New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-22
"BTARr BROKERS' ~ 4 CONTROVERSY.
GOSSIP ABOUT 4. ]. WE'LL co.'s BANK &C
COUNT RAISES \ STORM.


Wall street was full Of gossip yesterday about A. j.
VOL & Co. nj No 90 broadway the house through
which many OF tho bear" attacks on the stock
market have been made for n long time. The "bulIS
downtown are extremely hostile to the Wells whose
operatlons have had demOralizng effect on values.
Many OF the methods OF the hons" have been severely
criticized and II has been charged with deliberate at
tempts 10 disturb confidence. The rumor was circn'
lated Yesterday that the house had been asked by one
bank TO remove It's account and shortly before the
close crowd Of brokers gathered around H. IT,
Well the stock Exchange member OF the firm, ana
began To harry him with questions about his OahN
recount. Mr. We'll apparently became ncttled ~ the
remarks ard holly declared 60 Talk ahont yonr New
York Banks. They haven't got any money had
n balance OF S92 900 with the Manhattan Bank ana
drew my check on them, but they couldn't pay me
in currency"
4 howl was raised NJ this remark and Rudolph
Kcppcr Of j. Kcpplcr q Co.. who Is governor OF
the Exchange. seized Mr.. Well by the lapeS OF his
coat and shaking him. cried 81 Here. won't Stand
that attack on the credit OF the Manhattan Bank
call on you turning TO the surrounding hrokers) 70
he witnesses. Do you say III" bank couidhV OF
wouldn't pay you currency" Mr. We'll Is said TO
have waycrcd before The apparently gathering Storm
and finally said They wouldn't pay me-"
The Incident was holly discussed after the close Of
the Exchange 4 special meeting OF III" Governing
Committee held In the afternoon, and the Wen
matter was n subject Of warm discussion No com
paints were formally made with names mentioned
but as result ~ the deliberations At ia" meeting
President Frank H. stursis. Of the Exchange VIII
this morning make an address from the ro'irnm In
the line 81 rcbukc 81 "b"arish" methods That nave
boon complained Of recently.
We'll 4 60. In the afternoon mad" TIA" following
statement n their controversy with the Manhattan
Company Bank
We had q balance In tho Manhattan Company Bank
iny IS ~ t93 rs We presented check for $50 0JC
On that dav. The paying teller rf'rrci ~ - the p's
dent. who declined T. The check. W. sid We would
iaoo-t the and a-kcl n this amounted TO -u'-
n.ion O, Iavncni lie .ad that II practically did. We
finally compromised receiving on'half Of m" amount
currency. Yesterday thcv asked to withdraw our
account trin,frfcd 10 the Hanover
Bank. where ID 10 meet all demand.
Tn, ,lNors Of the Manhattan Company Bank. in
reply 70 Mr.. Wells statement said that they hid asked
him withdraw hi, account brcanA" they dil not Ike
If. bu,inc,, mcihol> They asserted that Mr.. We'll
lai frcan.niiy deposited checks with the bank and
then drawn large INNS IN currency. y, the hank.
WHEN ci'-or az M" Clearing IipuI'. WINS comp He'd
10 accept loan certificates. ihc ciicer, dill not like 10
p, ol cash on Mr. W'll', deposits u chez 3. Somr
time ago hc had ti.d 10 got cicc. certified ~ tn
bank when hc had no balance. on July Is check
wa presented iar a5oOoO currency being asked fer.
~" firm had large balanc" that day. but IA" bank
did wish 10 pay ont currency. and tod Nr. We'll -.
W. explained the reason aid j. T. Baldwin. the
ca -hi,f "an1 ioli him that had lr"n warned
lcrin,t him bv srvcrul members Of M" Exchange.
Finally consented 70 pay him $4,000 In currency.
which he accepted. ON that day had OYER g..
OtOOOO In specie md cocoon in lc,n tender. I'm orr
vault,. II Wa not from any inability that dc
clncsi pay The chr.k. The officers then d,cidrd
hat the; did not for We'll 4 Co.'S account. ana
as.cd them TO take II away. Offering cash FOR
he balance. Mr. Wdl WIS pleasant about The mat
ter and took hi. balance ia check declining the
much cash in Iis Lu,lnc,.. AMI did not like his
ncih.i-. Now W. roa he Is afsi i!ing the credit
II the bank
". g. Well invited fresh mpIcraOns from tho
bulls" Yesterday 10y selling Richmond Terminal
per cent collateral trust road, down To- i. lie
logan -c!ling ut -. and made ilc price touch l.
IN sab, ~ $-,OOOO bonds. Tho severe brrk caused
intense excitement In the bond crowd aud some hot
headed " bulls" suggested that SIR. We'll be held
deliver bonds and not trust receipts. Almost The
entire cunt ~ thc Terminal - have been placed
with DrcNrl Morgan Co, In trust. under their plan
Of reorganization. ana Tire firm has Issued receipts.
which constitute ia" dealing at the sock FNcnangc.
The dcalines In the und"po,l'cl BOND, have ceased
and therefore ;Le brokers mo- longer specify rrccpts
in their BIDS and oilers. simply saying Richmond
Terminal IS g." ~ the case may he. TO have
held Mr.. We'll ~ delivery of bonds would have
put him short OF 4 security which he could not he.
liver. This urged Icy many excited hrolcr.
bat Asil n 60. AM DINER brokers had bought
the bonds offered down ly Nr. Wei refused to do
%. They tOoa the XIV uni that " RchmOnd Tern inn
-" which the way Mr.. VOL made hi, oicr,
meant tho DrcN,l. Morgan &c. receipts ~ tri iins
in The old bond, rad c6l,cd fhc cNct~mrnr oc,
"a stoned by this incident indicates the tension II
feeling reached between III" wali stree; bulls" ana