The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-18
Another Sensa ton in Wall
Street.
WESTERN UNION AND WABASH
Forged Letters Read in the Stock Exchange
THAT Same Old Hand"-A Gentleman Who
Writes Too Well-stampede Of the Festive
fredericksburg, Buying and Sold
The Credit Of the Street Impugned


'the street" presented an unwonted appearance,
and to the casual observer iJ was evident that
something extraordinary had occurred to disturb
the outward tranquility which ordinarily regns in
that volcanic region. 1t takes great deal to dts
turb Wall street; but 1t was evident that state OF
high excitement was reached yesterday.
few minutes after one O'Clock yesterday after.
noon q messenger bOy-one OF the regularly uni
formed messengers OF the Stock Exchange
handed letter to Vice President Wheeiock, who
opened the envelope listessly and, standing, read
out the announcement that the Western Union
Telegraph Company wished to give notice to the
New York Stock Exchange that they, the Western
Union Telegraph Company, had increased their
capital stock rom l,O73 40 to $50,c00,000. The
letter was addressed to Moses H. wheelock, Vice
President Of the New York Stock Exchange, and
ran as follows:-
WESTERN uF Now T 9aas teb G H. is
MOSES f.. wHErLooK, Esq, Vice President New York
required the rules Of the New York Stock Ea (;
a sstiPs s
y e ave wide 10
hs ae ns
p a'sdS IN rsp%s and I'M
f Sea aS sn the IN
e the e 20 se Rs s e e snS
Of new lines may delay for little the expected dy
by thus taking possession Of the whole field and eectu
n value OF q 6e Stock viii be in no way
a hs oaf 9a dvsn1f 81 ds a
This note had scarcely been read when another
floor page rushed across the moor OF the Exchange
from the New street entrance and handed Mr.
Wheelock another letter. The second letter was
addressed, as the first, TO Moses II. Wheeock,
Vice President New York Stock Exchange, and
the Vice President read it In
THE SAME BUSINESS
tone in which he did the other. The Exchange
was dull at the time. Tue gay and festive brokers
were apparently at their lunch. But If they were
the meal was hastily finished. For some one, who
had an eye to number one in another sense, had
had his sharpened by the reading OF the first letter
and listened most attentvely to the reading OF the
second, and carried the news right quickly. The
second letter was dated from the of1ces OF the
Toledo, Wabash and Western Railway Company,
and both were written on printed slips OF the COM
pany's paper. 1t RAM
~ w. - NEW Yosk. Feb II. 1871
To THE VICE PRESIDENT OF THE NEW YORK STOCK
the
OF thirty days this company VIII issue 100000 shares of
Sspa m sess
sSSR an win be used for hs
rens Stock sss new Srdse
oStainins imarSyed terminal facilities and other
Though the Exchange was comparatively empty
when the above letters were read, it filed in an
incredibly short time-in much shorter time
than It takes to describe the change. Chaos, OF
course, ensued-a natural consequence OF q start
ling announcement in the New York Stock Ex-
change; but fortunately there were two or three
sane individuals lett who TOOK the letters from
THE VICE PRESIDENTS DESK,
and, having examined them, pronounced them at
once and unhesitatingly forgeries. The officers OF
the Exchange OF course Immediately sent letters
tho f,o ovayhnh
to have increased their capital stock. The follow
ing epigrammatie announcement came from the
OtficerS OF the IOledO, Wabash and Western Rail-
road Company
The above is not genuine. Mr., Cox in Toledo There
has been no neiAsE H sr
Later on the following letter was received from
Mr.. william orion, the President OF the Western
Union Telegraph Company
Il. q. CHAPMAN. Esq. President New YORK Stock Ex
have Just learned an announcement has been made
ssSs sssns :SsS
directors has been held or several months the
Of at meens Of
the Executive Committee & Eti9s' DRyos pre,a.n.
But meantime one stock, the Western Union, had
fallen OF nearly iour per cent and the other, what
sheers," triHle short OF three per cent. Men
rushed into the Stock Exchange TO sell when the
forged announcements OF an increase of capital
LIFE FEW SHORT MINUTES
men who had sold rushed IN to buy at the old
''panic prices" but they found themselves 'sod."
The place was rather excited at FIRST but charac-
To h ard three oocK in the
afternoon all you could hear on the street was the
usual hadinage and an occasional question asked,
In all seriousness 81 course,
"Was 1t you wrote that letter ?"
Several gentlemen who had been carrying
Western Union" TOOK q serious view OF the matter
and we're slightly demonstrative, but the twinkle
in the right eye OF the listener showed that he had
md hot thn if In fVf hnon
few short hours III word, hundreds OF thousands
OF dollars had been lost and won, Jour per cent
Ing what most men would term q 'heavy drop"
Immediately alter the bogus announcement rom
the western Union Telegraph Office HERALD re.
Of the company. Tnat gentleman was evidently
holding a directors levee, but appeared willing
enough to inform the public what he thought Of
which had been perpetrated on his company.
After the reporter had introduced the object Of
his visit, Mr.. Orton said
PRESIDENT OKroN's STATEMENT
''You have doubtless heard the statement that
stock That statement is false in every particular.
The company has no such intention, and did not
have The thing is forgery pure and simple"
'Of course you could have no possible ntimation
Of this, Mr. Orton," suggested the reporter.
"No; beyond the fact that received a circular,
to which paid no attention." was the answer.
might ask what was'the purport OF that Cir
.'Yes 1t was q circular calling for meeting OF
tie directors OF the company, at the Grand Central
YOU know, Is the regular day for a meeting OF the
directors, but when received the circular paid
no attention toit II was sent, as understand,
paid any attention to 1t. Some did go to the
Grand Central depot, however 1t was part OF the
same game to send this bogus circular and to send
bogus announcements to the Vice President oil the
New YORK Stock Exchange"
"Have you any idea where the fraud originated,
Mr.. orion r asked the reporter.
'No. slr; but the same man who originated the
rumor OF Commodore Vanderbilts death mas un'
The reporter left the building and went down to