New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
THE EARLIER VICTIMS.
sANKERs AND BROKERS UNABLE TO COUNT THEIR
LOSSES.

members of the firms who had suspended on the pre-
yous day. interviews were for the most part very
unsatisfactory, the closing OF the Stock Exchange anu
tAe CONSEQUENT stoppage of all open business in stocks
rendering 1t impossible for the brokers TO form any
estimate OF the value Of their assets Most Of the sus-
pended firms had been idle since their suspension ana
were waiting for the storm TO blow over before taxing
any steps toward efeeting settlement OF their anfs'
They appeared less hopeful, or rather less confident
than the day before but seemed TO have formed no
definite opinion Of the condition of their affairs
Mr. Hatch of the firm Of Fisk Hatch said that their
accounts were always kept so closely written up that
the preparation Of statement was mere matter OF
clerical labor and had been competed but he ala not
think 1t would be the right thing to make it public
through the press till it had been submitted to their
creditors which would be done as soon as they could
call them together; this was impossible in the present
excited saeiof affairs. He thought it best not TO make
any official statement hut would say that the firm was
largely solvent they have lost anything, and if
they get what is due them they will go on all right
Mr. Dcfreitas Of the hrm Of White Defreitas Rath-
borne said that the sudden break in stocks on Friday
had rendered impossible for them TO meet their ell
gagements. though their assets greatly exceeded their
liabilities II time were allowed them, they could settle
up and go They had prepared statement Of their
Affairs, but did not choose to make it public.
Nj Beers Of the firm Of Burr s. Edwards told the re-
porter that it impossible for him to speak ore
definitely than he had Friday. They had interest
ers; their customers failed TO forward with their
margins and after the greatest exeron they found
impossible borrow money and were compelled TO sus-
pend With Stock Exchan closed stocks longer
had nominal value, and it useless for them
even TO guess how they stood until things settled down.
He thought it the worst time the street had ever seen
worse than the original Black Friday the widespread
feeling Of uneasiness and distrust Oecasoned.
Eugene j. Jackson had nothing new 70 say. The
stocks which he carrying were all good dividend
paying stocks but they went down with Others and he
was forced to suspend He could not tell what was his
financial condition until the stocks assumed something
ike a settled value.
Thomas Reed & Co. were in the position. The
stocks which they were long on were Harlem, Lake
Shore New York Central &C. Their customers failed to
keep up their margins and they compelled TO sus
pend tremendous sacrifices OF their stock Their
future would depend upon the course OF Their
customers and the condition Of the stock market In the
present condition Of things would be folly to speak OF
the future with any degree Of confidence.
w. H. Warren said that their suspension had been en-
tirey unexpected by them. They had suffered largely
on Thursday from the fall in Western Union, but ON
Friday morning had expected to go The continued
fall however not only in Western Union, but in "a large
number Of other stocks held by them had forced them
to suspend They holding the stocks for customers
who failed TO come up with additional margins. They
hoped to settle up and resume but did not know how
their affairs stood He thought it would have been
better the Stock Exchange had been closed on Friday
George Bolton Alley repeated bis statement OF the
previous day. that his Indebtedness on the street was
very small, aud he hoped 10 settle up dollar for dollar
No one should through him. He had held the Van
derbt stoc chiefly and they settle down to
some fixed value he would be able 10 tell how he stood
Nj Norris the firm Of Greenleaf, Norris Co.. said
that statement OF their affairs had been prepared. so
far possible in the present unsettled state OF the
ket They had done specializing in stocks ON their
own account. their business having been entirely
commission AT the time Of their suspension they were
carrying about 5000 or 400 shares of stocks for
TONER'S who failed 70 respond TO their calls for margins,
and they thought it best 10 suspend rather than TO
sacrifice their securities though they might have held
out longer II they had desired do AT present
nothing could be stated with certainty as TO their stua-
ton or prospects everything vas al standstill.
Theodore Berden still believed that he would be able
failure due 10 his commission business, and the
failure OF his customers 70 forward with the neces
Bary margins TO hold their stock. While the Stock
Exchange remained closed nothing could be done or
decided upon with certainty -
caused, 10 that fothers by the terrible depre-
citation OF stocks but that they could have kept ther
without the assistance their customers
many OF whom resided In distant parts OF the country,
they could have delivered the stocks sold by them
Friday. About 1000 shares sent out under former
contracts, and returned their hands. 1t would
have been TOO great u sacrifice 10 sell at the
then ruling rates, and as money could not
De obtained, except at rnous rates. they were
stock ON their own aceonnt and did no soscnIatiye
business The terrible strain which brokers mad beeu
under for two three days rendered 1t extremely
likely that they could form opinions TO the
present the future of the street. but he hoped
10 come around night in a few days. He thought that
the panic had been IN great degree without sufficient
and that the banks had aided in precpitatng
by Their want OF confidence in each other. In some
notices mad been posted up announcing that checks
certain banks would be received which was the
course best calculated 10 create distrust.
Mr.. seayer OF The hrm Of Smith seayer said that
they dd not owe Tor borrowed money and held stock
their account. Their transactions were IN all
Kinds OF stocks Dnl extensively for customers. He
quite cODnd OF fesuing as soon s the street became
The firm, he said, had outside resources which
would make II unnecessary for them money at
the present runous rates While the Stock Exchange
remained closed, OF course. nothing could be done
Mr.. Day OF the firm OF Day Morse said that their
house had done no STOCK business ON their account
but held large amounts Tor their cusoIner chiefly
Of the Vanderbilt stocks. When 10 became evident thai
the margins insufficient 10 meet the tremendous
fall tleie was nothing them but suspension They
were less able Yesterday than Oh Friday 10 tell
they stood. They aid ut know whether their
of FRIDAY would be kept or not Everything dead
bic sell or denver He thought
the STOCK would remain closed until there was
A general gearing among the stockholders
hr Warner OF the firm OF Hay Warner said that the
nrm mad done "a stIicuy commission business, and had
held stock tnen own account Many oil their Gus
TONERS out OF town. ana those VINO were IN the
city were unable OBTAIN sufficiently large amounts Of
money at notice come 10 their assistance The
Decesy OF their spenslOn had not been anticipated
Ipore Than An hour or two before IL upon them
The high character Of their customers was sueh that
they expected them 10 iulh their oDeaos as soon as
they We're able ana thus relieve the mousse OF It's emOar
Tassments He had balanced hlE books And iOuhd lhat
their affairs we're not bad they had feared When
the became settled, he saw no reason why they
should not but no business eOud NC uone OF oe
Elements attempted without orders from the OInceIs 81
The Stock Exchange He had no Idea what "OuId DC
their course
A. yerBan q Hoy's Office IL was stated that Their
troubles was caused by outstanding loans WHICH III sne
present condition VI tine money marker, ~ was npossl
bic W meet On Thursday they borrowed money ~ one
half cent when they secured OH 10 per cent mar
AID oD F1day u was Impossible W piVcuie n"nS' vi