New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-06

Mr.. White himself was in an apparently easy lrame
OF mind for "a man who had again lost every tmhs'
In denying the report that friends had rallied to MS
support with the offer Of 81 100000 to tide over MS
difficulties he said If any one had done So you
may rest assured that bears hides would have been
hanging around this Office by this time
TRANSACTIONS UNDER TIE RULE.
The transactions under the rule for Mr.. WHITE
account were small. The purchases amounted ~
1000 shares, comprising 700 Atchison, 200 New
England goo National Cordasc and 100 Erie. The
sales under the rule amounted 10 $40 shares. as
follows: 1000 Manhattan, 1000 American sugar
Refining 80 Western Union and 100 National Lead.
That Mr. Whites trouble was, he says uneN-
pectcd by him. is 10 be inferred from this statement
which he made TO Tribune reporter on Wednes-
day, when rumor said his position was growing un-
certain: Il did buy several thousand shares OF
National CordaGc this morning because thought II
was cheap. think &, still. and shah keep my stock.
No part Of the liquidation may be asfrted to me,
for have bought stock all day long: Al my stocks
are good ones; have .rattletraps' and never
have them. am amply prepared TO take care OF all
my holdings. and 1uctuatiOn OF $4,000 in the
market would not give me the slightest tremor,
know no reason for the sudden slump and suppose
the liquidation general on account of exhausted
margins" M
MR.. WHITES FOURTH FAILURE
stephen Van Cullen White entered his Wall
Street career in 1861 and this Is his fourth failure
I'm that period. Ills prominence mas Deen aCleNe I'll
In recent years. and previous 10 the collapse OF
September -, 1891, he most widely known
through his operations in the stock OF the Delaware,
Lackawana and Western Railroad. lie had been a
bold and at times Brilliant SPECTATOR with clean
record for Integrity, snd notable skill III extensive
stock manipulation, which had not however. dc-
tracted from his reputation for siraigiscrwadne,s
In his business dealings. Ii was at 10 80 a. NJ on
scps mb.r 80. lo.ii that = Y. Willie Co Announced
their assignmentto Charles w. Gould. ] ne firm mad
been The leaders in biz bull pool In October com,
which at first successful. The pool had been
organized in August, and nearly MI the contracts
for the delivery OF september had been bought
Prices rose steadily under the bul movement but
when the tine for delivery the operators were
staggered 10y the heavy receipts o. Ola corn; WHEN
weather had placed phenomenal crop ALMOST beyond
the peradvenure Of Il doubt These combined ca'-e,
M f Wb lts w SSw snp I t. earyng om
10 l5OU0,ooo busnes OF grain
HIS WORD TAKEN FOR MILLION
In January. 1892 Mr.. White applied to the Gov
erning Committee Of the stock Exchange for permis-
sion to resume business. This was granted under
one Of the most extraordinary arae ements ever made
I'm Wall street. Ii that his creditors. In time
OF his Nrest need. accepted his word in lieu OF Ms
bond for indebtednes, OF more than million
dollars which stood absolutely unsecured except Tor
his bare word that he would pay tnem whei ne
could. The report of the assignee hled e. "p npd
secured debt, OF sl,742o00. ..
Mr.. White then began wear OF wonderful suCcess
a. am operator Everything lie touched seemed 10
turn TO gold. The confidence reposed in him by
his creditors enabled him rot only TO- repay ' h,m
gradually, hut also to secure another fortune Tor nun
self. At the close Of last year he was suppo;'d 10
lave s. 70 us err din aGa o Sn Il As s ey yds Sei"e
America. closing with interest all accounts against
him that arose bccaus. OF his failure
HE BEGAN As \ LAWYER
Mr.. White was born Oh August I, 1881. In Chatham
County s. e. Ills father came Of Il Pennsylvania
Quaker family, and his mother was "A member oil
one of the old families Of North Carolina Their hos
ty to slavery leo The family TO rcinrve to Illinois
soon after stcpheIs's BIRTH ard then he spent his
first eighteen years on II farm lie was graduated
from Knox College In 1871. ana ill"h went 10 ~.
Graft Brown ana John \. Ka>,on. and after adj
mission TO The bar ATTAINED local prominence as a
practising loFnfy Mf. Me o, wan r, n1e''1 u
Charles j. Marvin under The name of Marvin d white
Aba Az r ama ' soen"ea alone "ns S hc stock
Exchange May :. 1863. The great Boston IRE
with III, creditors. and subsequently, discharged ali
his obligation with Interest on he deferred pay
formed. with Arthur Il. Cahip ana Franklin w
Hopkins Nj. Whites partners. and IA 1850 IN" frIn
was rccreanilcd with Mr. White and Mr. Hopkins,
his son-n-Inw. alnu" as partners. Chicago branch
was opened In ISIS.
OPERATIONS IN LACKAwANNA
In his manpu'aons Of Lackawanna stock, In
which he achieved his Wall street prominence. Mr.
White supported by Jay Gould. and one OF the
operations was reported Ia have cleared TlV"oooo.
On March T. 1854, Mr.. White invited the shorts IN
Lackawanna TO step into his Office and settle; ana
they obeyed him. He had bought the stock ior
regular delivery and had. through brokers, SOFA IL
freely option for the seller to deliver The STOCK
In three days. Mr. While forced the shorts 70 accept
lis terms. and hy the selling options was able
TO relieve himself Of stock usually accumulated IN al
tempted THIS success gave him important
place bull leader. but for several years he gave
his attention to industrial enterprises. and attempted
10 stock venture Of any magnitude until The gram
deal OF 1891. which resulted dsasrousy. lie was
receiver OF the Grocer' Bank. which failed several
wears ago account OF fOrgercs. and held a re
Ownership OF the sugar Trust In January. 1891.
Mr.. White has long been one Of the active mem,
beers Of Plymouth Church. which he was nttr1ct@1
hy Mr. Beecher's preaching. lie and his wife were
enrolled members Of the church In loG6. and for
n large part OF the time since then he has been IL
trustee or me society and Treasurer OF the church.
In politics Mr.. White has always been strong Re
publican.