The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-20

customers wanted them. You may saw that we are
certain 20 resume by Monday, and perhaps to-
morrow-Saturday.
Interview with Hay & Warner.
reporter went to see the members OF this firm
also. and met Mr.. Warner, a young gentleman with
great animal sptrits. He appeared to be In the
very best Of humor and said he would cheerfuly
give any information needed. The usual question
as to the cause OF the failure was asked, and Mr..
Warner spoke as follows:- ,,r.p -i' ffr
~ had not the slightest idea when LETT the
ofice last night but that we were in perfectly
sound condition. even came down at eleven
O'Clock this morning, thinking that matters were
safe. However, when the panic assumed such
enormous proportions telegraphed to several OF
our largest customers, notifying them OF the con-
diti0n of affairs. The answers that received
showed me that 1t was entirely useless
expecting any further remittances to-day. then
my mind that we had to 'bust." Even many OF
our customers In town did not come up in time to
ali right all our customers are men Of means who
wiz not go back on their engasements, but who
s M a %sss them WAS jus, their as ,naStv
large Sums OF money at moments notice. which
have never owned dollars worth OF stock IN our
own name. Our business was entirely commits
sion one, and W.T. can no more be blamed for the
suspension than can our customers Tor not helping
US out of dificulty which they could not foresee
have Just made up our books and find that mat.
ters are not so bad as expected" ,r r. .H
Interview with Day & Morse.
reporter called at the o11ces of this firm, No.
10 Wall street, and saw Mr.. Day. This gentleman
stated that the failure OF his firm was inevitable
from the moment that It became apparent that
customers margins were insufficient to meet the
general slrtnkage in values.
REPORTER-Can you inform me whether you
operated in any particular stockss
stocks, but for our customers we md that we
principally held vanderbilt STOCKS You are
prising that the margins upon them, as held by us,
were insufficient. think that this trouble Is only
temporary, and we shall be able to weather 1t IN q
few days have no doubt. In such panic as this
there Ia no real stability about any house. Some
are simply more unfortunate than 0thers-we hap
pen to be among the unfortunates. do
Interview with Vernam & Hoy.
reporter went to see these gentlemen at their
Offices "a Exchange place. Mr. Hoy readily re.
sponded to the invitation to state the causes the
disaster which had overtaken his firm. The trouble
with him was rather different from that Of others.
He said - e.
Our difficulty mas been caused by our inability to
raise money. We had large amount OF loans out
Yesterday went into the street and borrowed
money ut one-half per cent, but to-day I
curity. VI The 81 100000 ~ borrowed the day
before were on q margin Of 20 per cent,
tell you, could not repeat this operation
even though had been willing to do so, ana there
gentlemen who mad given me the loans to hold on
to the stock for day and l should then either
good few e oUr
proved derelict and, from the examination which
my partner and myself have just made OF the
books, not o single customer but has given US
ample margin to cover his Investments. We are,
them perfectly secure on this ground, and win no
| been able to cover the loans we should have been
| solvent to-day.
Interview With Fitch & Co.
reporter called at the of1ces OF this firm at No.
| 10 Broad street, and saw one OF the younger
Fitches He stated, and was afterwards sustained
by his father In his views. that the firm entirely
commission house and did no business but for
clients They held large amount OF stock &C
count Of customers, and their trouble was the same
as that OF all the Understanding to their own
toners to cover their specuati0ns with proper
margins. They also said they believed their din.
culties were only temporary, and that they would
be able to resume operations.
Interview w it'll George Bolton Alley.
The suspension Of George Bolton Alley & Co., No.
II Broad street, was announced on Change at q
quarter past eleven O'Clock A. M. On calling at the
office Of this firm, Mr.. Alley stated that the I'M
heard OF decline Of all kinds of stocks and securi-
ties caused their failure. He satd "Our liabilities
are very small, and If we have only half q show
our suspension will only be temporary"
felt MS misfortune keenly. In his opinion the
'bottom Of the market has dropped out,n and he
ures. The exact account OF the liabilities of this
firm could not be ascertaned, as their affairs are
not IN any condition to lind out at once.
Interview with White, Do Freitas &
Eathbonc.
In answer to the question addressed to one OF
the members Of the above firm the facts elected
were the ''olt told tale"-the general depre ion
in stocks and securities. The gentleman sta ed
that up to this yesterday morning they
were solvent and had every hope OF going
on with their business, but the sudden
their efforts futile, and, being unable to meet the
calls made upon them they were compelled to an
western Union ss not much to toe ' with sher a
cultes IN fact, they could ascribe 1t to no particu
lar security, only In general terms. They hoped
that their embarrassment was only temporary;
and If proper time vera granted them by their
creditors the nrm would very soon resume bust
ness. Their liabilities were comparatively small in
comparison with their assets.
Interview with Jacob Little 81 Co.
This firm, q successor to the old and well known
house, has been in business for seven years as q
rather important institution. The reporter saw
Mr., o. w. f. Setback, member of the firm. who
said that theirs was an entirely legitimate
banking business; that they were In
no way mixed up in pools corners
or anything OF that description; that their suspen.
sion was due to the imp0ssibiiity Of getting money
even at rninous rates, and that with an improved
and firm market no doubt they would be able to
resume business OF an early date.
Other Failures. l.4I ~
Among the other suspensions were whittemore
q Anderson, bankers, No. 81 william street, whose
failure was caused by ''tne tghtness Of the
money market;' Thomas Reed, No. Q Wall
street, whose suspension was owing to
the insufilcency Of margins on the great
shrinkage OF values; +. J. Jackson, No. 90
Exchange place, whose failure was due to the
same causes; Theodore BurdeH d Co., who stated
that their early resumption was probable, their