New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-17
SETTLING HIS CONTRACTS SLOWLY.

-ur cpown poIsrERoUs AND UNRUIY-Dis-
CUSTOM BY THE GOVERNING COMMITTEE
Russell Sage continued yesterday to accept stocks
put to HIM on privileges but with so great de-
Law that brokers were less eIasperated than on
the previous day. He had promised one
of the officers of the Stock EXCHANGE
the night before that he would settle
these contracts rapidly as possible and yester-
day he assured the same officer that there would be
no unnecessary delay. The same scenes were re-
enacted around his Office that had been witnessed
the two preceding DAYS. large crowd of messenger
BOYS aud brokers besieged the entrance from early
in the morning until 1:t5 p IN, the hour when'
according to the privileges, he ceases to receive OF
deliver stocks.
In spite of three policemen who stood at the door,
the crowd was more boiSterOuS than before Inc
glass IN one of the doors of the main once was
broken and the walls of the corridor INTO when tue
office opens were defaosd and injured. The crowd
WAS co,nposed mainly of Office boys and clerks
% Put and call brokers Were plentiful, however
and now and then a member OF the Stock Elk
cbange attcmpted 70 gain entrance to the
Office The brokers were generally accompanied
nv their LAWYERS, but they rarely succeeded
anv better than the messengers. One we'll
known lawyer who settled a few privileges on
Thursday afternoon, again visited Mr.. sage yester-
dav. He was promptly admitted, and afterward
the bows greeted every disappointed visitor with
the remark, "Oh, say you're Dos Passos"
While the crowd was standing in the hallway
waiter carrying unch-tray passed through IL 10
one of the other offices in the building. Before lie
reached his destination the tray was not so ourdeh
some as it apparently had been.
After the close of business Mr.. sage SAID:
am doing all can do hut the conduct of some Of these
men is outrageous have three extra clerks In Inc OF
Zee lint rsnnot receive stocks as fast people
Oh have M
about scyeneighths OF the privileges nave Deeh set
tied The most the members OF the stock ETcnangeI
guess have been paid OF them sold out their stocks
this morning. but think they are soTy now; their ply
furry is ali over and rrces will he higher all around.
There VIII be more trouble in the market.
In face of dr. Saees cheerfulness one OF his
privileges on 800 shares of stock which showed
profit of 81 900 was sold for $1,000 on the street.
II was a not uncommon opinion among brokers that
the clay in taking stocks was for the purpose OF
making shave" Many of the settlements made
Yesterday at prices from to per cent above
the market One or two of Mr. Sagc's clerks are
reported to have made handsome perqulslteS by
buying up the privileges on these terms. One ol
them said: why shouldn't The privilege
business viii be tad for few months and l want
One of the stories on the street was that broker
having put" on Lake Shore called 1T the Office
early ia the day. There was profit OF 81 oOO on
il aud Mr.. Sage offered check for 81 '0OO. ms
the broker refused aud returned to the E1chahge.
He had been there only o few minutes when the
stock made its heavy break. Rushing back to Mr.
sace's Office lie settled the privilege for $500.
''Thcsc privileges peculiar debt veteran
broker said Yesterday but Mr. sage is simply com
PROMISING his debts. for honorably they are con-
tracts Perhaps he would not ask a comp omise on
a grocery bill but can little difference
The Governing Committee OF the stock exchange
al it's meeting Yesterday spent nearly two hours an
discussing the subject. Several resolutions were
offered and complaints of members 0l the DOaId
heard II was proDosed 10 suspend Mr.. Sage 10
censure him and to amend the rules so that the con
tracts might be closed under the rule. ne dls-
in1tfr al
of III cir dinners the governors laid the matter on
tie table.