New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-23

tons may have been made by the firm were not
| in sympathy with the advance 1t is said that
this has been the result of Mr. Whites associations
with capitalists who have been regarded as hostie
| 10 the boom. The securities that were necessary
TO close up adverse accounts are said to have been
purchased last week, leaving no outstanding con-
| tracts at the Stock Exchange TO be completed by
purchases under the rules.
\ THE FIRMS DEPosIToRs SECURED.
There anxiety for time in Wall
Street after the announcement of the suspension az
to how farreaching might be the effect upon per-
sons who had deposits with the house in its capac-
ity as bankers. Friends of Mr.. White said that
even if the failure could not be recovered from
easily, Mr.. White was too high-minded man to
imper the money of others 1t is believed that
depositOrS have been secured in way which pro-
tects them from unfortunate consequences of the
suspension. There are not many privileges on the
s9treed issued by Mr.. White who at times has freely
issued them The most active put and call"
brokers in the Street say that they have not done
any business on Mr.. Whites paper for several
| weeks.
There was enough work to keep Mr. White
busy yesterday in Strengthening out accounts and
attending to various details required in the failure
of "a large firm. But he was forced to stop often
to shake the hand of friend who simply called
| 10 eApIcoS eS Hlldtny, OF I'd gldncc HuIIlSuiJ "V
the letter or telegram of friendship brought TO
him By clerk. Wearing his old felt hat ana
| light office coat. Mr. White yesterday was the
same cOOlheaded but quck-actoned man that
he is always. Words OF sympathy came to hlm
from John ID. Slaybacll, John Boodg0od, Hans
SOmmerhoff, George w. Ely, II. o, Armour. X. IL,
of the first of the brokers to call Mr. White,
| and he brought to him word of the general SYN
pathy expressed on the floor Of the Exchange
In their offices brokers strong in their eX-
| preston of kindly regard for Mr.. White. Watson
| B. Dickerman, president Of the Stock Exchange,
said There never a more honorable man
| in Wall Street, and never who has helped
more men who in misfortune. His sus
pension has excited feeling of genuine regret and
we are all glad to hear Of the excellent prospects
of the early resumption Of business by the firm"
George W. Ely, secretary Of the Exchange,
echoed Mr. Dickerman's remarks, and said; " You
| cannot put words into my mouth TOO strong 70
express my appreciation of Mr. Whites character
! and generosity"
Washington f. Connor spoke strongly of Mr..
| Whites character, and predicted that his pluck
and courage would soon put him on his feet
Colonel }. c. Reiff said: :" You can give. Mr.
White no stronger testimonial than this, which is
true: lie never told a lie about any transaction
in which he was engaged in his life.
Mr. Stedman epitcmized the sentiment OF Wall
Street in this ePigram: II every man an, IN wall
! 10 subscribe 81 900, the fund would relieve him
from his present position and make him million
| airc."
On the Produce Exchange there was little ex-
element over the failure. $. " White & Co.
were rot members of the Exchange, and what
small dealings they had in the New-l0rI grain
market were done through brokers' They are
understood to have had outstanding contracts
| in wheat and few in corn. The failure was not
! posted the Exchange, and no other firms were
! reported to be affected by II. The corn market
! was naturally weakened but opened at 80 for
both September and October drop of only IA
| cents from tie closing Quot1tions Of Monday.
! November corn opened at 81 l-8, a drop OF
cent, ard May ut 81 cents, drop OF 5S ol cent
December January and May options were not Wis
Ia ofo nrin hn fiaT m
! September and October corn rallied somewhat,
rising ga Of cent, but the trading was not 9c.
tive. The drop ir wheat, whether from sympathy
or ontside causes, more pronounced than that
! in The only direct result OF the failure
| in the shape of unusual transactions on the foor
was the sale Of fifty boat-loads 100000 bushels
| Dealers on the floor all declare that no New.
! York house was embarrassed in consequence OF
| the failure. They said that Mr.. White had no
associates in the deal and that the brokers who
have been handling corn for him were amply
protected by large margins. Only small part OF
| the transactions were undertaken in this city
For some time the brokers have been nervous
over the situation and have refused to handle
corn except upon ample margins.
snoien Of rs likely TO suffer from their connection
with the broken firm sold. " The corn when We
are carrying for M White is very heavily mar
gined. You could almost cut the price IN
two without touching us We should he glad
to take back the corn for export ~
the margin price Other houses told the same
story
WHEN THE DEAL WAS STARTED.
It is believed that Mr.. Whites dealings in corn
began about July D. Since tLen he has been
buying extensively in the attempt to corner the
market He is reported TO have bought nW
less than 100000 bushels. at an average
price of 60 cents in Chicago. The attempt was
first made to September corn Dealers
were shy, and the market went wrong large
Quantities of corn for October and later months
had to he bought to bolster up the september
purchases. The effect of these purchascs on Tue
market can be from the following On August
September corn was selling III CmcaSo LOT 90 Do
and in New OrI SOr 60 Is. October at the same
time was quoted at 80 3-4 in Chicago and 63 Il
in Ncw-York. On August 20 September corn
had risen 10 Gs - in Chicago and 40 IA IN Se".
York. and October to So IA in Chicago and l5 Ia
in Ncw-York. Nine days later, on August ~,
September corn had fallen to 81 in Chicago ana
6s l-2 i'm New-Y0rl< October prices dropped III
proportion. Another rise then occurred, ana on
September the highest quotations were reached,
being 50 for September and 90 Ia for Oct0Der III
Chicago and "a for September and 50 for october
in Ncw-York. By this time reports Of the new
crop prospects were becoming better and better
and the prices for old corn rapidly fell away untll
YESTERDAY when the Chicago quotations were
4s 3-4 for September and - for October, and the
New-Y0rk figures 80 for both.
When the drop began Mr.. Whites Chicago !
brokers called on him for more margins. These
calls he unable to meet, and large quantities
Of corn We're sold in liquidation, helping to send
prices still lower Mr. White, however, sill
boned to pull through. and up to Monday night
belle sd that he could. The publication yester'
day morning of rumOrs of the firms weakness is
relieved by Mr. Whites friends 70 have struck the
final blow at his credit and TO have preciplt2ted
his assignment. What the losses viii he and how
iargc an amount is involved in the whole transac-
tion are variousy estimated. The visible sup
plv of old corn on Saturday last was estimated at
o. zoo. 900 bushels How much more than this
MIR White may have bought is a matter of con-
j cture Probably S7,500,000 would represent
a proNimately the total amount invested Tho
loss may be anywhere from Sl,OOOOOo to
50 600. 900 according TO the prices paid, which
no one but Mr. White can tell.
OTHER NEwYoRK HOUSES NOT LIKELY TO
SUFFER.
Until Monday S. V. White & Co. did not figure
OH the Produce Exchange Then for the first time
the firms checks began to circuRte, and it is re-
ported that the firm withdrew funds from sew
cral houses with whom il had been doing reciprocal