New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-20
LOCAL MISCELLANY
,,.,NoNyuOus METEOR.

,,, .,o,,s EXCHANGE foRGEluEs-mh M MAJ
CORRESPONDENCE WITH SOMEBODY ie
,r,o ,or,od letters by which Wall-st. was
50, ,,,o A state OF excitement On l"esus' sun 'o'
ar General subject OF conversation among members OF
VIZ VIZ 90 exchange and outside operators. Rumors
-. current yesterday, that two or three welEkDown
-. ,,ere implicated in the frauds, but nothing
aoam,e IL puhlcly known. Toe Governing Committee
a, the stock Exchange have held no meeting since
"wednesday evening and will not assemble earlier than
ne.t wednesday, unless something occurs which VIII
,.arrant the calling of a special meeting. The investi-
zion Of the fraud is now the hands OF John Denny,
CHAIRMAN of the Law Committee who was in consulta
non with Detective sampson yesterday II is sad that
pnkerton has also been engaged 10 assist IN discovering
the forger At tue meeting OF the Governing commit
tee. on Tuesday all the brokers who were acuVe III
,ho nprchose and sale of Wabash and Western
Union stock during the excitement oceasoned by
the reading OF the letters, were called In
and examined; all their testimony pointed
10 T. ID Mckay an insurance agent and outside opera
to, as the principal whom the transactions were
made During the session II was announced that MT
ueKay wished 20 make a statement TO the COMMITTEE
On being introduced he sad that he had been LED 10 e
,ct an announcement OF increase of the stock OF
Wabash and Western Union by anonymous letters, and
inflammation received from unknown person, 20 whom
no WAS induced to apply by Of the letters The
story told by Mr. Mckay quite elaborate and Gov
cred period Of months after the receipt OF the first
letter All OF the communications which had not beeh
DESTROYED Mr.. Mckay handed TO the Committee On
Wednesday he appeared again before the COMMITTEE
aad made some additional statements Members OF the
Hoverumg Committee with whom a TRIBUNE reporter
talked said that the matter would not have been spoken
of outside OF the Committee room, II MT MCKAY h"u
not rushed to newspapers with his own defehse'
Few opinions expressed as TO the truthinhess OF
McKays explanation, but 1t was conceded even oy HIS
friends that his story was unfortunate IN Ms elaborate
ncs~ and Improbable features.
y Y White a stock broker Of No. Wa-st, told the
reporer that he had acted Mr. McKays broker until
within short time; the anonymous letters were sent
10 Mr Mckay no that office he had seen most OF them
before they were opened and Mr.. Mckay had read the
all 10 him and to others in the Office He DAD adNlseu
Mr. Mckay 10 pay attention TO them, as he thought
some one was trying hoax him. He believed now
that Mr. Mckay had been put up TO the thing by some
one who bad expected 10 claim share in the prohts
after the excitement of the affair had blown over He sald
that II the Governing Committee had kept quiet the
real pcrpotratOr Of the fraud would have been as
covered In that way. He thought that Mr.. Mckay
had not made more than $500 or $1,000 by the
operation. lie had lost his reputation Tor
the time Al least, for he could not eXpeci
the public 20 believe the story, though he
himself believed 10 thoroughly. He said that MI mckay
had borne a good reputation, and numbered among his
friends some Of the most influential citizens OF New
York and was graduate of Yale College of the same
class with VIM Walter Phelps. He had been successful
as stock speculator had made considerable money
though he was not rich. He did not believe that under
any circumstances he would have risked ms reputation
b. carving ont even knowingly participating ~
scheme like that which eliminated last Tuesday MT
White said that there were members OF the Stock TX
change who believed that the anonymous letters u
Mckay had been written by himself in order 70 nseat
his friends and guard against exposure but be cOHsd
cred THE supposltiOn unworthy Of consideration.
Mckay PROCESSES 10 be anxious 70 assist IN the dis
eOyeTy Of the orger and says that II he meets the mar
with whom be came In COutact IN connection with tht
matter ne viii cause his arrest. Among brokers gen
orally the statement of Mr.. Mckay created good dea
amusement aud All agree that however truthful II
may bc II h not likely % be believed on Wdll-st.