The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-22
MORE FUSS OVER THE WELLS.

NUM- ODD " iJit lllb w LlLOs
WALL STREET GOT VERY HOT TES-
TERDAY AGAINST THOSE BEARS
Nh. Manhattan Bank Declined to Give the
Firm $4,000 Currency ON Its Check
distorted Reports Got Abroad, and the
Rank Asked the Firm to withdraw Its
Accounted Lecture Rumor- mougerIng
-.Cocoanut" Schopp Under Discipline.
Tho stock Exchange community worked It.
,elf M to q high pitch OF excitement during
the last hour OF business yesterday. over a
partly told story Of tho withdrawal OF the ac-
count OF A. ]. We'll 4 Co. from the Manhattan
Company's bank. 1t Is necessary to q correct
understanding OF this episode to state that tho
arm m mentioned is unpopular on the floor OF the
Stock Exchange The chief reason for this
unpopularity appears to BIO that it's members
have been aggressive and successful bears on
tho stock market Possibly race prejudice
may be a contributing circumstance. The firm
IA represented on tho floor OF the Exchange by
Mr. Harry G. We'll. q Quiet but determined
young man. who Of late has improved every
opportunity no could detect to offer down the
prices OF securites-
and counter statements that were made and
became current yesterday afternoon about tho
relations between We'll d Co. and the Manhat-
tan Bank. the following was CLEANED as q cor
rect version OF what happened:
On Tuesday OF this week We'll 4 Co. pro-
sented to tho paying teller Of the Manhattan
Bank their own check for $4,000 and de-
manded currency for the same. The person
presenting tho check was referred to the off,
oers Of the bank. who informed him that tho
bank declined to pay tho check in cash. The
credit balance of the firm at the time was $685.
900, q part OF which tthe exact amount cannot
DO learnedl consisted Of checks just deposited
which would not be paid through the Clearing
House until the next day.
The officers Of the bank called tho attention
Of tho firm to the fact that all It's deposits were
made in checks. against which 1t had drawn q
GOOD deal Of currency. including gold certin-
Gates and that 1t was manifestly unfair. both
to the other depositors Of the bank and the In
stitution itsoli. to constantly demand large
payments In cash. The outcome Of the con-
florence was that tho bank paid We'll & Co.
$4,000 In currency. On Thursday the bank
requested We'll & Co. to close their account.
They did SO. transferring their balance to the
Hanover National Bank.
Wall street did not get the story In the shape
outlined above. Its first version was that tho
Messrs. We'll had asserted that the Manhattan
Bank had virtually suspended payments by
declining to give them cash. that their account
lad Gps e the and sh
TIL. Last raised ery against the First Aa-
haitian Bank did not 20 into the First but into
2 Go; and 4, 4 Z Wen gsIsYoRRslly have bad
the ts .a aad tie
q lite s5sasd Gs1rs %s
hand on tho floor of tho Stock Exchange and
call him down for circulating what they
ssed the G eaen ts wen
sso % ss
siiDed TO talk to them about the matter on tho
ground that It We. , not matter Of PUBLIC con-
staten ont through ono Of the news agencies
rs teJ 9seE
iOr So. 900 on that day; TIE payi9g teller re-
bs Us the vsnd to
same. and asked Il this am osntsd to q sas.
pension Of payment He said it practically
one-half Of tho amount in currency. Yester-
day they asked US to withdraw our account
we have transferred our account to the Han;
This elected from. Cashier Baldwin of the
Manhattan Company's Bank statement SUBJ
~ We DID not like the business methods Of
Mss h Wen CO. and haze heaTd I'D good deal
with our. approval. They have been In the
habit of depositing checks with US. and then
time they drew gold certificates, at others cur
reney On July IS they mad credit balance
q $4,000 against checks deposited; On that
nd
time over $500. 900 in cash. but declined TO
checks. The outcome OF the incident was that
We requested tho firm to close its account. and
rendered them the full amount Of their deposit
Certified ss cheek dnsk 'eclined tho cash. but took
4. Counsel tor. We'll & Co. said last evening that
ssremittance IL cash to St. Louis and that was
she reason they asked the Mani haitian Bank for
tbsy Il and also the that
currency. Alter tie refusal q the Manhattan
dreT $40 ~ 900 in cash from the ,first, National
bahk. These two amounts obtained from their
sSs' hay with sons eIa ia sSt them
70 mship the, SlOO.OOO they wished to remit
,h me legal representative OF We'll 4 CO. said
publicity that has been given TO this affair.
the nrst intimation they had that 1t was being
stesno about was when Feporter from an
fHhort,y after z O'Clock yesterday afternoon.
ne Iolu them that report was current. that
they y had been ordered to withdraw their ac-
s count from the Manhattan Bank: Fearing
t tiat their credit might suffer from the crcuia-
S91 1h or Pubcati9n Of the report 1t was agreed
t ~ iacts In an informal way to the members
S oI .he stock Exchange with whom he might
Some IN contact, and according to counsel. he
may IN his Indignation have created wrong
IMPRESSION IN stating his version Of the case.
g.. special meeting Of tho Governing Commit
zee zee OF the Stock Exchange was held after 3
ociock. at which after the transaction of
sH,ne 9'h her eusiness this matter was dis;
q the Exchange should address the members
X ,moirow morning. calm their attention TO
Enenesimbiity of exercising great discretion
e sa discussing and circulating reports likely to
AgEravate the situation.
NTH, AZ this meeting Mr.; Louis Schepp, more ia
miilarly known as "Cocoanut Schepp." be-
cause OF his manufacturing interests. was sus-
pended Zen Tor six business days for impugning
t9e Integrity OF u fellow member on the floor
ol the Exchange. He took his punishment
gracefully, saving that he had already planned
70 take train to Canada last night for a va
cation OF q week or ten days.
S(HETI gEEF ErpnU