The sun. [volume] (New York [N.Y.]) 1833-1916, 1890-05-21
SERENITY OF THE BIG FOUR.
THEY SAY THE OWEGO B4NK CASHIER
DIDN'E MARGIN UP ON n l.

The Oweno People Can't Get at the Assets
ct the BUCKET shop md Talk of Crirn-
i"ni Proceedings tor False PreteAces.
The conductors Of the Big Four bucket shop
In tho Welies building wern placid yesterday.
They were in and cut OF the Offices touching
elbows with the Sher!Ts mon and content
with the situation. Charles n. platt, the head
man in the enterprise, did not act like u mSn
who sees his little all fading away. On the
contrary he made tho announcement that By
the first of the month tho big bucket shop
would be running again under now name. He
was very positive that all his friends were
solvent. and he told n very interesting story in
which he desired to show that c. A. Thompson.
cashier OF the Owego National Bank had had
pretty close business connections with James
+. Dee, the representative of the Big Four in
OweKo Mr. pIatt said that Cashier Thomp-
son had specuated very heavily through
Mr.. Dees onlce lie says that early in
March Thompson began buying Rock Island
in 500 share lots. In ten days he says Mr..
Thompson had on hand 5000 shares OF Rock
Island. lie added that Thomrsons purchases
began at %. and that he continued to buy 500
share lots until the market struck 90 by that
time his margin was pretty nearly exhausted,
and Plat gave orders that Thompson must in
crease his margin The following day Plntt
says he received a telegram from Dec saying
that he had received $1,000 additional margin
on the account, and the next day another tele-
gram announcing another 2l.9O0, and on the
following day another telegram saying that
$50, more had been put up ,l,Iatt says he also
went TO show that the additional margin hud
been deposited in the Owcgo, National Bank
he says would have marGined the account
down to H. lnt !iock Island dropped down
to he dd p to Su b
that additional margin would DO forthcoming
for the amount, but he says he was .astounled
when. on April |, he received Docs monthly
statement showing, according to Plat, that no
additional margin had been put up for the &c. &C.
the Thompson account had cen margined
down TO e.. only. and that he mmedtately
closed. Ito says that tho claim against the
Big our FOR $50 900 proceeded from q transact
tion by which Thompson transferred his ac-
count to Dee THOMPSON insisting that the a.
count had heen margined down to the lowest
point 10 the market and that he had been fully
that boo sent all the tel eGrams concerning the
putting up of additional margin.
with lawyer named Jacob Schwartz from FL
NH mira He got here LITTLE late, and found that
Fourth National banks had no money of tho
Big Four, because tho Big -Four, had been
Heep g e a.sTe 9@t a" fn9 be
the Zig Four wthdrew anywhere from S5o.0OO
to tlgHHo43 because thsE AZ 6ns% he was coming
comes moro complicated for Mr. schwartz and
his clients, particularly as tho Big -Four. neople
are sitting back on their chairs will their bank
BALANCES in their POCKETS. but Mr.. schwartz
says he will score point against he company.
ing that they were members Of tie ConsOli-
dated and Produce exchanges. He say, that
they were not members of eithor exchange and
that this is equivalent to obtaining money I'M
der false protences He believes that. in WOW
Of this fact all the conductors in the concern
can be prosecuted for making this announce
ment
But this did not disturb the pacidity of the
Big -Four.
ALBANY. May Gothic effect Of the failure Of
the Public Grain and stock Exchange was felt
here to-day in The assignment of FrHnkln ID.
Tower grain broker. Tower admitted yester-
day that the Public Grain and Stock Exchange
owed him considerable money