The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-05-05

In every case it was known that there WAS no
truth In the rsportA The feature at the open
ing Was . further break in National Cordsge.
The stock closed at 81 yesterday and this morn
freferred, which closed yesterday at q bid,
opened at - and broke to 72 Rumor had il
tnat urn which attempted to bull the stock
against the wishes of insiders WAS In trouble,
ana there were further liquidations in Sugar.
General Electric, Cotton Oil and Atchison. Al
la:ls the market was ragged.
Shortly after tho opening the market was
snfown into panic BY the announcement OF
the failures OF Henry Alien 4 Co. and b l.
smythe Co Liquidatious were enormous,
especially In such stocks rs these firms were sup
posed to b interested in. Great excitement
prevailed A. block after block came upon the
market Compared with fnal quotations yes
terday. National Cordase preferred broke IS
points to %. common, IL TO 20: American Sugar.
8 to s71S: preferred. to s7ss: Cotton Oil pre-
ferred, - to IS: Whisky. ~ to eiis; General
Electric. to s.: Rubber. a 10 90 After this
enormous shrinksge sufficient buying orders APP
peared 70 rally prices considerably. National
Cordage preferred rose to 20. and others i'm
proved to pointa At IL o'clock the market
was fsverish.
good deal of suppressed excitement fol-
owed owing to continued rumors affecting GER
tain Wall street firms The market continued
feversh, with itful fluctuations In leading
shares Some stocks were comparatively steady,
while others sustained further sharp declines.
General Electric broke = TO $50, Manhattan 81
to 1855 Then sharp rally followed. Amsri-
can sugar jumped suddenly from s. TO 9lA.
Manhattan from 1854 to $50, General Electric
from Sos< to $50 Al noon the market was
ormer, and more confident feeling prevailed.
Alter noon liQuidations broke out in new
places, more especially In railroad stocks As for
industrial stocks. tho moro they decline the
greater seems to Be the inclination to sell.
Cordage common after the Walden failure
dropped to -. General Electric to IS. Cotton Oil
to 4ss. Burlington TO s.. St Paul TO 7ls<, and
preferred to lis. Rock Island TO 761<. the iosses
ranging from / to per cent just before 2
O'Clock call loans jumped to % per cent, adding
TO the general decentralization. The scene on
the exchange was wild. Crowds gathered
around the trading posts OF the active stocks.
swung their arms and yelled themselves hoarse
in their attempts TO sell Going and coming
brokers' messengers ran As if Satan was after
them. Nobody thought Of walking, and the
gravity OF the situation was accented by the
pale. anxious faces OF the struggling brokers.
Three small failures were announced on the
consolidated stock and petroleum exchange
Besrdsiey, Bradford aud g. R Wilson.
The condition OF affairs was aggravated dur
ing the last two hours by the calling in Of loans
by leading trust companies. Shifting loans
cidental to tho tremendous shrinksge in values
forced these institutions TO adopt extreme meas
ures. At the office Of the National Cordsge
Company Appleton Ssurgis, counsel Of the COM
pany, said the raid of ths bear element on cord
age stock was not warranted by the condition OF
the company. He said the company has on
hand earned cash suficiens to pay dividends for
the next year and that the dividends would DO
paid. There IL said to be absolutely truth
in the rumors on the street affecting the fnan-
ciai responsibility Of Waterbury. president OF
the company. He also said that as far a. he
knew, none Of the principal stockholders in the
company are speculators. The failure to put up
margins caused q suspension OF the brokerage
houses which failed today.
The selling movement In bonds broke out
afresh after the delivery hour, and the lowest
prices Of the day were touched In numerous in
stances General Electric, National Cordage
and New England were the greatest sufferers
and declined to 1914. 1874 and 261<, respectively.
The market closed feverish and unsettled.
Government bonds-Steady.
Petrolsum-591sc bid.
Money-On call, irregular, ranging from e7oo0
per cent Closed-Onered at 10 Prime paper,
COS Sterling exchange Weak, with actual
business In bankers bills at &4S4s4(e4s7J< for
sixty-day bills; demand. $As7zx94ss&.
SILVER