The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-10-16

he would give him (Haarl another chance to 20 ahead
IN business According TO HAIRS story Belden SAID
Belden remarked that there n scare In the gold
market and that mis- hrm wanted to run up
me premium ,So aorouncswan, sa's h,r arms
failure would be made and he wanted him 10 buy the
gold the hrst thing IN the morning ana also to sci!
s, 900 shares OF Western Union telegraph stock.
Belden gave as his reason tor The sale OF Western
Union TINT opposition line, in addition to the
started Haar said he remarked TO Belden that
Western Union stock was very sensitive and would
90 down TO Sc at once
BELDEs's INSTRUCTIONS.
Bedcn told him 10 be sure 10 sell the g. 900 shares
early as would DO down 10 SO before twelve O'Clock
He also ordcred him. Haar 10 sell TO- 600 shares
oil Northwestern preferred at 6SA TO $50, and re-
marked that he wanted to break tue price. Beldcn
ordered him to sell 900 shares OF Northwestern
common at the best prico ne could get for them,
and prophssied that this stock would soon be down
among the 30s Haar SAID Belden ordered him
under no pretence buy any stock himself
through amy member OF his firm. but TO distribute
to Beiden Il Co.'s office, as that place was watched
by the Morgan crowd at all times, 10 see whore mes
sengers went. Haar then distributed the orders
among brokers with whom ne had done business, and
sent a number OF advces To Beden q Co.'s Office be-
tore eleven A. n. of Monday. The latter firm kept
them hour and tnen sent Tor Haar.
must BE SOME MISTAKE"
On his arrival at Beden " CO.'S Office he saw Henry
Belden who said he was very busy and mad not timo
with him ana 10 let him (Beldcp) know in lump what
stocks were sold and bought. Belden remarked,
however, that Haar had made mtstake-that
he should have sold ST. Paul, common, instead
OF Northwest common; that he had made a
calculations Haar the advices back In detail to
Belden 4 Co. IS Office hour later, when they were
flushed, aud returned with the endorsement IN ust
be some mistake; these advices have been returned
TO you aircady.' THIS action made Haar
pcious, and ne searched for Belden, but could not
hnd nm. de mot Mr.. Conner, a member OF the firm
Of Belden Il Co. who promised 10 make u all right,
and told him TO come to his tcounscps) house on
Monday night He went there and was, he says
put of until yesterday morning.
HEAVY PURCHASE
Haar says Belden l. Co. short OF stocks and in-
sis.s that this joo they put up MIN IN order
to cover their shorts He also contends mat Beden
4 Co. bought 80 600 shares OF stock on Monday and
and for their account exclusively $3.50 coo worth Of
gold ut l0l 3 10 10 1919 He sod $500 shares OF
Northwest preferred at from SO TO 6SH, 400 shares
Northwest common at 3S 10 36al ana 800 shares Of
Western Union al 80 10 874
THE FAILURE ANNOUNCED.
Yesterday morning early Haar says he went to
Beden & Co. Is Office, and told by Mr.. COnnor TO
would liked. Aaar replied that the hour men,
toned would be too late That he wanted 10 know by
ten A. NJ. whether they (Bclden Co., were going to
wished 10 secure the bank with which he
kept his account Not receiving any salts
factory answer from Connor Haar visited
his counsels office ana then back, secured the
bank, ana wrole his lotter to the President OF the
asrwa1a as he was IS, sae that B.aen CO.
meant TO repudate their stocks, AMI ne thought they
wished to take advantage Of his information 70 fur
thcr squeeze tho contracts which had been made.
Ex-senator Gross. Mr. Haar's counsel, corrohoratcd
his clients story ana said that the liabilities of Haor
4 Co, including their Indebtedness TO Beden \ Go.
and everyone else, would amount 10 $l75, 900 TO
$500, 900.
Seven years ago Mr.. Hanr a member OF the
firm OF Tanner Co., which lost, II was claimed,
through Beldeu ~ Co 5000, 900 on Black Friday. In
1872 bus with his brother-lnlaw, Ju
Illus Henesrler, under the firm nameoi HAIR Hengs,-
Ter In 1874 they removed TO their present offices at
No. As Wall street. aud changed the nrm name 10 Haar
l. Co., r. NJ. Raven being admitted a. partscr and
doing their business in the Stock Exchange. In
August last Mr. Raven retired and Charles d. kuehne
mundt took hts place. the latter gentleman has been
an active member oil the Stock Exchange, and fer q
number OF years represented Aelmus AcGowsn, OF
Brown Broa
THIS failure will have no effect the gold
MARKET
THE BROKERS SAY.
Among the brokers wuo congrcgated At the WINDSOR
Hotel last nigu; the general opiuion appeared to be
that Mr.. Bolden perfectly justified IN The action
no had taken, and that HAIRS conduct was very
r.prehensibe in having, one OF them expressed
II, ..ganbled upon Belden's order" phe conviction
expressed that the wnole matter would be fully
investigated BY tho governing committee Of tho
Stock Exchange and that II Mr. Bedsn's charges
were proven HAIR would certainty be expelled suca
occurrences, II was thought by the brokers, were
greatly 10 be deplored because they weakened tho
confidence Of tho public IN tho honesty OF stookbrok-
Ing IN New YORK.