The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-21
Tho Fallen Houses.

office or the 1rm No. l3 New street, and saw Mr..
Rogers. In answer to the question as TO whether
the firm had suspended, Mr. Rogers answered that
he was sorry to say the report was true; that he
thought matters looked dubious yesterday, but
that this morning the suspension became in
evitabe. The action Of the firm was entirely due
to outside influences and not to any personal
speculations Customers mad been called on for
margins, and yesterday some OF them re-
sponded, but that this had only served to bridge
over the diflculty for the time being
RRPORrER.-Were you interested in any par
ticular stockS
Mr.. RoGERs-No, sir. We did q legitimate bank
ing business. and only operated for the account OF
Others Everybody says we can probably resume in
q few days. don't know what shall be able to
do. Let us hope for the best. Everybody is going
up and can assure you we will not be the last to
do So This Will be much more terrible panic
than we at first expected, Tor don't think that
many OF our soundesr houses can stand long such
pressure as this
FAILURE OF KETCHUM BELKNAP.
This important firm suspended about eleven
O'Clock In the morning, but the failure caused
hardly ripple OF excitement. Matters were too
much mixed, and every man was too anxious
about his own affairs TO pay much attention to the
misfOrtunes OF others. The disastrous news Of the
renewed panic and the further tumble in stocks
was received with less excitement than on any
day of the panic previous to this Even the
pension OF the Union Trust Company, and the clos
Ing of the doors OF the Bank Of the Commonwealth
events Of immense importance in ordinary times,
were referred to with complacency which par
took Of the features Of calm despair.
The HERALD reporter called at the ONCE OF
Who said thai the irm held large amounts Of Stocks
and that while many oil these were for individual
owners-that is to say, customers VINO had pur-
chased them on marglns-a large portion also was
for account OF the firm. The sudden depreciation
ali round had made things so bad tina: there was
hopes that the trouble was over the night before
and that the day would bring forth better things
but they were ana andng mp sn
only thing to do was to follow the example OF so
many of their brethren and suspend The line of
stocks they had were mainly Vanderb bits Stocks
and the shrnkage in these was too well known to
need any explanation: Whether there was any
firm could not state, but, OF course he hoped that
things would go better in few days.
STATEMENT OF EDWARD HAIGHT
A HERALD reporter called on Mr.. Edward Haight,
banker, of No. Wall street, who suspended In the
forenoon and shortly before the closing OF the
Stock Exchange. This gentleman did not express
himself as being DESTROYS OF making any state
ment. He said that the suspension of his house
was caused as much by the withdrawal OF depos-
It's as by the fact that customers did not come up
in time with their margins to cover their stock,
and the house was the loser.
REPoRTER-Mr. Haight, the statement has been
made in the street, and seems to be generally be-
eved, that your failure was caused by the suspen-
Mr.. HAIGHT-This Is q mistake, but q natural
one, under the circumstances. The TACT is that,
anything, l owe the bank some money unIortu-
nately. deposited ~ that bank and was once its
President
REPoRTER-Is the statement, then true that the
bank had Over-certihed your checks
Mr.. HAIGHT-lt is; and that is tne way in which
leone to owe them money.
REPoRTER--What hope have you of recovery
Mr.. HAIGHr-Matters are too vague TO speak
about now with any degree of certainty. 1t greatly
QeDeQQS customers
also on the state OF feeling among men on Monday.
With such times as we have lust passed through no
| man ought to desire to resume and 1t would, no
| doubt, have been advantageous Ior some to have
| suspended before they did.
INTERVIEW WITH MILLER WALSH.
reporter called upon these gentlemen at their
house. No. 10 Broad street, but only obtained
! general statements OF the cause OF their suspen-
sion. member OF the firm told the reporter that
the general cause OF the suspension told briefly
As possible, vas that the customers failed TO come
up with their margins. 1t was the same Old story,
and only went TO show that their firm more
had gone under before. The house did not person
ally speculate 10 any extent, and no trouble was
| brought on from that reason AS to the future
there was no reason to base an opinion one way or
the other Things looked rather dark than other
wise, but the sky might possibly clear up by Mon
day. But it was useless making any calculations
| WILLIAMS q BosTwIcK's AFFAIRS
This is IA weil-known firm in Wall street, and has
stood for years good position. The blow yes
Jelday was too much for them however, and they
hat TO go under. They dealt good deal in gold
exchange. The cause of their failure was the same
as IN other cases, want OF margins, and, Mo doubt
from what can be gathered, holding too much
Vanderbilt stock, all or which has suffered Sc
verely. The firm expresses no opinion as w future
! operations
c. G. White was broker and member Of the
| Stock Exchange, who cleared through Hs G. Godet,
OF No % New street His suspension was insig-
by carrying too heavy load. Another small
| broker named Brodhead also failed.
MARVIN BROTHERS SUSPENSION.
This firm suspended late IN the afternoon, and
GERALD reporter called at their house shortly az
terward. A statement of the cause OF the failure
IRON one of the firm ran as follows:-We had
great many loans out, and had given stock as Sc
curity to several OF the banks, when this trouble
began ana money became so scarce 1t became i'm
possible TO borrow any, and the firm was OF course,
unable to withdraw their security from the banks.
This also necesStated u failure to fulfil contracts
in delivering stock and So in the afternoon, find
ing that in no way could the money be obtained to
1t but to suspend. Directly the money was OBJ
tanned, however The stock would be delivered;
| but when that happy time would come was more
than the firm dared to guess at.
| OSBORN AND CHAPIN's MATTERS.
A startling rumor pervaded the street late in the
| afternoon that the well known house OF Osborn
and Chaplin had been obliged to suspend.
HERALD reporter called at the Office OF the firm
and found on inquiry that the rumor OF the
pension was denied on official authority. The
report originated irem the fact that Osborn and
and o share of stock which they had not
been able to deliver, as many OF the firms who had
made contracts to receive the STOCK had failed.
would have realized millions OF profit If 1t had been
| taken, back on the hands OF the firm. This was the
story current in Wall street, but II Is certain there
| was no suspension.
| STATEMENT OF FEARING AND DUNNING.
This firm manly effected clearances for small
operators, but did not transact business In stocks
their own account. The fact OF their failing to
| deliver the securities negotiated through them
caused their suspension.
| THE OFFICE OF TANsrG AND FISHER,
! No. SO Broad street, whose failure was also an
nounced on Change was visited by HERALD re-
porter, who found on the door notice that the
Firm had suspended" and an endeavor to see
any Of the members proved futile, as they had
either gone away or locked themselves in. This
house has branch at st. Louis, NO., under the
| style OF Kemp, Tansig n Co.
| p. n MYERS CO.,
| another establishment reported suspended before
| the close OF the Stock Exchange, are also minor
concern, which was unable to stand the financial
storm OF the past few days. and they also express
the hope Of being able to resume business very
| shortly.
| During the short time the Stock Exchange was