The sun. [volume] (New York [N.Y.]) 1833-1916, 1884-03-02
DEACON WHITES BEAR HUNT
HE ENOTNEERS AN UNEXPECTED
lSOUEEZE IN LACkAWANNA.
The Price Rushsd Up TIL Some Outsidsr
Sereaeiy sOld . Pile ~ Top fi9ures 20 the
Posl-Trsubis At the Deacon's OMoe.

The Price RusAsd Up TIL Some Outsidsr
Sereaeiy sOld . Pile ~ Top fi9ures 20 the
Pool-Trsubio At the Descon's Onc~.
Wall street was very seriously Disturbed
yesterday by the developments In the Stock
Exchange regarding Delaware. Lackawanna
and Western Railroad stock. For some time
past Mr. y. v. White has boon large pur-
chaser OF the stock. and. according to the gem
eral report. he has acted for pool Of which he
was member and the manager. The other
members OF the pool are said to be Mr.. Jay
Gould the Hon. Russell Sage. II. B. Claflin aud
one Of his partners. several dry goods mer-
chants. and several directors OF the company.
It has been generally spoken Of as the
Plymouth Church pool. Some folks think that
Mr. w. II. Vanderbilt also was interested.
Shortly after 10 o'clock yesterday morning
the Arm OF 8. Y. White 4 Co.. which has boen o
very large lender Of the stock. sent notices to
all members OF tho board who had borrowed
stock from them. and TO those from whom they
had purchased stock on Friday, that the stock
must be turned In and that II the deliveries
purchased Tor the ACCOUNT Of deinGnents
under the rules OF tho Exchange. A printed
form. drawn according to the usages Of the Ex.
thos" sent out BY White Co, had been specially
printed for tho occas lon. The date. the name
ed except the nnme oi the broker addressed.
the number OF shares and the firm signature.
inquiry for tho stock in the loan crowd. but
premium for the use Of the stock. Mr.. Whites
early somsfs in the ' crowd. and very willing to
lend the stock was not there and could not be
Iomhu. nt b Drokers WHO nave geheraiiyoeeh
Within the frat hour the loanng rate was
" tho Stock Aoss @ he he
opening there was az an ATTEMPT TO secure Ie
market. Tho demand that was turned In this
direction advanced the rrice for cash stock to
1876 before noon. 5 per cont above the market
Early nthe day the signs Of trouble in I.acka-
started general bag s
Oks shSre Bses
the price Of cash Lackawanna stock hnd risen
livery hour. 20. 500 shares had been purchased
for cash at prices averaging about per cent
A few minutes after that hour q crowd Of
the Sr Of
The latter. SO far ms could DO told represent no
particular interest. The first orders executed
whs SSrx tha ros
trum with his hands full Of orders. which
" By Ills me many haa
which they rendered for delivery In order to
wns kSe whe sn me q
man, announced that he would take all stock
| duo him that was offered; Mr.. White forgot to
that hat. and Shoot Ito hai Until the eve yoi Ice
Of tho Chairman was drowned. and business
hs,sh M Witt ss Fat a h% WEE snS
Then there were oGjections to Mr. White
ChaITmaan, would have 70 take the stock offered
tuke IL himself and Rinntfv matters nv
promptly Chang INK hi. orders aecorainsiy. BY
eash 5 prdSs % tie to n %s hs
other business was neglected to attend to or
st XGout ihS tms N. Whites orders began to
be- executed tho delinqnents seemed to get hold
between sales from is9 to 1857. The market
a'so gave wav under large sales. Tho entire
list o was affected by this q, appnrent discovery
still a crowd Of brokers' upon the rostrMm.
awaiting their turns to buy In. or the 5000
thirds we're unon orders from Mr.. White.
| 1t Is long time since tho street has been so
eiesd ssnicant that ABOUT shares as we're
Alter the close MIR. White was moi to be found,
n,nds things lively. < stable mob we're howl
ing for their checks in payment for stocks de-
amount Of coninson prevyai"d. o The c Jerks
said they couldn't find some stocks; that tickets
yer" missing from Others 8" they couldn't tell
tient. and came near executing his threat, to
| tenr door down and break somebody's head.
| At 50 O'Clock another broker who had deliv-
| cred $500 shares Of stock an hour and a hall
before. was demanding HIS check or his stock
In order to close UP his own business and ban I
account. Only part OF his stock could be
pacillcd except those who held checks
that could not bo certified because
was estimated that Mr.. Whites checks for a,
certified. Experienced accountants expressed
the opinion that the employees Of the treas.
all day to-day In order to get their books In
| shane for business ON Monday.
by holders Of Lackawanna who sold their stock
for cash and Immediately replaced 1t by pur;
| chasing II at the market price. TWAS reported
that the free Offering Of the stock during The
pool. and then By others. that an insurance
company had sold for cash large block Of the
ing the squeeze. The TRANSACTIONS In the stool
rlx bo of ov,tt ioSf hao