Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-05-05
Several Failures Wholesale Liquidations
shrewd Investors Buy.
fgy telegraph to tho Dispatch

tBy telegraph to the Dispetch.l
NEW YORK. May Avail street was startled
soon after the opening this morning by the fall
ure of Henry Allen n Co, house which, be-
cause Of ITS ramincations In Chicago and other
western cities, has commanded q large patron
age and exerted an important influence on
Change. Almost simultaneously with this an
nounccment came the failure Of B. L. Smythe 8
Co, and later the Suspension Of Schuyler Wal
den was made known IRON tho rostrum Of the
Exchange.
"A1L on ACCOUNT OF" coRpAGE.
All these concerns owe their msfortunes 20
the remarknbis decline IN National-C Crdage
stocks, OF which they were heavily long Tor Gus
toners who failed 10 respond TO calls Tor addi-
tiOnal margins. Throughout the day there were
rumors that other failures were impending ana
brokers and spectators were kept In state OF
trepdatiOn and excitement by the fear OF fur-
ther calamities. Liquidn,ions were on whole.
sale scale, and Intense excitement prevailed as
various hrms sold ont their customers ana
perfect avalanche Of stocks came upon the
market.
sPEcUIkToR's TROUBLE.
Tho drop in prices was unusual eyon for times
OF panic, and denoted the serious straits IN
which spectators End themselves. Tho TACT
that LONDON and Paris bought heavily ana mat
investors here with ample means also tO0k
stocks freely failed TO stem tie DOWNWARD cur
rent. Two or three sharp rallies occurred, but
the rises only served TO increase the doslre 70
get cut. Just previous 70 the close there vas
particularly bad break In General Electric
COrdage, Sugar, and Manhattan, and the way 10
which these stocks wero thrown overheard gave
rise 70 rumOrs that other hrins would SUSPEND
tomorrow.
THE PAsIc's ELIMINATION.
Shrewd investors, however. continued TO buy
and the belief obtains ttat the panic Is last o p
preaching the eliminating point The trading
reached 1Il,ga2 shares, the largest total Tor a
very long time. Over 10000 shares OF unlisted
stocks changed hnnds. National Coriage figured
for 49,, $40, sugar for o0,070, 81. Paul for o.
500, Chicago Gas for 1854, Burlington and
Quincy for 4S,700, and Atchison Tor 21,T4
shares.
THE DECLINES.
Tho declines we're 1874 m National Cordage,
Is IN the preferred. - IN Sugar Dll in the pre-
feEred, IN American COtton-Oh. OH IN Cleye-
land, Cincinnati. Chicago and ST. Louis, 80 in
Burlington and Quincy. 3 In II. Paul, b In Colo
RADIO Fuel, A In Evansville anc Ierre naute'
In General Electric, In Lake Erie and western
preferred, 10 In Manhattan, Ia Missouri Pa
cilc, ~ Ia New Jersey Central, IN oregon
Navigation, 316 In Pullman Palece-Car, In
Richmond Terminal preferred, Az In United
States Rubber, 7 In do. preferred. Oh In Wheel
ing and Lake Erie, and 10 10 do preferred
CLOSING RALLY.
At tho close National Cordsge preferred was
2 above tho lowest and the remainder OF the
list showed n rally OF VI 70 per cent. The
market closed teFoflHh auu unscttAei'
MONEY AND EXCHANGE.
Money on call irregular, ranging from 6a"O
per cent last loan at 10, and closing offered
al 10 per cent; prime mercantile paper, oae
per cent
sterling exchange very weak, with actual bust
ness In bankors' bills az S4.S494as4SJA for GU
dsys, ana e4S734ss4SSi4 for demand. Com
morcial oils, S4.b4ss4.S1
Government bonds steady state bonds quiz
railroad bonds depressed.
fub-treaeury balances; Coin, 600, 7S3,OOO;
currency, GA, 900.