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

pulsory liquidation. National Cordage ecpsed
all other stocks in point OF activity. the sales
amounting TO more than 10000 shares out OF
total for the day considerably in excess OF 6O0,-
900 shares The first price was 81, the same as
Wednesdays close II broke almost instantly TO
2s and from that point the food Of long holdings
swept the quotations to | 5 3-4a20. The covering
Of shorts barely suficed to interrupt the move
ment with fractional rallies. but after noon the
price plunged below 20.
OTHER INDUsTRIALs FOLLOW.
The other industrial stocks fell in sympathy
with the leader. American Sugar Refining de-
| clined from 90 3-s on Wednesday to s3aS4:
| General Electric from 80 l-2 20 70 i2ae0: Dis
| tlliLc and Cattle Feeding from % IA 10 81 -:
American Cotton Oil from Al to IS, and United
| States Rubber from 40 l-2 to 45a45 3-4. The
| railway list suffered from liquidations only in
spots The principal declines in Chicago,
Burlington and Quincy from SO 3-4 on Wednesday
to sjas6 3-s st Paul from "a ga to II 3-4a
- -: Ncw-York and New-Engand from % rs
to 26 10; Atchison, from 20 SO to ~ 3-4a
2s l-s; Union Pacific from "a 3-s to 81 7-sa
80 ga; Missouri Pacific from Al l-2 to 3S LA
80 l-2. and Northern Pacific preferred from
81 5sa3S 5-s TO 36 l-Ga37. In some of the less
active stocks there were severe breaks, Manhattan
losing about 10 points. Western Union Telegraph
sold from s4as4 - to s2a32 7-s.
| host of alarming rumors was afoot, but
the day closed without confirmation of reports
of fresh trouble. Indignation was expressed at
| the rumOrs attacking the credit of some of
! the banks. as they are utterly without fJunda-
ton There has been meeting Of the Clearing
| House Committee and investigation OF any
bank. But all the members Of the committee
agree in tho emphatic statement that no bank
| is in trouble and none is expected to be- lhe
banks have long been conducting their business
on conservative and cautious lines, and are souhu
throughout the list. Every effort was made by
the banks TO facilitate the transactions OF brck-
ers and loans were called only where the shrink
age in the value Of the collateral made such
course a BUSINESS necessity.
| EFFECT ON THE MONEY MARKET
The money market, nevertheless could not es-
cane feeling the effect of the disturbance in con-
fdence. and rates call ranged from 10 10
nor cent. a few exceptional loans being made
NJ higher figures. The rates OF course.
were largely determined by the character OF thc
securities offered collateral. Strenuous chor's
were made last night 10 strengthen all houses 'hao
NAV have uttered from the recent heavy lbluf'a-
| tions. and there general feeling tla' IL
further unfortunate Developments could oe
| avcrtcd there would be al improvement III '"o
speculative situation W ici. would faclIita'e
return 10 a more normal condition Of the nlarkc.'
II w,, almost impossible to obtain an oniciai
,,r;Gc,,ion Of the intention Of the National Cord
ape managers 10 place their company unoer 'i'c
nrotoc,;op of tho courts. The directors OF the
comn,nv were in session at the Offices, No lso
Front.st. nearly all day, in consultation WIZ"
their council Charles T. Atterbury, Of the law hr"
or Rctts Atterburv, Hyde & B"tts. The meeting
did mot break I'D until late in the evening anu
| ,Len most of the directors cluded newspaper men
| who were waiting in hope OF obtaining lhlorlns-
| tion No communication could be Obtained WIN
James NJ Waterbury, the president diiisen'
| search for the directors in the evening met VIII"
| tho Same lack Of success Chauncey Marshall, one
! ~ tho directors. was at3,is Brooklyn home, but
wen. 70 he'd early and his servant refused 70
| disturb him Several Of the other directors couid
pot he found at their homes up 20 an carly hour
| this morning.
| SURPRISE TO WALL STREET.
| Tho embarrassment OF the National Cordage
| Company excited the utmost surprise In wall
| Street circles Its business has been reported 10
be most prosperous, and its board included among
! it's members men Of the highest standing IN thc
| community, whose aggregate wealth was geheraiiy
sunnos,d tn be sufficient 10 carry the corporation
| through all the stress of monetary stringency.
| The officers Of the company are James NJ wafer
bury president: Frank T. Wall, first vce-presl-
| dent; Chauncey Marshall, second vlce-presidcnt' :
| G. Weaver Lopcr, treasurer, and John a. Tucker
secretary These are in the Board of Directors,
| which includes in addition, T.. X. Brinkerhoh,
| Charles /. Atterbury, John c. Furman and Elisha
| NJ Fulton, jr.
The National Cordase Company grew out of two
al Mo ltnrS of A-hIs
died. leaving large fortunes to their families One
| Of these firms was that Of j.. Waterbury * Coz
who manufactured rope and cord. The rope fac
| tory was in williamsburg. The senior member
| of this firm was the father of james NJ. Water
| bury who is now the president Of the National
| Cordagc Company. When his father died, fifteen
or sixteen years ago. fortune OF S6,00O,ooO was
divided between him aud his sister. The other
| factory was owned by the father OF +. Berry Wall
Whcr his father died the rope walk was run By
| the estate Tho original firm name was Wall q
Sons Tho two rope walks at one time were the
largest in the country, and when tie cordaS"
combination was formed it easily absorbed most
of the smaller concerns.
CAREER OF JAMES NJ. WATERBURY,.
James NJ Waterbury is about forty years Old
When his father died, sixteen or seventeen years
AGO he Inherited an excellent rope manufacturing
business, which Mr. Waterbury managed until the
coriaec combination formed. BESIDES leav-
ing INN this hne property his father will"d him
So 900, 900 in cash and the property in Pelham,
Wc-tchcstcr County. where Mr. and Mrs. Water
bury have entertained extensively. MIR. Water
bury married Miss Furman, the sister Of John G.
Furman, who is well known in busi-
ness and social cliccs. Miss Furmans
father made fortune in the grocery
NJ. rl,u,v hac caI,,
occupied prominent place in society. In 1889
ne and his friends gave an amateur circus enter
tainincnt at his county home which was
GREAT success and attracted wide attention. The
members OF the amateur company aitcrward pre-
sentcd TO Mr.. Waterbury magnificent silver
pi,ce in recognition Of his services IN CONNECTION
with the circus Mr. Waterbury was well known
in chm clrclcs lie is the president Of the