Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-05-04
LIVELY TIMES IN THE STREET.
Five Failures of Stock Brokers Announced
This Morning.

This Morning.
NEW YORK. May 4.-Stocks began to climb
today at the opening of the stock exchange this
morning and in few minutes it was apparent
that the scenes Of yesterday were to be re-
peated on larger scale.
There was intense excitement even before the
market opened as there were ugly rumors hy-
ing around of houses being IN trouble.
When the market did open national cordage
was again the chief stock traded in. Large
sales were made and the liquidation was almost
as heavy as yesterday. The entire stock list
was cleared" down from l to points below
Yesterdays closing and the whole line of in
dustrial securities, with the exception of Chi
! cago gas, was panicky.
Chicago gas opened at 20 and jumped to Y,
from which figure it fiuctuated to II. ~ and
! ~. Sugar opened at 1915 and fell to oS$l in a
minute. Whisky trust stocks were little dealt
! In and remained at from % to 1881. The great
| est drop was in cordage preferred, which
opened at S3 and dropped to 6S. falling of of
10 per cent in ten minutes.
The suspension Of Henry Allen Co. of
Exchange place was announced at 1890
Their liabilities they assigned to VIM. o. Ham
| lin. with preference of $4,000 to Minnie L.
Little for money loaned.
The failure of B. L. Smythe & Co. of No. 40
Exchange place was also announced.
| At the consolidated exchange the suspension
I ~ VI
80 Broadway were announced.
Henry Alien u Co. s manager said that the
assignment OF the firm was wholly unexpected.
and was brought about by the failure OF !. mum
Der OF their customers to respond when called
upon for margin. Tho GmounG OF liabilities
cannot be definitely stated until later in the
day. Both partners were at the offices today
endeavcrlnS 10 strengthen out matters.
The shrlnkage i'll values since January has
been steadily progressive. until the price OF
some OF the spe cIalies nave been cut i'll half.
/ lie cause Of Henry Allen Il Co. 8 failure is said
to be due TO an attempt to bull cordage stock
against the desires OF the powers that be- The
issue OF cordage preferred stock on Saturday
which has caused much adverse criticism
came most lnoppo-tunely for the cordage
people
Henry Allen IL Co. was popular house with
a large patronage. The much -talked-of
| 'Piunger Partridge is supposed to have been
one OF the hrm heaviest customers. Some of
the New York element also conducted their
STOCK operations through the firm, E. Berry
! Vail having charge of this department.
CAUSED SMALL PANIC.
When the announcement was made from the
. rostrum The room Was thrown into panic. In
the various crowds hall dozen prices Pre-
vailed at the time fo- the same stock.
Even the most coo!-heaGal Of the orok ers were
carried away by the stirring scene for a time.
, Rumors ass:.iing the credit of the leading in
stitutions few thick and fast about the
stock exchange.
leading bank Official says that so lar as ne
is abe 10 learn o: the New York banks are
III trouble Or likely 10 De. OK course. il i.
should become necessary, the clearing mouse
banks VIII uniae iii SUSTAINING any wea6 MEM
Der. Dut tnefe rs tlO.lIuS II present to Iruca &C
,hat sucn action Will oc necessary. Coutin
uing. he sad he though VIC had sce.. the worst
OF the trouble TOR lie present. auG aftcr such
= : nj VcSrp day zaIi- ,1,lt
expected.
President. Graves of the ST. Nicholas Bank
says 'ha! there is not the slightest fcunda .ion
Tor rumors concerning his bank. The bank
/ has pursued very conservative rolcv and
has ample reserve 10 mlc. am demands that
riay lie made upo it. The bank has
n credit oa.auce a. the clearing house
today OF S256010 Al rumors regarding
this bank are unQuali.icd!v false, according
TO the statement Of Its officials. lie BAN.
Il >!as 80 PEI cent above he % pc- cea- legal
requirement.. Tue deposits :, .oo. 900 and
tnere are SOD. 600 legal tenders and specie on
nand.
TWO MORE FAILURES.
The failure of G. Il. Wilson OF 90 Broadway
WAS announced at the consolidated exchange
shortly before noon
Scauyler Walden. WHO mas oeen Il member OF
TIE stOch e|cEaaGe sIrcc SIS. announced a
Eau o clock mat n was unable meet MS
;
nougAt hsayilv OF cord1ge. Wnea that stock
went down his morning ne caliea upou his
customers to- TAo,a ne purchase, cor lhye and
they ial:ed 20 RESPOND. resu: .e,. in MS gong
under. lie sad that ne thought bis sGs Dcuslon
would DC only TEN ro:ary.
70 BANK IN TROUBLE.
Members of the clearing house commission
say that no lass:in; Of TIC clearing house com
rlissee has been called and that SO far as they
knew there is no oauk in trouble or whose con-
dluon IN any way requires inspection by the
clearing NOISE.
RAILWAY STOCKS AFFECTED.
There does not seem to be any bottom Cor
stock prices. LI1uidations have broken
out III new spot. more especially in the
raj. way group. As Tor the iudusirials the most
general dispositions seems to be 20 sell.
tordage common after the Walden failure
dropped to %. general electric to So, Chicago
gas to G9is and cotton oil 10 49,.
The desire to sell has spread TO holders O.
railway stocks Burlington and Quincy broke
to 50. st. Paul TO ia. preferred to I15: Rock
Island to 1914 and Michigan Central to 99l6
These prices of railway syccks show decline
of anywhere from l TO per cent for the day.
Just before o CLOCK cali loans jumped TO 20
per cent, and this added to the general demoral-
Ization.
At the Office Of the National Cordage Com
paHE ADpittOn oVurG1S. COuGSet OF the COM
nany, sain that the raid Of the bear element
on COrdage stock was no. warranted
by the condition OF tine company. He said
that me company mas on hand earnep
cash sufficient to pay a dividend for the next
year and that the dividends will De paid lie
said that there is absolutely truth IN the re-
ports OH the stree Affecting the
financial responsibility OF Mr. Waterbury,
the president OF the company. He also
said. 50 sa- a. he knew. none of the p1lnciI al
stockholders are the spectators wAoSc railucee
- III; up margins caused The suspension o. the
broaeraSe aouses which Jailed today.
". o. Ha.ntin. assignee OF .icr-r Alien &
Co. said tits afternoon thaa ne did not ex-
pee, 20 De able to get out staIemont Of the
condition OF that frl, today.
the condition o. ai1.,irS in Wall street has
been aggravated during; :he past few hours BY
the calling III o. loans by leaiiJg tc,,ss compa-
mics. The shifting OF Loans Incidental TO the
tremendous snrESa5e M vauc5 forces these
institutions 10 adOus e-sscne measures
runoc was stared 10 the eject chat James
~ Waterbury, the president OF the National
CordGge, LAD MACE ii, as SnmenI. This was
denied by Officials OF rhe company. nut never
the,ess 1t was reiterated AGAIN and again.
Delivery hour, . 10 y. H.. passed AZ the stock
exchange without any fresh failures.
Good authorities are inclined to take q more
hopeful view OF tie situation.
FINANCIAL AND COMMERCIAL.
Tie following the opening snI closing prices o.
tie New York Stock siarAec. as reported special
WlIe IL Cotson ~ -i2cav.nay. i4l5 II street.