New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-20

Mr.. Hatch of the firm Of Fisk q Hatch said that
! notwithstanding the panic of Thursday, they came
TO their banking yesterday morning expecting
| to weather the storm, and made every preparation
for the days work Unexpectedly large calls came
In, and at 10I o'clock they sent out for two of their
banking friends, with whom they consulted
as to the wsest course to be pursued. They could
have continued longer, but came to the conclu-
sion that they could not stand up against such run
very long, and il best to suspend Mt once rather
than to sacrifice their securities. Badly as they felt
to be compelled to suspend, they tried to consider
the interests of their creditors before their own.
The Ohio and Chesapeake Railroad bonds had some
thing to do with their suspension, but that alone
would not have been sufficient. The trouble arose
from lack of confidence in railroad enterprises and
the stringency in the money market, caused IN part
| by the recent failures The great demands upon
their house caused by the suspension OF so prominent
ilrm as that of Jay Cooke 81 Co.. came so suddenly
That they had no time TO get in money due them or
to obtain funds from their assets. Their embarrass-
ments had not been occasioned by loaning money on
hazardous enterprises. They had not speculated;
they had met with no losses. The trouble had been
caused by the general fall in stocks and the feeling
of distrust in regard to monetary institutions,
| which had precpitated a run upon the house. for
which they had not time to prepare. They believe
that their suspension is only temporary, and that as
soon the excitement is they will be able to
go on again. They are confident that none of their
creditors will lose through them. The clerks were
| busy engaged yesterday in preparing a statement
of their assets and liabilities but they said it could
not possibly be finished before to-day,
| Among the out-of-town firms for whom Fisk Il
Hatch were financial agents in this city, are W. b.
Conant of Albany, N. Y. and James 4. Lewars Of
a1a irrnp ed a
number of other firms in various cities whose
names are unknown. 1t is not believed that any
of them will be seriously affected by the suspension
e. D. RANDOLPH & co.
T. D. Randolph g. Co., a Philadelphia banking
firm of considerable prominence, was the most con-
| spcuous failure after that of Fisk g. Hatch. The
house did large speculative business for Philadel
! phia, and indeed for Pennsylvania as well. They
were popularity supposed TO be the largest dealers In
the stock of the Philadelphia and Reading Railroad
in this market. They also supposed to be doing
business for Thomas A. Scott, j. Edgar Thomson
| and the Pennsylvania Company. E. ID. Randolph
was a son-in-law of Thomas A. Scott. They held out
till near the close of the day, and hoped to ride the
| storm They afterward saw that it would have been
better to have closed up in the morning. as the cost
of carrying stocks for day would have been saved
Mr. Randolph said that it was impossible to tell
| how they stood or what would be the result. IL
money got down to reasonable figures they would
soon resume. The cause of their trouble was gen.
eral depreciation of stocks and run on their house.
| They did the largest Out-of-tOwn business Of the
| city houses aud were unable to call In their mar
| gins.
| WHITE, DEFRETTAs & RATHBoNE.
White Defretas X Rathbone were long of stocks
| at high prices. The decline in the market forced
| them to succumb. They are stockholders, buying
| and selling on commission exclusively. They sus-
| pended few minutes before on Thursday, but the
fact was not generally known until yesterday. Mr..
White said that their suspension was owing to the
absence from the city of many of their customers,
| who were thus unable to respond to their calls He
| expected that when they had time to get together
they would fix things up" He had no statement
to make to the public their private affairs con-
cerned no one but their creditors.
BEERS 4 EDWARDS.
Beers & Edwards were another ordinary stock
| house and being long of stocks found themselves
| unable TO meet their engagements. They did
| general stock business. On Thursday night
| they expected to go through all right, but yes
terday morning they found the pressure too great
and had TO snccumb. The trouble arose solely from
the general depreciation of stocks, but not OF any
particular kind. They expect 10 liquidate their liza
biIities in full and think that they will resume
when things are more quiet, though in the present
state of affairs il is impossible to make plans for the
future.
GREENLEAF, NORRIS & co.
Greenleaf Norris & Co. were regarded as first
class house and were generally known as bulls"
They were carrying great quantities OF stocks at
high prices and were unable to meet their engage
ments. Mr. Norris seemed to feel very badly over
the failure of his firm and told the reporter that he
would rather not say anything about it.
THOMAS REED co.
Thomas Reed IL Co., like the Others. were long of
stocks having large quantities OF Harlem, New
| York Central Lake Shore, and other stocks. They
also expect TO resume. They did general stock bust
| ness but their suspension was caused from their
liabilities as brokers' They went " long on stocks
| chiefly Harlem-and customers failed to respond
and make good their margins. They telegraphed all
over the country, but received very few replies In
the mean time Harlem was forced down from 100 to
| 90 and they were compelled to suspend. Mr.. Reed
said that he could not tell anything about the prob
abilities of resumption in the midst of so much ex-
element no one could foresee what was coming.
GEORGE BOLTON ALLEY & co.
George Bolton Alley attributed his suspension to
the general depression in stocks in which he dealt
both on his own account and on commission He
held the Vanderbilt stocks chiefly, Lake Shore, etc.
which felt the shock more than Others. He expected
10 settle up aud resume; he owed very little on the
street and didn't intend that any one should lose
dollar through him. He thought that most of the
suspensions were only temporary, and that when
the storm blew a good many Of the wounded
would get on their feet again.
DAY 4 MORSE.
Day & Morse were bankers and brokers. They
kent ND until the afternoon when they were CON-
neled M yield 10 the pressure. Mr. Day told the