Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1893-05-11

New York, May 4.-Wall street has
been in a ferment all day. Five failures
were announced before u o'clock and
the end is not yet. PandemOnium
reigned on the stock exchange from
the opening.
National Cordage, which closed last
night at SO ga, opened today anywhere
between 81 and %, and sold down to
26 Ii, from which there was a rally,
but later the stock declined to 26. This
makes total fall Of 35 points since
last Friday. COrdage preferred de-
clined to 65, against a closing of 73
last night.
When Chairman Mitchell raped three
times with his wooden mallet at 10
o'clock this morning a hundred mem
bers or more let out one wild whoop.
1t was cry which filed the spectators
who filled the galleries with excitement.
Ladies' and gentlemen crowded each
other regardless of consequences as
they leaned far over the rail, inspired
by the wild scene beneath.
Members from every quarter, a mo-
listleSSly, were transformed into howl
ing demons, and with arms wildly
swinging like windmills formed for the
affray.
Swaying to and fro the brokers yelled
and grew red in the face. Hats were
knocked in and old men, after Il mo-
ment of desperate energy in the midst
of OH n i'm
their strength. Then once more they
would make one wild dive for the
center of the mass. The young men
had the best of it. They seemed never
to tire.
On the Broad street side the sugar
crowd made things quite lively though
the numbers were not great. But what
these brokers lacked in numbers they
made up in their variety of rushing tao
tics.
Instead of standing erect and trying
to fight their way into the center they
would double UP their bodies and with
a run make for the slightest opening,
and in another moment they would
bob up serenely, pad in hand, prepared
to do or die. In the center the Chicago
Gas people held their argument. They
were less demonstrative than the others
and took matters a little easier.
At the different entrances to the eX-
change members rushed in and out like
wild Indians. No one thought of walk
ing. Faces were in many cases pallid
and worn. There were no smiles
1t was a Waterloo for holders of
National Cordage stock. AT 1915 o'clock
brokers around his desk. He announced
the failure of Henry Allen & Co., of 81
New street. The firm is composed of
Henry Allen and f. l.. Norton, the
latter being the board member. The
firm was formed in May, 1884, and did
a very large business in both grain
and stocks. 1t was very heavily short
of sugar during the big February rise
in that stock. 1t is supposed to have
nAd recently a very large interest in
Cordage.
One of its large customers was G..
Weaver LOper, Jr., a son of one of the
COrdage cOmpany'S directors. Another
OF Henry Allen < Co.'S customers, who
dealt in COrdage for himself and his
friends, WAS Evander Berry Wall. The
house WAS Of the gilt-edged variety
The customers We're noted for their
good clothes and high living. No in
formation concerning the condition OF
the firm was given, but a full statement
was said to be in preparation, to be
made public later in the day.
The failure of B. l.. Smyth & Co., of
~ Exchange place, was announced q
little later. This firm was composed Of
B. L. Smyth, the board member, and
Sydney l.. Smith. It was organized in
May, 1887 The failure is said to be
due in part to the failure of Henry
Allen & Co.
When the announcement was made
from the rCstrum the room was thrown
into a panic. In the various crowds
half a dozen prices prevailed at the
same time for the same stock. Even
the most cool-headed of brokers were
carried away by the stirring scene for
a time. Rumors assai]ing the credit
of the leading institutions flew thick
and fast about this time.
Schuyler Walden was greatly over
come when asked about his suspen
sion He said: MY suspension was
due to the drop in cordage. My GUS
toners were unable to respond to my
calls for margins and I could not pro-
tect myself in time
Mr.. Walden'S customers are under
stood to be some high officials of the
trust. Just who they are Mr.. Walden
would not say.
Brokers in Wall street would have
refused such accounts" he added. 81
was promised faithfully that the ac-
counts would be made good by Il
o'clock today. The Cordage people laid
down on me and had to suspend
The same story was told by B. l..
Lusy & Co. They, too, had given cred,
and directors and had the EATERS
promise to make good their accounts
by this morning.
1t is said today that Henry Allen &
Co. had given their Cordage customers
credit for 100000 and after their
margins were exhausted. This amount
was to be at the Office before the open
ing of business this morning. The
promise was broken and Allen had to
suspend. The firm assigned to W. 0.
Hamlin, the former cashier, giving one
preference Of $4,000 to Minnie L.
Little.
A leading bank official says that so
g, l,N II - = III