The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-16
M T. u. MARTIxs FAILURE
An Announcement that Created Much Excite
nnent In the stock Exchange.

Soon after o'clock yesterday afternoon
President Ives OF the Stock Exchange received
a letter from NJ. l.. d. Martin. n member OF the
Board doing business at SO Exchange place.
seyinR that no regretted his inability to meet
his engagements. The announcement created
some excitement In tho Exchange. for the mar
ket has been characterized by "A strong and per-
slstent bull movement for several days past.
and any indication Of disaster was naturally
the delight OF tho bears
A total Of 1900 shares was closed out under
the rules before the Exchange closed. 800 Of
which was Delaware. Lackawanna and West
ern and 800 shares Central Railroad OF New
Jersey. 1t was reported. however. that $4,000
shares Of Delaware. Lackawanna and Western
and 5000 OF Northwestern common stock wcro
settled for privately.
Mr.. Martin Is one Of tho most popular NOM
bers of tho Stock Exchange, and tho greatest
sympathy Is expressed for him in his msfor-
tune. Ho has had the reputation OF doing an
almost exclusive commission business. and his
friends say that his out-of-town customers de-
serted III m. IL was ascertained that ha had been
doing large business on tho bear side Of the
market for one customer In particular, whom
he had reasons to believe was possessed Of
wealth sufficient to back up his operations.
Yesterday morning he asceriainod that this GUS
toner was not whnt ho represented himself to
be financially. and was unable To increase his
margin on short sales with the price constantly
rising Martin had used his credit for this
tune.
One report was that Martin had been acting
rs broker for n well-known bear operator, who
had deserted him. II was nscertancd from an
authoritative source in tho Stock Exchange that
this report was untrue; that the prominent op-
orator alluded 10 had held Martin up to the
last day. This principal OF Martins said
he had loaned him 900 shares OF IT.
Paul stock within a few days. which he
neglected TO buy IN under the rules when
the failure was announced. as he might have
DONE The first intimation he had OF the failure
was note from Martin while he was at lunch.
informing him that the writer had sent n notice
OF suspension to the Exchange II is believed
that Martin contributed to his failure by going
short Of the coal stocks on his own account.
The amount involved is estimated 10 be not
more than $4,000 or $4,000. and the losses are
widely distributed
Owing 10 the greater amount Of stock being
settled Tor privately. II was impossible To tell who
the losers are For 80 small failure the tempo
rary excitement was extraordinary. owing to the
strong and prOtracted upward tendency OF the
market Upon tho announcement. the entire
list fell = to y per cent. tho greatest change
bong noticeablei n the Granger and coal stock 3.
Martins father n-law. A. NJ Lawrence Of 12i
East Twenty-flrst street. IL a wealthy merchant
who recently made q large amount OF money in
the fluctuations Of Missouri. Kansas and Texns
Railroad bonds His brother law. George l..
Lawrence, Is senior partner OF Lawrence. Giles
n Co.. Mediterranean fruit merchants. OF II
South William street. Martin has mad the repu-
tation OF being the principal broker OF Woorish-
oIer Go. OF "a Exchange place. and II was
supposed was heavily backed by them.