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


stock Market Situation.
yEw YORK. May A. Henry CIews voiced
the feelings of the more conservative Wall
street men today when he said:
There are times when big mems souls a. well
q their pockets are tried. II the latter be well
filed, however, together with a clear head, with
the opportunities afforded for quick movements
In the market, il would be good policy to buy
good stocks hereafter on pronounced breaks, for
fair prohsa. which q succeeding rally is sure to
mns 1t must be remembered that prices now
are fully as low on the average as those in the
Barring panic OF 1890 That was q worlds panic,
While this is but local one, at any rate con.
fnei within the boundaries OF our own country.
lam OF the opinion that today viii eradicate the
weak spots ana make q stronger bottom for
4 god stocks than they have had for some time
past Squalls come periodically and after we
g.. over this ons We will be exempt from an
Other for several years to come. This 10 the ex-
psrience OF the past aud the present upheaval
viii not be unlike form r ones In this respect
William Shearer, manager of the Clear
ing House Association. regarded the cause
Of the present depression in the market as
!. the effect of the so-called Sherman bill,
with the accompanying idea that the
/ United States treasury cannot pay out
gold below the $l0O. 00o. 900 reserve, and
added:
The situation a. see 1t is liquidation a. a re-
sui' OF the idea OF q scarcity OF gold, and trim.
ming down where trimming can best be done.
JEasEY CRY. N. J., May 4-Chancel!or
MeGH tonight appointed George w.
Loper and K. +. c. Young receivers for
| the National Cordage Company. The re-
teirers were appointed on the applica-
ton Of the counsel for the Cordage Com
ranp. Receiver Lopez is treasurer Of the
e0mpany, and Young is president of the
First National bank of Jersey City. The
company has about 100000 in bonds
and securities to pay off in few days, and
II is unable to meet its demands. The Pc
t.ion for the appointment OF receivers was
made for the purpose OF protecting the
sompany's property against attachment.
The receivers will give $500, 600 bonds.
New YoRK. May 4.-On behalf of the
ers. II was stated this afternoon that the
trm had not been specializing, but
DONG a strictly commi ssion business.
Yesterday in the slump Of values q number
Of rich customers failed to put up
margins, and the firm put up
10000 to protect them. This was
TO DO made good this morning,
but was not. SO the firm had to assign.
Late today Mr.. Norton, of the firm, said
that they hoped 10 be able to resume BUSH
ness in a day or two. He thought the
tim had resources that would put it upon
lis feet soon. He said every account in
their books had n trustworthy Gus
toner behind it. The extent Of the
iaiiare is variously estimated ut $500. 900
10 1850 GEO. but the statement of &C.
counts Is not completed and these esti-
Rates are not altogether trustworthy. The
general opinion among brokers is that the
allure Of b. l.. Smythe & Co., which oc-
cured today. will not be extensive, and
That they will be able to resume again.
sehnyler Walden said his failure was due
10 the drop in oordage and the failure of
customers TO respond 10 calls for margins.
A. IL. King & Co, which firm under
Various names has been in business for
.eriy years, has failed with liabilities of
'-s1eo. The firm expects To resume BUSH
ness without liquidation.
Nxw YoEK, May 4-From a member of
one oi the leading banking firms in this
el'y synopsis of the plan attributed TO
Secretary Carlisle 10 protect the gold re-
serve vas obtained today. The bander,
Hom information obtained, said:
ne plan woult be for the banks 10 pay out 70
ees'onAefs and IN part settlement of their bal
'sess Tie sFtiele which they now hoafd-gold,
'ach does not involve the involuntary hoard.
.s q sfeeneacks. and thus put in active move
81 'ae larger part Of their present reserve.
HE banker continued:
would II not Ice we'll for the banks 10 meet
.'E saAe this suggestion into serious consitsra-
.'1' snd thus, putting the hosrds of gold at the
'''e o. the community. save the losses caused
= eo@a2Dal stIiugeucy to the mercantile CON-
~'Y aad relieve the pressure of continual
80 II TIE stock eIchsngs The latter help.
"s'eF, q wholly subordinate to the help
-" Afforded 10 merchants OF the whole country
CAdoptius Us nan