New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-04-14
CORNER IN MUTUAL UNION.
DEALINGS IN THE STOCK SUSPENDED.
An INVESTIGATION OF IRREGULAR DEALINGS BEING
MADE BY TaE STOCK EXCHANGE.

An INVESTIGATION OF IRREGULAR DEALINGS BEING
MADE BY TaE STOCK EXCHANGE.
Dealings in Mutual Union Telegraph stock
were suspended at the Stock Exchange yesterday after
noon by special order Of the president after consultation
with the Committees Securities and ON STOCK Ldss
Complaints Of irregular transactions were so frcqnei
during the day that his extraordinary action was naS
taken The notice read from the rostrnm was a' io'
lows: AL,
and stock list l. j. Edward simmons III
NewYork Stock exchange hereby stock pending
M in relation TO certain alleged
transactions said to have been maze III tue s'oeh.
.,.ocial meeting OF the Governing Committee was
called for today and TO testimony In the case the
Committee on Stock List listened TO complaints for three
hours Yesterday The subcommittee took no action Out
the suspension of dealings will continue until some de-
csion by the full committee has been reached
The cause of this furry close corner In MUTUAL
Irion Teegr oh stock price of which Jumped from
II on Saturday to s5 yesterday. AT the advance thore
was no STOCK available for the closing OF
contracts The exposure OF the corner showed the
business methods OF number OF STOCK hA-
change firms. Numerous orders we're received lron
c. H. White of Newark, last week. The letters were III
the same and OF different dates All ncloseo checA
of $500 or $500, which have since been proved
good SO far as they have been collected. In
each the statement was made that the writer
had q small amount Of money and was
willing to risk It in stock speculation Some OF the
letters received nearly week ago and the checks
collected. The operation explained yesterday py
the sudden rise in the price of the stock On Saturday
letters and dispatches were received from MI
White to sell Mutual Union Telegraph stock,
which had been sent by mail or ex-
press The orders were executed by eight brokers
who unable TO make deliveries because tney haI
nod received the stock their customer IL ana not
take long for the brokers TO discover that on
.,,;cI, T1,o xraQ limit
The firms who were victims OF the corner are Morris q
Sons Poor White d GreenOugh Green Batelnan, Nyso
& Sou, j. III. Sterling d Co.. l.. L. OpPcnheiin 20
Charles NJ Whitney 4 Co.,, and Easton, Nichols 4 90:
never be known is certain that large number OF or
ders sent. because many brokers boosted mat
returned the check with the statement that me m do
take orders from strangers ON 3 per cent margin;
the stock would he sold at the market whenever was
received. Other instances of similar chaI-
aSter evel TSpO ene except the pacpa
happened I'm office where customer on seeing the
found out afterward that his stock was New-fork
Mutual Telegraph. On a proper representation oI INC
mistake the sale was covered at 80 loss OF SsOO
The principal buyer OF the stock was j. +. shepard;
who specialist IN several inactive stocks lie asken
the brokers in several cases II hey knew what they were
selling but to NIL his own orders bought me STOCK 80
freely offered to him. He not summoned before the
committee yesterday and the name Of his principal was
mo- made Known III the complaints II was alleged ha the
orders to buy and sell result of conspiracy
but the evidence produced not sufficient 10 eslasn
the charge Walter Del Mar of f. L. Oppenheim ~ Co.,
He closcted with the committee for some
time after MS return, put WAS was anwl, nnn,oto
the express company at Newark but was not at his
post yesterday. -. H.,
suspciOns had been excited or two ago NY the
frequent Inquiries from to the amount of
stock outstanding. and that no had sent special notice 10
the Stock Exchange that only $50 shares ed not been
exchanged FOR New York Mutual Telegraph stock