New-York tribune., 1910-08-21
Brokers Regret Selling Scheftels
Paper at Discount.
FIRM SHOWS BIG BANK ROLL
Saws It Is Ready for Any Devel'
opment in Way of Deliveries
on Monday.

I Il Scheftels & Co. the brokerage firm
that was the scene late Friday afternoon
OF a wild demonstration by excited curo
brokers who held checks Of the hrm that
had been refused certifcation by the Ma
tional Reserve Bank, on which theE were
drawn. because they We're presented after
banking hours. apparently had no DIM
Guilty. Yesterday IN meeting all demands
upon il
George Graham Rice the leading member
Of The firm. vas on hand with a large de-
7,osit Yesterday when the National Reserve
Bank opened for business and as fast as
the checks which had been issued by the
firm on F'riday--and there was a number OF
rhern-were presented for payment the
amount they called for was promptly paid
Mr.. Rice remained at the bank until the
last Of the firms checks had been honored-
He then returned to his office 10 make
preparations TO take care of the aNalancne
OF deliveries which are expected to be mace
On Monday. There We're no deliveries yes
te-day. as all contracts made on Friday go
over until the following Monday.
When Mr.. Rice was asked if the hr1n
would have any difficulty in accepting de
liveries on Monday, he smilingly produced
package OF bills six inches thick with
end and replied:
This is what talks. ] have S'o'cH mere
which will more than take care Of any
thing that turns up on Monday. If not
there is plenty more where this came from.
Look at il; it is real stuff. Nothing PhohS
about this. is there?'
he ran his thumb over the end OF the
nsckage Of bills showing that they were
al of large denomination. and, 50 far as
the reporters could see, none OF II was
stage money
II IS understood that Charles A Stone
ham & CO. and one or two other brokerage
houses doing business on the curb market
stand ready TO help out the Scheftel con-
tern on Monday. should II be in need of as
sistsnce From what Mr.. Rice said, how
ever. the firm expects 70 be able TO take
care Of all its outstanding contracts IN
aided.
The whole trouble on Friday. according
u representatives Of the Scheftel firm was
c aused by the efforts Of business rivals TO
O scredit il in the eyes OF the public. and at
TO time. II was stated. was there any rea-
son for such misgivings as led the holders
* some Of the FIRMS checks to sell them
a discount
! number Of the brokers who auctioned
Z their checks on Friday afternoon after
the bank refused to certify them We're
angry with themselves yesterday When
they learned that the checks had been hon
ored at the bank. but others took the mat
ter ptilosophicaIly- One Of these, T. N
Buchanan. who sold a s187 check Tor 500
on FRIDAY. said that the peaceful nlgnt s
sleep he enjoyed was worth the 81 that
the deal cost him.
II was expected that as result Of the
check euiSode the mining shares in which
the Scheftel firm is especially interested,
such IS Ely Central and RawhIde Coalition
would be under considerable pressure in
Yesterdays curb market, but apparently
they did not lack support Ely Central
onened al 1916. a decline Of Is from Fri
dav's close. and remained fairly steady
throughout the session, closing at 8, a net
loss Of 3-16 point for the day RaWhide
Coalition sold at IS cents. as against q CLOS
ing price Of i cents on Friday