New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-24
WHO WAS BACK OF HARRIS?
LARGE SALES OF STOCKS FOR \ CONSOlI.
DATED EXCHAN.iE FIRM.
ITS DISSOLUTION FOLLOWS THE DIsCIPLINlNi
OF A BANK CLERK WAS b. G. SANFORD OR
A. G. SANFORD THE PARTNFE THE
BIG" BOARD AFFECTED BY or
ERATIONS OF \ LITTLE7
BOARD TENDI..

ERATIONs OF \ LITTLE
BOARD TRADER.
The lulness OF Wall Street affairs was relieved
yesterday 10y an episode which excited consderap'e
gossip and left curiosity unsatisned as TO some IN
eresng points. The incident illustrated the futli'y
OF the rules Of the stock Exchange forbiiding any
business connection between its members ana mem
hcrs OF the Consolidated Stock and Petroleum FIX
change 1t showed decided sensitivencss IN the
StOcl. market To the sales Of a moderate qlah'l'!
Of stock. II also brought to light a case OF bahk
discipline which may be needed warning To care
less unthinking clerks.
Harris & Co was firm Of brokers doing business
in the Consolidated Exchange and having an once
in the building No. GO Broadway. =. NJ Harris j.
the senior member The stock market opened yes
terlay with promise. in view of the staSha'ioh
which had prevailed through the week. OF excessive
dulncss But soon after the opening Maurice u.
Mendham. a member of the Consolidated Exchange
hurried into the Stock Exchange and gave out sell
ing orders over the railing which separates the
board-room floor from the surrounding passase"4E'
At the same time Mr.. Harris. on the floor OF 'ht
Consolidated Exchange. was also Offering stochs
freely. Prices at the little" board fell rapidly ana
were generally below parity at the Stock fNc'a"se'
But the market at the latter board continued to de-
cline and prices closed - per cent to over per
cent below Fridays final figures. AT first 1t was
rumored in the stock Exchange that A. j. well
former prominent bear operator. had started III OH
a new campaign but this theory was exploded "heh
Il was discovered that the sales were Of long STOCK
Then IL was announced in the Consolidated TX
change that the firm of Harris 4 Co. had dissolved
partnership. and it was learned that Mr. Mendham
orders i'm the Stock Exchange were on account OF
Harris e. CO. There were estimates by some close
observers OF the stock market that Harris 81 20
had had 5000 shares sold in the big board TOT MS
account BIT It was afterward said by MIR. Harris
..lut = faA oiauT.
Exchanges MIR. Mendham said that the sales IN
the Stock Exchange had amounted to about 80"
shares The rules Of the stock Exchange forDl'uihs
business Intercourse with III" Concentrated hN'hansr
are known to be dead letter but never before
were they 80 openly dsregared and with such an
emphatic effect upon values.
Mir Harris said yesterday that owing TO the de-
cison TO dissolve the partnership the long ac-
counts OF his customers had been closed out lie
will continue in business for himself Mr. Harris
said that his partner was B. g. SANFORD MI 'S''l-
ford UP To Friday. was III" correspondent % clerk
of the Continental National Bank. lie - about
thirty-nve years old, and had been over twenty
years in the service OF the bank. ON FRIDAY the
officers Of the bank heard that be was specuiatins
in stocks and upon taxing him with 1t obtained
Acknowledgement Of the fact. As II - RUE Oh the
bank Incorporated in its bylaws. that no oi'cer
or clerk in its employ may have any outside Dusi-
ness connection. or ma operate In stocks OIL
Although his act had been criminal. ana an
spite Of his excellent record the officers o. The Dunk
felt compelled inexorably to enforce the rule
The evidence showed that Mr.. Sanford had Derh
successful In most VI his operations. ana was
.aheel OF the game" II Is curious fact ihat the
co-uartnershp directories name the partner OF
Mr. Harris az L. q. Sanford who Is tho father
OF the dismissed bank clerk. But Mr Hairis
claimed B 6. Sanford his partner. ana II IS
supposed that he was the virtual partner. although
his father may have been the nominal mr'hDrt
OF the firm IL ~ conjecturcI that Oh learning
OF the action Of the Continental Bank Mr. Harris
decided that il was best 10 dissolve N" firm
Wall street f. curious TO the Identity OF the
customers OF Harris s. 90. Neither r. o. nor y
c. Sanford Is known 20 poss.ss the capital that
/ has seemed to be back u BNrfts 20 sine
they began business at the Consolidated Exchange
Isst autumn Mr.. Harris has always been =
"Dluuger" ~ a man Is termed who operates III 4
large line Of stocks without recognized pro
/ PROMPTLY 10 calls for al iitional margin wh'h me
/ market went against his trades. ana ioi S"Ihr
TIM. h. was apparently the wrong SIDE "i
speculatlou Since July. HOY ever tre nIN mas
OF the Consolidated Excht agree that he house
made q great irul Of money out OF ih' shalP az
vance from July Iaur prices - me- brokers have Su'-
p-cicd that :. y white Was The principal ca tom
II Is doubted by wrll-iufOrmtd brokers. Al any
rate wan street concludes that Harris 60.
have yelled the operations Of some interests OF
CONSEQUENCE. aud Yesterday dealings may rrHr't
/ a not un!mportant liquidation. The 100 or lSvp
shares sold by harris y 60. YESTERDAY Included
Chicago Gas Chicago. burlington ard Quircy
Rock Island. 81. Paul. American sugar Refining
and others Of the active list generally