New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-04

to meet demands for money from their ou'-oi-
town correspondents, and there was geherai
discrimination against the industrial properties.
These shares were accepted from strong houses
in loans but many weaker concerns found IL I'M
possible to borrow money on them. As 'he IT,
cline made progress margins Of holders were en-
hausted, anc the outpouring OF long STOCK III
creased In the afternoon the industrni group
became dcmoralized, and stocks Were thrown upon
the market without regard to values. finc'"a-
tions vcrc violent. and exceeded the customary
limits Of fractions OF Is or IA per cent. o"o-
cossive sales were made II and per cent apart
in price The excitement on the floor oi the
Stock Exchange ran high near the close wren
the declines became general and severe
Tho total sales Of the day were 56s,j21 shares,
not much in excess of Mondays trading. The
severity of the depression in the industrial shares
may be seen at a glance in the following quota
tions National Cordage, common. fell from oo
at TUESDAYS close to 80 12a3, and the prets srre'
from 100 to SO Chicago Gas fell from II l-S 10
"a 1oa-0 ID: American Sugar Refining, COM
mon. from o. Is 70 80 3-4a90 3-s, ana the pre-
ferred from 95 "a TO o2 "a and General Eiec'rr'
from 81 5.s to ssass IL. Among the mihor
industrials, National Lead, common, l'it lro'h
30 IS on Tuesday, To 70 3-Sa32 ia, ana tne pre-
fcrrcd from 30 to IS; American cotton oii' con'-
mon from AZ 3-s to Al. and the preferred iron'
n to 75a75 81; United States Rubber from
50 ID to 49a40 l-2, and American lopacco' from
G1 IN ia Near the close a savage drive was
made nj Western Union Telegraph, which was
sold down from - to 30 l-?, on sales OF 3,ioo
shares The price instantly recovered 10 of'
although that showed 4 net decline Tor the VA!
Of J-s per cent. A published statement 'lia'
tho company would lose an enormous sum Of
of
rooms WAS the bear excuse for this rald. Ihe
statement was utterly without excuse.
STATEMENT ABOUT WESTERN UNION
The Tribune last evening received the following
,elcaraphic dispatch from prominent director oil
the company: ~
AZ probably the greater portion oi the o'4"o
stockholders in the Western Union l'esrap"
Company are readers of your paper. you'd sne
oest that YOU publish the fact that the company
receipts last week the largest III the his'oi'
of the corporation for the corresponding weeA Vi
any nrevious year. and such has been the case
for many weeks past with the exception OF ~ one
week. when storms caused falling oil of $4,000
i'm roc,ipis of about S2j0,000 IL seems wicked
to have innocent holders suffer by the fal-ehoods
of unprincpcd parties.
The declines in the railway list were less marXed
than in the case of the industrial shares. Chi
caro. Burlington and Quincy sold from 30 o-s az
Tuosdav's close to ss 3-saSS "a Chicago Mil
yaukrc and ST. Paul from 10 is to ~ La
7i3-i: Philadelphia and Reading from % Il TO
2l. Atchison from 81 to 20 3-sa?9 j-s Missouri
Pacific from AZ II To Al l-iail l-2; Chicago.
Rock Island and Pacific from SO To -: Northern
Pacific preferred from - '-S To - l-!a3' o.
| Iackawanna from lil IL 10 liO L.: Union
| Pacific from 35 l-2 to 3ia34 3s: New-fork and
| New England from 80 IA to % IS; Louisvnie
and Nashville from 70 5-S TO II 3-sa'l o-o; Erie
| from 20 ia TO 10 1-4ai93-S Lake Shore from
| 1926 SIS to l2jl IL: Chicago and Northwestern
| from IA 70 lO7 IA, and Manhattan Elevated
| from l39l-? 70 l34al3j. The market closed
| with some rccovcrics from the lowest points. ana
il WAS hopcd that the existing short interest was
larc. enough TO furnish the basis for a rllly TO-
day.
Rumor monlcrs whispered the names Of certain
banks and commission houses as being il trouble,
| but the stories We're stamped as utterly falS"
| wherever inquiry was made 10 their fasity.
| II was common report that james X. kecne AMI
| : Y. White. men who had been prominent through
| the winter in bulling the industrial stocks bad
| lccn hard hit in the days declines Nlr. Keen" :
| friends empIaticllly denied that there was truth
| i'm the reports and it said by some well-In-
| formed brokers that Mr. Kccne had seen the storm
| brewing and had changed his position in the
| market some time ago
Mr. White said TO a Tribune reporter: :" did
buy several thousand shares of National CorClage
| this morning because | thought il WAS cheap. |
| think so still. and shall keep my stock No part
Of the liquidation may be ascribcd to me. for
have bought stock all day long. All my stocks
are good ones I have no 'rattlc-raps' and never
a., 7 Ia. or.I 20 tnI.
| of all my holdings, and nuctuaton of $40 900
| in the market would not give me the slightest
| trcnor | know no reason for the sudden slump,
and | suppose the liquidation general ac-
| count of exhausted margins. Don't worry abou.
Mr. Kocnc either he isn't in the slightest trouble
COMM sSIoN HOUSES CAUTIOUS.
1t is generally believed in the Street tflat cx-
ccpt where small holders of stock have lost their
margins in the decline, the losses have fallen upon
| wealthy men, who will he able 10 bear them
None of the large commission houses are believed
to have suffered in view of the unsettled feel
ing all the week they have been holding their
customers up to liberal margins The failure of
Albert IT, Wheeler, at No. 80 Broadway, was an
| nounccd in tlie afternoon, hut the suspension
| WAS not considered important Mr.. Wheeler had
no outstanding contracts on the Stock Exchange
having made priNa' settlements l. is impossible
in the office conld b. found who had Information
10 impart. Til" failure is believed 10 be- due To
inability Of customers To protect the stocks which
MIR. Wheeler WAS carrying on margin for them
Mr. Wheeler has been n member OF the Stock
Exchange since May I, lNS?. lie WIS formerly
senior partner in the firm of Wheeler keatDr a
Hayes, which was organized October 3D. 1889.
ON May |. 1891, the firm became Wheeler a
Hayes, but fpr some time Mr. Wheeler has been
in business alone. He did a commission business,
ON "A moderate scale, but was more active as "a
| lruk,r who orders for fellow -,upmbnrS
of the Exchange. He is we'll liked in the Street
and regret express ID generally at his mis-
fortune. The failure is the first which has
occurred at the Stock EXCHANGE since the adoption
Of the plan for clearing transactions through the
Stock Exchange Clearing House
The severe break in National Cordage stocks
led to many inquiries AT the Office Of the com
pany to its affairs. Appleton Sturgis counsel
of the company. said II know nothing of the
cause of this rad on our stocks The busines,
of the company il in good shape, and there is
no possibility of the passing Of any of the divi-