effect Of the so-called Sherman bill. with
the accompanying iden that the United
states treasury cannot pay out gold below
the 800. 000. 600 reserve.
1.-The situation as / see it is that liquida
ton Is the result OF the idea of scarce gold
and trimming down where trimming ca
be best DONE"
Receivers for the Cordage company.
JERSEY Cry. N. j.. May 4.-Chancellc
McGill tonight appointed Geo. w. Lope
and l.. i. G. Young, receivers for tho M
tional Cordage company. The receiver
were appointed on application of couns
for the cordage company. Receiver Lop'
is treasurer of the company and Young
president of the First National bank,
Jersey City. The company has abo,
$2,OOO,OOO In bonds and securities to p;
Oft in a few days and it is unable to me