Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-05-05
Barring. MAGOUk & CO.
FftIat1Cia1.

The Street Startled by Heavy Fall
ures-Liquidatlons Were on a
Wholesale ScaIe-Two or Three
Sharp Rallies Occurred-R umors
That other Firms Would suspend
To-Day-The Market Closed Fever
ish and Unsettled.
NEW YORK. May Avail street was startled
soon after the opening by the failure of Henry
Allen g. Co., house which because of its rami-
fications In Chicago and other western cities has
commanded a large patronage and exerted i'm
portant influence on "Change." Almost stimuli
taneously came the failure Of B. L. Smyth &
Co., and later the suspension of Schuyler
Walden. All three concerns owe their mis-
fortune to the remarkable decline in National
Cordage stocks, Of which they were heavily long
for customers who failed to respond to calls for
additional margins
Throughout the day there were rumors that
other failures were impending and brokers and
spectators were kept in a state of trepidation
and excitement Liquidations were on a
wholesale scale and intense excitement pre-
vailed as various firms sold out their customers
and a perfect avalanche OF stocks came upon
the market. The drop in prices was unusual
even for times of panic and denoted the serious
straits in which they find themselves. The fact
that London and Paris bought heavily and more
investors here with ample means also took
stocks freely, failed to stem the downward cur
rent. Two or three sharp rallies occurred but
the rise only served to increase the desire to get
out.
Just previous to the close there was a par
ticularly bad break In General Electric, Cord
age, Sugar and Manhattan and the manner in
which these stocks were thrown overheard gave
rise to rumors that other firms would suspend
tomorrow. Shrewd investors, however, con-
49, %I1 halle osr kh.k f1a
panic is fast approaching the eliminating point.
The trading reached 741,s72 shares, the largest
total for a very long time.
The declines were 1874 in National Oordage,
common; IS in the preferred; 7ss in Sugar, COM
mon; 9A in the preferred; in Cotton Oil; 5k
in Cleveland, Cincinnati, Chicago and st. Louis;
3A in Burlington In st. Paul; in Colorado
Fuel; ~ in Evansville and Terre HAute; in
General Electric; 4 In Lake Erie and Western
preferred; 10 in Manhattan; in Missouri
Pacific; 81 in New Jersey Central; In
Oregon Navigation; 3H in Pullman; in
Richmond Terminal preferred; ~ In United
States Rubber; in the preferred; 51 in Wheel
ing and Lake Erie, and 10, in the preferred. At
the close Cordage preferred was 2 per cent.
above the lowest and the remainder of the list
showed rally of II to per cent.
The market closed feverish and unsettled.
railway anu MISCELLANEOUS DOHQS were very
weak. The sales were $1,161 900. Chicago and
Ohio Is dropped 2; Chicago and Erie Is 3;
General Electric Debenture IS ~; Iron Noun
tain % $50; Kansas and Texas Is 2A; New Jersey
Central General So rs; Northern Pacific Con-
solidated IS 2; Richmond Terminal Trust IS ~;
and Wabash Is 2. Reading issues were heavy,
and fell off " to per cent, the latter In the
second preference incomes.
Following are the closing prices, reported by
PRINCE & WHITLEY, bankers and brokers, 46
Broadway, N. Y, and IS Center street, New Ha
ven, Conn.