The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-13
BUSINESS FURRY.
6u York RumoF Mongers Attempt to
PrscipItato Failures.
YHE BIG SCHEME FAILED TO WORK
u Caused Pantoky Feeling for Awhile.
but Values Recovered, aud Crisis Was
Avsrted- Brazilian Trade Reported
st = standstill-


NEW YORK, July 13-The rumor mon
xcrs were hard at work again today, but de
spite all they could do in the way of circu-
lating unfavorable reports and assailing
the credit of individual capitalists they
did not accomplish their object. which is
20 cause failures, so that in the demoral-
lxation that would naturally follow on the
Stock Exchange they could cover their
short contracts
Some of the stories were of an extremely
sensational character and in ordinary
times would not receive the slightest con-
Alteration. The present disturbed condi-
tion of financial affairs, however, gives the
xossipers q chance which is being taken
advantage of to the fullest extent. As yet
not one Of the dozen or more stories put
afloat can be authenticated.
The Vanderbilt Rumor.
The most common one was that some
connection of the Vanderbilt family had
been forced to throw overheard lot OF
Vanderbilt securities and that that fact
was taken advantage of by the bears,
undrIthe leadership of Mr. Canmack, to
force . decline along the whole line. In
connection with this story was a resurrec-
tion Of rumor affecting the credit OF a
well known Wall street house. So far as
could be ascertained, however, it is be-
1ieved there was no foundation for either
Of the stories.
ln . good many quarters. A reporter was,
- k~x~ ~ toIa hot ha lv
basis that existed for connecting member
Of tho Vanderbilt family with the decline
was the fact that IL was the Vanderbilt
stocks which were first affected.
The real reason for this, however the re
porter was informed, was the fact that a
we'll known trader, who is in no way con-
netted with the Vanderbilt family, had
been forced to throw over about 10000
shares of the high priced Vanderbilt stocks
thathe bought some time ago. Cammack,
a was.said, learned of the liquidation and
Joined forces with him, with the result
already known,
The old report about the embarrassment
Of q promincnt capitalist heavily interest
Cd IN the trsnscontinental carriers was
started again, notwithstanding his offer
Of week ago to pay all claims on pres
ontatfon-
Corporations Attacked.
Corporations are also being attacked,
but up to tho present time there have been
no Developments to warrant the reports
circulated. General Electric probably has
suffered most from bear rumors, and in
siders are getting tired denying baseless
reports- An official of the company said
today IL doeS.no good to deny rumors, be
cause another one is always started. This
expresses the sentiment of officials Of other
companies whose standing and credit are
being assailedsfor speculative effect.
According to men usually we'll informed
on such matters, there was nothing in the
general conditions to warrant yesterdays
fail In prices. On every hand today among
the banks and generally in financial circles
: better state of affairs was reported.
Money was said to be returning to this
city and loans were renewed today without
dif1culty 1t 10 per cent.
Byasslian Trade Dead.
Business n - q standstill among the
large cofnse, .rsbber and other houses con-
cernsd n the South American trade in this
city. They are under the embargo placed
over them by the Brazilian government,
who hold the key 10 Che situation by virtue
Of their ownership Of the telegraphic serv-
ice In the country.
All messages to Brazil In cipher are sup
pressed, and the high cable tariff precludes
the sending of the long dispatches in Eng
lish the suppression of the cipher neces-
sitates Even these are suppressed by the
Brazilian govexnment IL they smack in the
least of politics.
Fiscal messages from BRAZIL are, how
ever, being received here by some Of the
houses. To do this the agents have to
write ont their messages in the presence of
the governments agent in accordance with
the key, which must be on hand to show
the exact bearing of the words used.
An importing firm doing business with
Rio Grande do Sui, Brazil, received today
. dispatch from tts correspondent at that
port requesting information from the home
office a. to quotations In Rio de Janeiro.
This would indicate that Rio Grande do
Sui II cut offfrom all communication with
the capital city, which is only 900 miles
distant. This may mean that the insur-
gents ara in possession of the city.
The Pollock Verdict Stands.
NEW YORK. DULY 18-JudQe PRYOR de-