The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-05-01

ono hour, and further demand for $500 600
VA made on Mr.. FTaley Mondey morning.
Unable 10 meet his obligations he waited
until change closed and then tclegraphed
to his correspo ndents his inability TO- pro.
cted any further. From interviews below
ond only to the. McGeooh suspension IN
magnitude aud Importance. Mr.. Frsley's
career has bsen one OF peculiar interest.
His parents ,eslde in Baltimore aud
are quito wealthy: Mr.. Frnley
came to this city about fifteen years
ing business with J. NJ. PoIsck. He left ei-
tor q short time and entered tho banking
business with John w. Donaldson. The
firm q Donel leon & Frsley soon became
known in commercial circles, ard como OF
the most daring transactions In monetary
affairs were consumetei In The dinyy little
Office Of Third and Olive. The firm were
large purchasers Of otste and city securities
aud by their confidence In their stability
did no little towards establishing both In
I the front rank OF investments. The firm
was dissolved last November, Mr.. Fralty
retiring 10 engage In the grain commi,eion
business.
Mr.. Fraley was member OF the city
council for four years when that body was
| fisst organized under tho scheme an cher
ter. lie displayed in the legislative hal
tho same bolduess OF design and intispidity
Of execution that did 90 much to Tais0 him
to the top In commercial lie. When Mrs.
Fraley came from Dsrmstadi, Germnny no
spelled his name Froelicb. but following
the example Of groat many Other Ger
mans, he changed 1. TO more euphonious
name, many Americans not being able TO
pronounce the word " Froelich."
Mr.. FRALEY's STATEMENT.
A reporter lound Mr.. Fraley ut his resi-
dence, No. 2720 Pine street. He eoemed to
/ IA aft
the following version OF the aifeit
I've been dealing heavily-in grain In
Chicago and made considerable money last
month nearly quarter Of million. but
the market went against me ana wheat
aud corn were forced up by the msnipula'
tons Of the Chicago dealers. o. Ffidny
and Saturday ! honored drafts 10 tho
amount of $500 Geo. To-day they called on
me for $4,000 more. Didn't know how
much | might be called on to pay anc 80
/ suspended. There was shoI. session
Saturday and wheat went up 2 cents
10 an hour. AS | vas Gooo oo bushels ls
short nv loss in that time was JUST
about $4,000 Juno wheat was at
92 IL cent?, and | was about TO wiro my
Chicgco agents TO stop buying when ID
reached % cents. While writing out tho
message some one interrupted me and /
fJrpot 20 telegraph, ID reby losing just 3
quarter OF million. | closed all my st.
any one y cent in,tbis city. hsye no con-
iJential or bank debts and never speouls-
Ted with other peoples money. The losses
are all my own. My losses in stock were
great, SO 1 had TO Gloss them out at fear.
tul lols N order TO obtain cash. dealt sX'
cluslvely in Gould securities, Texas Pa
clic, Wabash, and Missouri, KansSs d
Texas. All my operations weTo trausnoted
in Chicago. although ! lost money on June
whest in New YORK. | sank some money
in pork. Never did mako anything on IL
| regard it rs a sort Of bunko game"
I'm what manner will yonr srspsnslon
affect the Garter commission company
at will not affect II gt all was presl-
dent of that company and offered TO resign,
but vas not permitted TO do so. was q
member Of the Chicago board OF trade, and
made all my contracts through private
channels. shalt hereafter conhne inyselt
TO the commission business exoiusiyely. l
don't feel at all discouraged. dicn't lose
the money wjlliully, aud I'll Bhine on top
again somo dsy"
"When did you announce your suspen'
sion?'
AFTER business hours. did so pur.
postly and thereby saved many firm
from bankruptcy. By suspeldipg alter j
o'clock neither tho longs nor the shorts
were affected. l cpprsed my Chicago cor
respondents Of the state OF affairs aud or
dered them to proceed quietly ia the mat
ter. A Btampsde wss thus avoided and g
coll for margins prevented until the mar.
ket had time 10 settle. ! didn't even lot
my partner kpow." -,
About O million, rs follows: On stocks,
, 5000 900; ON wheat, 9700 COO; on pork, about
S25 600 | closed out 1000 balso OF cotton
this morning and came out even, although
, aiterward cotton declined. ] have received
J great many kilograms from the hicago
, dealers t, whom am indebted heavily aud
, they all express their sympathy and iell me
} to 20 on. / have been The largest operator
/ on the ST. Louis and Chicago markets, and
/ when | quit operating here few days ago
the market became dnll."
"Was thele "ruu" on the Carter COM
mission company?'
q mo. The company piid ont about S50''
-. GOO to-day on drafts and demands by tele-
a graph, and is fully able to pay auy money
i that may fall due. We did the largest
) commission business oisny st. Lonis frmss
, In eight days, exclusive OF any private deals
: of my own, we handled % 000000 bushels
q Of grain, and one day had 50 500, 600 strictly
on commission. l shall hereafter give this
) branch my strict attention"
"Whst was the cause OF the rise II
grain?" was eeked.
There hes been rise at 10 cents within
. the last three weeks. There was no rot
cause for 1t, and II was the result OF pure
mnuipulation and may 8uccumb o! tny
mo nent. / ha1 the greatest c0bhdeAce "a
my predictions. wsgsred heavy sum
that July corn, which Il now CD cents
; would be below 80 cents before July lat
because predicted that May corn, vhict
: was worth 90 cents, would sell for less the,
/, so cents, and 1t did actually go down &c
dS IL cents"
"Do you intend to resume Immediately
! ,Ir. Fralsy2"
mo. Ihave been overworked lately anc
: am not in good health. propose TO tar'
q rest"
Mr.. Fraley egain reiterated the fact tha
his losses were entirely his own, and tina
no one else would be involved in his failure
) He did not desire to make public list
: his creditors, and asserted that he was in NJ
wise connected with any New York firm O.
any st. Louis concern, except the ,ns o
which he is presi- Missouri Repub
lican.