New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-01
& co. ASSIGN.
THE FIRM LONG" OF SUGAR AND
SHORT OF STEEL AND WIRE.
THOUSANDS OF SHARES BOUGHT AND SOLD FOR
ACCOUNT OF THE FIRM UNDER THE
RI;I.E''-REcENT HEAVY
PLUNGING.


srrn.tau & Co. with Offices at No. 81 Broadway,
was announced from the roster of the Exchange d
little before yesterday. While the mouse was
far from being Of the largest in the street the
failure must be classed notable one, owing 10
,bs macmillan circumstances surrounding IL. There
were sod under the rule, for account OF the nrin
II 200 shares of stock. and there were bought 1or
che same account Is 400 shares. The sales incuoeo
forty lots of which thirty-three We're AiieIlc tI
Sugar Refining. and were as foHows' sugar,
~ sno shares: Leather common, 400; Continental
Tobacco 200; Union Pacific 100; Northern racine
nreferree 200; American Steel ana wire common
100 There were fifty separate lots nougnt unoer
the rule" including 4.s00 shares American steer
- xT,r. common / zoo Federal Steel common.
1850 st Paul. 1000 Southern PACING ooo Baltimore
and Ohio preferred and 200 of the common loo
Leather preferred and 100 common. 400 southern
Railway preferred. 200 Brooklyn Rapid Transit ooo
Atehfson preferred 300 Sugar 100 Burlington. 200
Metropolitan 300 Louisville and Nashville, 100 Pa
cific Mall and 100 Pacific Coast.
IT was bear failure" the firm being heavily
.long" Of Sugar and short" of Steel and Wire.
which has advanced so rapidly in the last two
days on the announcement OF the per cent divi-
dend on the common, and of other speculative
stocks on rising market. No statement could be
obtained at the office of TunstaI & Co. beyond the
following announcement;
Owing TO the bank refusing to certify our checks,
We were Obliged to suspend temporarily; We hope
to make satisfactory settlements sS9r ny IN
LIABILITIES ABOUT 100000
Tho assignee is Clarence J. shearn, of No Sc
WaT-st and the liabilities were said yesterday by
8 clerk of Tunstall & Co. to be about slVo'Vu al
though other estimates made them much larger
Mr. Tunstan attracted general attention ana conn
ment In the Board Room on Tuesday afternoon oy
heavy purchases of Sugar and his strange de-
rneanor He bought many thousand SHARES OF TINS
stock personally, and large blocks through an
other broker one Of the best known and best hkeo
members of the Exchange, who it is reported may
FasIp- omission
give the name Of principal as, If he had given
It. some of the trades would undoubtedly not nave
been consummated. Mr.. Tunstals operations hao
the effect Of forcing the stock up from MA 10 LII
the close being 100. Yesterday morning he again
appeared on the floor. and less than nan hour
before mis- suspension announced he bought
heavily Of the stock in 1000 share lots around III
after selling three-eghths beyond that price lhe
stock declined over four points Tunstalis APP
pearance on the floor yesterday was such as 70
excite the comment OF all who saw him his race
hie and his attire awry He left before the end
of the first hour and word soon went sfep sup
plemented by the formal announcement from the
On tuesday it is said Mr. Tunstal omitted oh In
many cases to take the names of the sellers with
whom he had transactions. and this fact led 70
Semand fer certified checks delivery to the firm
Of the stock sold The precipitation OF the Ianure
who called Yesterday morning at the Irm eTc ces
for check for the one thousand IA Is rumoTed
said he would have ask for little delay addng
shares of Sugar thrown on the market. would
you?" 81 don't know whether would or noa, , re-
and he promptly rushed over TO the Exchange ana
sold ten thousand shares OF Sugar snort breaking
the price. 49,, ,, NH,
have acted for Tunstai ii the lest day or two VIII
be fully $780, 00 and many bitter comments were
heard yesterday on the disastrous pung1ng o. Ine
firm in the apparent effort TO make good by heavy
purchases of Sugar its embarrassment caused by
being caught short Of Steel and wire and other
BEGAN AS AN OFFICE BOY.
Tunstall. who is still under thirty years Of age,
began his Wall Street an office boy in
the employ OF Haven Stout, and did little specu-
lative business of his own while there. Later he
entered the service of Macy & Pendleton, who 1t
Is said, in their desire TO push business secured
his admission a member of several Brooklyn
clubs paying his initiation and annual dues. E.
Hope Norton of the largest customers of
Macy & Pendleton II is said, and the failure OF
September j, 1896 Tunstall having been ADMITTED
TO membership in the Stock Exchange in the pre-
ceding month, and his seat having been purchased,
II is understood, with money advanced by
Norton. The dissolution Of the firm of Norton &
Tunstall few months ago., was generally at,
tTibuted 70 Mr.. Tunstalls inclination 10 plunge
and Mr., NoTtons distrust of that policy. On dis
solving partnership with Mr.. Norton Mr.. Tunstall
formed the present firm Of TunstaI & Co., OF which
his partner, Charles A. Wainwright, is credited
with being the moneyed man,
In the last week two TunstalPs friends on
the Exchange have noticed a great change in his
manner and appearance, but they attributed this
said that the failure OF TunstaI & Co. will be
brought 20 the attention Of the Governing Com
rnittee of the Exchange who will be asked to
which many members have lost large sums, es
peciaiiv the brokers in the loan crowd Co..
Tunstan * Co. fled assignment In the County
Clerks ONCE YESTERDAY TIE deed was signed by BY
stall lives a No. 199 Sterling Place, Brooklyn. and
Mr.. Wainwright at No a2 West Seventy-fourth