New-York tribune., 1884-03-02
A FURRY IN LACKAWANNA.
EXTRAORDINARY DEALINGS IN THE STOCK

e. " WHITE AS A sTOCK-POoL MANAGER.
The recent extraordinary activity in the stock OF
the Delaware, LacKawanna and Western Railroad
eliminated yesterday in an attempt to corner"
the stock. 1t has been known that strong pool In
the stock was formed recently which comprised. tits
said Jay Gould, Samuel Sloan +. s. Higgins, Russell
Sage and other prominent directors of the COM
pany, and II. b. ClaHin. william s. Dunn, of H. b.
Clafiin & Co., and 5. V. White. The names of some
of the members of the combination have rot been
made known S. V. White, prominent member OF
the Stock Exchange is said to have had the manage
ment Of the pool account. He has been persistent
buyer of the stock and on Monday, when the price
fell more than per cent he readily bought large
part of the stock which was offered for sale II was
not known then whether the unusual sales were OF
''long" stock or whether the decline in the price
was the result Of an attack by the bears" Mr..
White is said now to have been somewhat disturbed
by the free selling on that day.
Ii was the common opinion in Wall Street yester-
day that he had since learned that selerson Mon
day were two members of the pool who are also
directors of the railroad company. IL
was supposed also that his purchases
during the week had been made for
the pool account after consultation with some OF
the members Of it. At any rate Mr.. White yester-
day sent notices to the members Of the Stock Ex-
change TO whom he has Loaned the stock, saying
that he should buy in under the rule any stock not
delivered at the usual hour. The notices were not
III the customary form, but were evidently printed
for the occasion They were sent out about the
time of the opening of the Exchange
BRISK DEMAND FOR CASH STOCK.
The first price of the stock showed no change
| from the close Friday, but Immediately there
sprang up sharp demand for cash stock. Tho
| difference in price between cash and regular
stock soon amounted to over per cent, and before
the buying under tho rule began tho
stock sold at 1871 for immediate delivery wilhelm
the regular way 1t selling below 1872. The ex-
citement became great, but il was intensified by the
later purchases for non-delivery, when the price
touched l39i2 while regular stock was selling at
about 1902 The rostrum on the floor Of the Stock
Exchange was surrounded by excited brokers,
some of whom pushed their way up into the ros-
trum itself. President Hatch considered the emer
gency sufficient to demand his presence Many Of
the brokers who had failed TO make their deliveries
of the stock before 2:15 p. m. were shaking rolls
of certificates at the chairman, who is obliged TO
accept such tenders after he has received notice 10
close the contract in default.
Mr.. WHITES BRANCH OFFICE IN THE ROsTRUN.
A considerable amount of Lackawanna stock had
been bought in under the rule when Mr.. White,
! about twenty minutes before the closing of busi-
ness went 10 the rOstrum. He wore as usual q
black slouch hat, which be did not remove. The
omission was politely supplied by President
Hatch, who placed the hat on the desk.
For the first time in the history Of
| the Stock Exchange, it is said, broker
practically opened branch office in one corner OF
the rostrum. The chairman stated that Mr; White
| would receive there any stock due him which had
| not been delivered and at once he was besieged by
| brokers clamorous to fulfil their contracts Mr..
White accepted the stock and wrote orders for the
| payments fer it on his main office. When brokers
were unable TO deliver the full amount OF stocks re-
qured from them, the chairman, on notice from the
pool manager, bought in the balance under the rule.
| Ii is understood that Mr.. White In twenty minutes
took in some 5000 5000 shares of the stock. The
official purchases amounted to about $500 shares
| more but not all of them were made by
| Mr. Whites order. Among those for whom stock
| was bought Tor nOn-deivery were William Heath
| & Co., 400 shares; DOminick u Dickerman, 200;
Martin Leask & Co., 200; Martin & Runyon, 200;
| GargiulO IL CO.. 200; Charles Nlnzesheimer u Co.,
| 400 Simon Berg " Co., 1000; Gelston q Buss-
! ing, 800. Those for whom purchases Were made by
! the direct order of Mr. White were John Blood
| good Il Co.. 500 shares; II. X: Enos Il Co, 500;
! De Rivas x Co., 1000. In the majority Of in
| stances these amounts were only balances after
| partial deliveries had been made. When the gong
sounded the close of business at o'clock contracts
amounting to several thousand shares had not been
| settled
! EXCITEMENT CONTINUING AFTER BUSINESS HOURS.
| The reported business IN Lackswanna yes
| terday was 1SS,230 shares, but it is cer-
tain that the actual transactions We're much larger
| By some persons it was estimated that they were
| more than go 900 shares. The stock closed quiet
at 1898 1898. final advance of rs per cent
after having sold in regular way at 1885. The ex-
citement did not subside with the close of business
Until late in the afternoon the Office Of :. V. White
| & Co. was filed with brokers' clerks and messen-
| ger boys waiting for checks. Some of the brokers
did NOT hesitate TO express their indignation at tho
| DELAY without mInclng words. Al times there were
noisy threats OF violence rom some OF inc
| in, tIa *
| clange-place firm stated that he had denEere1
3 800 shares of the stock before the end Of the de-
livery hour and that he did not receive hlS check IN
| paynieat until half-past o'clock Those VINO ten
! dered stock IN the board-room did not secure ther
checks until a much later hour. IL was impossible
| to have the checks certified at the bank at that
| hour but It was not announced that any irn had
| been unable To make up ITS bank account 1Of tns
reason. 1t was said 70 be probable that tie nncer.
! be presented to the bank until Tomorrow morning
| would amount To nearly two million dollars;
| he any further complications in tlo attempt 10
| corner Lackawanna stock. Mr. Nhlte was at
his office only short time YESTERDAY Dut INQUIRY az
his house on Columbia Heights last nght was net
with the reply that he was not at home.
RUMoRs, sURMIsEs AND INCIDENTS.
Tbcre we're many rumors and surmIses in Wall
Street as to the spectators who had been caught in
the cornerp The suggestion was made that some
of the prlncpal "bears" Addison Cammack, Mr.
WoerishOfer and Henry n. Smith, were the real
sufferers but it was not learned that this was o
correct surmlse Mr. Woerlshoher said that he had
not had an interest in the stock for time, and
he laughed at the report that Mr.. Cammack or Mr..
Smith had been found to be largely short of IT, The
fact that considerable amount of stock had been
bought in for the account of Russell Sage caused
boIl merriment and discussion Ii was suspected ny
some brokers that the purchases for him were NOT
real or that they were made IN consequence Oh
" privileges which he had issued 49,, -
extraordinary fluctuations III the stock market ono
firm teegrapbed early in the day to an uptown
! customer WHO held some stock as an Investment.
| He sold his certificates at proht or several
Thousand dollars the price &c which he rcpur-
| chased them Tor delivery on Monday. broker
ramemhered that hls mother had a thousand shares
tNIHSi II. safa lnnnsit cnnnnnN hut nm