The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-09

The NEW YORK STOCK MARKET.
NEW YORK, May 9.-Manager ". Caro-
lin of the stock exchange clearing house
goday announced that the brokers sheets
had passed through all right This meant
that the dreaded Monday settlements had
been successfully effected, and a great
feeling OF relief went through the stock
exchange Before the announcement
there had been an unpleasant quarter of
an hour in the board room, and at one
time it looked as if some Of Fridays mas
sacres were to be repeated The weakness
was due to rumors thae there was trouble
in the clearing house, and that some
houses had been unable to make good
their differences. The weakness was most
pronounced in General Electric which
closed on Saturday at SIS, opened at 50
and dropped TO "a After the clearing
house announcement was made it rallied
10 IS. COrdage also droDped from POS to
1754 and Manhattan from Its opening price
Of 80 to 136 Chicago Gas, ST. Paul and
Western Union were also very weak.
Money closed easy at 2d3 per cent. The
general market closed 4 70 points p.tEe
latter being III Manhattan. In the indus
trials the close was anywhere from : TO u
points up, outside of CordHge, which de-
clined 31S at the close. The market closed
strong.
The Injunction asked for by the stock
holders OF the National COrdage company
was served today against the officers and re-
Ceivers of the company, torblddlng them
10 transfer any stock from one name to
another. The receivers have taken legal
steps to have the Injunction vacated.
The bankers who have advanced
money to the cordage people have
decided to extend the company's
line of credit. This viii enable
the concern to continue its business with
out interruption, and viii relieve il from
financial pressure for the time being.
Receiver Young, who had already quail
fed in New Jersey, has been compelled to
furnish an additional bond OF S200,O00 in
New York. which he has done.
=. '. White today made Il statement to
the stock exchange. saying that he had
collected from brokers sufficient balances
TO enable him to pay p per cent Of his
adjusted differences to the members who
are his creditors.
Henry Allen, OF Henry Allen & Co, the
stock brokers who failed on Thursday
l2sr. stated today that their iia bilities were
SGi0000. That was the amount of the
debts Of the condage pool to his firm, Moth
ing could be done until some Intimation
Was received from the pool regarding the
probable course Of the gentlemen compos-
ing it, The receivers OF the cordsge COM
pany are still unable 10 make a statement.
CLEws' REVIEW.
Henry CIews, in his weekly financial
Circular. discusses the recent slump in
values in the stock market. lie says:
AT last, the accumulated elements of
dlS,rust have eliminated in crisis on the
stock exchange. 1t could hardly have
been otherwise. The steady drain Of gold
frcm the treasury and the banks, extend
ing persiStentIv over the last four months,
was apart from other adverse Influences,
'-IfficIeut TO strain severely the ability OF
speculative holders OF stocks to carry their
loads. That strain has been borne. with
comparatively little yielding, through n
reduction of some $40, ,0O0, GOO in the loans Of
the associated banks. winch has been an
evidence of the intrinsic strength of the
market, hut, III tie absence OF atfv' ~ Shs
of immediate relief OF the pressure, the
banks and he holders of stocks have alike
yielded to their fears. the former calling
In loans and the latter unloading their
holdings, until virtual panic has seized
the market.
AS might have been expected. the in
duStrials have proved TO be the chief point
81 fracture. Those issues have constituted
large proportion of tho speculative tran
sactlous on the exchange during recent
years and have been inflated by mauipula-