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

Reporters were sent to the various ofices of the
brokers and bankers who yesterday suspended to
give correct estimate OF the general feeling Of
those who were In this unfortunate position. The
feeling among these. gentlemen seems to be much
more buoyant and hopeful than could have been
expected under such disastrous circumstances
Men seemed to feel that there was better time
coming, and all the people seen by our reporters
said that they thought the present trouble would
pass over and leave in few days few traces be-
hind 1t. ,4fr7-5t .....
Brokers, when they converse On the subject tell
their side Of the story, and very possibly give
rose tint which subsequent developments may
destroy; therefore their statements must be taken
with the necessary grain OF salt. That underneath
oil this there is the most widespread terror, that
the panic may continue and make durable what in
some cases Is now only temporary ruin, can hardly
be denied by the most sanguine Almost all those
who failed yesterday went down to their Offices
confident that no trouble would happen them
But the crash was too great for them, neverthe-
less, and the same story may be repeated to-day,
and probably will be.
Interview with Fisk & Hatch.
reporter who called upon this lrm was very
kindly received. Mr.. Fisk very kindly offered to
give the particulars OF his firms suspension. He
substantially made the following statement
when We opened our Office this morning we did
not suppose that we would be called upon for the
immense heavy payments Of loans which subse-
quently came In. Panic reigned supreme on the
street. The financial standing Of many houses
was impugned sudden rush was made
upon US. Call loans OF one and half millions were
presented which could not be honored ct the mo-
ment owing to the scarcity OF money, and we
were compelled, IN selfdefence and for the benefit
n AIir f,p< hat
As soon as this announcement WAS made on the
street the run commenced. 1t Is impossible to
obtain money on any kind Of collaterals, and we
could not afford to sacrifice our securities. Several
bank oincers well informed on the existing panic,
who called on u.s. were consulted In regard to the
probability OF obtaining funds to meet payments,
ment from this source; hence our suspension.u
"The report on the street is that your house was
heavily involved with the bonds and stock OF the
Chesapeake and Ohio Railroad Company. az also
with those Of the Central Pacific"
1--WE transacted very large business in the
bonds Of 4, both so6 generations named We have
we disposed TSu about &c OF the latter
re- X Ss al ssda ass
All kinds OF coaterals were thrown on the mar.
ket; in fact, public confidence was shaken com.
followed could no more be stayed than heavy
tide stemmed BY fran craft. We are too much
any detailed statement In a day or two,
or as soon % we can get at the bottom
OF our anairs, we Will make full and complete
statement to the public. All we want is time, so
as not to be compelled to sacrifice our securities,
and we hope that we shall be enabled TO pay
ZOE cents on the dollar. Thus lar the kind.
lest feelings have been expressed to US by our
friends and creditors, and customers who have
dealt here and whom we did not personally know
came In and offered US not only their sympathy,
but also all the time necessary to strengthen out
our afars."
suspend payment, issued the following card copy
OF which was transmitted to all their creditors -
OFFICE or FISK 4 HATCH, No. NASSAU srRxEr,i
NEW YORK. Sept. 10 1873 !
We regret TO be compelled announce the suspension
Of hrm oceaoned by our inability TO meet at
the heavy demands made and deposits,
on account Of tho existing financial disturbances and the
widespread drust occEsoned by the OF the
past few days
We shall prepare, soon rs possible, nas statement
OF our AFFAIRS which will be submitted to crkitors
without unnecessary deay
IN the meantme we ask your kind forbearonce and
expres tho hope that we may be able 10 mako ach