The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-20
adjustment affairs that no ultimate loss will be
tanned. Very respectfully yours, FISK HATCH

eaAneo' 'cfy Respectfully yours fioh q hAAS1-
Interview with Q. d. b. Randolph.
When reporter called In to see Mr.. Randolph
this gentleman was seated In the rear room OF all
Of his oflces, upon Nassau street, IN conversation
with several gentlemen, talking, no doubt, upon
his own affairs. He said, however, that he could
see no objection to telling things just they were
REPoRTER-l wish to know in brief the reasons
Of your suspension.
Mr.. RANDOLPH-It is about the same story, ! pre-
sumo, that all Of them would tell. was taken I'M
awares ana was really obliged to give up. Indeed
1 carried things on too far. II l had given up the
ship little sooner matters might have been bet
ter than they are at present Tor me; but had re-
solved that should keep up to the last. My
failure was precptated by the fact that the
Fourth National Bank did not certify our checks in
was only the straw which broke the camel's back
Earlier In the day had been surprised and panied
TO receive . telegram from person who was look
Ing out for money Tor US, stating that man who
owed US moneys large sum, ana he Q perfectly
good man-could not come up with 1t In time to do
the difficulty OF getting money until he Ii
placed In such position as have been
money, though sometimes you may have to pay
enormous rates for IT. but to-day we could not get
MOI
the market, and shares to-day were of little more
good to borrow money upon than mere waste
kEpoBrER-It is generally supposed that you
have business relationships with Tom Scott, and
that your failure viii affect Pennsylvania Central
Mr.. RANDoLpH-These reports are entirely false.
We have no business relations with Tom Scott
whatever. My partner, Mr.. H. W. Beckley, Is the
son-in-law Of ION Scott; but with our house there
10 no connection whatever II such matter as
be no question that the street has gone crazy.
Tom Scott is at present IN Europe, and knows
nothing oil our trouble. We have not applied to
him to relieve us. 1t would be Of no use for us to
20 on at present, as there is no telling what Is
coming t
REp0RTER-Do you expect to resumei Hn
Mr.. RAND0LPH-Of course we do. would not
say as much as have done II IL were otherwise;
me feel shockingly as could not have antic pated
II for moment What the future Will bring forth
DO not know. Let us hope 1t Will be On improve
The interview here ended.
interview with GreonioaE Norris & Co.
This firm, one Of the best known and oldest in
the street, failed at an early hour In the forenoon
After that OF Fisk Hatch the suspension Of the
house was one OF those most noted During the
afternoon HERALD reporter called upon Mr..
Norris and had short interview with him. 1t ran
substantially a. follows:-
REPoRTER-Were there personal specuations, or
was 1t business on commission that caused your
suspensions
MIR. NoRRrs-Our firm has not done any specua.
ton in stocks on It's own responsibility for ten
years. Our business is entirely on commission.
But wish you would simply state that we have
suspended. t-,e'
REPoRTER-Your reputation is too well known to
pass over your suspension 30 lightly. e4 ~, ~.
Mr. NORRIs-Well guess we have always stood
well. should like to see the man who would say
otherwise. Our reputation has always been first
class and we have never done harm to any man.
We were not carrying many shares at the time OF
our suspension-about 5000 4, 200 for customers.
When the break took place they failed to respond
and then we closed our doors. In TACT, our sus
pension was q mere matter OF prudence-nO, /
won't say that but mean to say
REroRrERLThat Il you had pleased you could
Mr.. NoRnIsMdndoubtedly But in the state Of
things as they existed tins morning 1t was useless
and would have been folly. It was the wiser and
suspend operations. We st III, hope, be able to
settle up our affairs in few days and resume
But T pa,t sSsn be should S ds t
suspension. We have always stood No.
on the street, and this Is terrible blow. But II
| was 80 sudden and unexpected that there was no
| way Of guarding against 1t. As things at present
stand we are looking over our books and prepar.
Ing the aspect Of things all round, do not looi
upon the situation as being as bad as it might be-
G. Interview with A. M. Kidder & Co.
Areporter called at the brokerage ONCE of A. NJ
Kidder Co.. No. Wall street, and saw Mr.. McClel
Ian, the partner in the firm. Mr.. Mcclellan was
quite willing to make statement of the affairs Of
| his drm. An interview then followed.
| REPoRTER-What has caused your suspension
| Mr. MCCLELLAN-It has been caused altogether
| by the sudden depreciation An values. When the
| fall came up to-day we called upon our clients
| to come up with their margins, but in majority
| Of cases they did not respond. In fact It was i'm
possible for them to ind money in the present
| ufa anff ha nor bot Paai1 hat mar fhayy
are in the West--in Chicago and Cincnnati-and
cannot be got at Immediately. The great majority
| the margins upon their stocks, Another reason
OF our failure Is that we had about 1000 shares Of
to ese o sn them out
| day at the regular price. and the parties were un
able to pay for them. This, OF course, made them
suspend, but 1t put us in no better position. and
having this large amount OF values thrown back
upon us, we could only sell at the mar
se w ans enough to cause ana us
suspend. However, l think we shall have oil our
troubles settled up IN few days and may then be be-
we cannot count on anything as certain but Of
this rest assured, that We did no business on our
| own account, and did not personally own single
| share OF stock"
| Interview with w. III. Warren q Co.
! Shortly after the suspension Of this firm which
took place in the forenoon, reporter called upon
Mr.. Warren and asked him the usual question az
to the cause OF his suspension. Mr. Warren
| said:- ..f-.t.r.rr r----- t3
~ don't care about making any long statement
| about our afoirs, but the main cause OF oul
trouble has been that we have been holding large
amount of stocks on margins for customers, and
to-day we found that our clients were not
coming up with their additional margins, and we
suffered in consequence Our suspension was In
this manner forced upon us. The whole trouble
| took place this morning. Yesterday we had nc
IDEA that we should be in any trouble, and 10 came
| upon us like clap OF thunder. efl ..IW $50
RErORTER-What stocks did yOu principally holdf
Mr.. WARREN-Our largest losses have been on
western Union, which was affected so much yester-
day but we had whole line OF stocks which have
Deprecated to-day to even worse degree.
MISUNDERSTANDING hope have you OF o resumption'
Mr.. WARREN-lt Is at present impossible TO say,
but trust that things will shortly brighten and
that we shall get out oil our trouble. In panic
like this the end cannot be foreseen, and we must
simply await the turn Of events
Interview with Beers & Edward
reporter called ut the Office of this firm at No "a