The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-12-27

ment OF Key, who In the Senate denounced
Hayes's title as fraudulent, to the Postmas-
ter Generalship.
METER L CO., OF NEW YORK, UNABLE TO
MEET THEIR OBLIGATIONS.
NEW YoaE, December 28.-Netter & Co.,
stock brokers and bankers, Of Exchange
Place, announce to the Stock Exchange
their inability TO meet their contracts.
| Neither Mr. Gabriel nor Mr.. Meter, who
compose the firm, was at the office on Elk
change Place this morning. The Post
says: "There are rumors afoat respecting
the failure which we refrain from printing
until they are proved to be established facts.
]; they are not true they do gross injustice
TO the firm. We cannot believe that they
are true.o
The firm was supposed to be wealthy, and
did large business in lending money and
in gold loans. 1t also sold "puts," " calls"
"straddles," and other speculative privi-
leges on stocks and gold.
After the failure was announced the Of
flee OF the firm was thronged with persons
who held these speculative privileges; also
with those who had borrowed money on
time, inquiring ii their colaterals were safe.
J.
red in Wall street for many months that
has caused more comment. The members
Of the firm came originally from Cincinnati
and brought large amount OF money"
An official stated that the liabilities were
not more than S15O,O00, but persons out
side say they are far larger. No informa-
ton could be obtained rs to the probable
assets, but they are believed not to be
heavy.
The suspension Of Meter & Co. continues
to he the absorbing object OF interest in
Wall street, and all who have borrowed
money from them are anxious to receive
the collateral securities pledged for the
money loaned. The firm lent par in cur
rency on gold worth at to-day's prices 1929
currency. They lent par in currency on
New York Central and Hudson first con-
solidated mortgage bonds, worth to-day III
@122, and loans on this class Of collateral
security are spoken of to the amout of sew
era hundred thousand dollars. They lent
par in currency on United States bonds,
which rule several per centum higher. One
of these loans, to the amount OF $4,000,
was secured by bonds worth to-day $780,
900. That the collateral securities were
worth $4,000 more than the amount bor-
rowed on them, and they lent fifty on Lake
Shore stock worth to-day over sixty. A re-
port was current on the street that 100000
had been borrowed on 5000 shares OF this
stock, the stock to-day being worth S4S0,000.
The firm did a very large business in time
loans Of gold and currency, and it would
not be surprising If the total loans OF one
kind and another outstanding would run
far up into the millions.
THE CINCINNATI HOUSE OF METER CO.
CINCINNATI, December 26.-Netter G. Co.,
Of New York, have no connection with the
firm OF Seasongood, Meter & Co., bankers,
of this city.
| BANK FAILURE IN PATERSON, ". J.
PATERSON, n. j., December 26.-The
Passaic Company Savings Bank is to close
up. The depositors will be notified to.
morrow to draw their money on January
5tb. The concern is 4 stock company with
S150,OoO capital-S150;000 paid up. Tho
| deposits amount to $4,000, having been
run down to the extent OF 100000 within
a year. Ex-Mayor Watson, while president
Of the bank, borrowed $4,000 from it on
worthless securities, and failed. Soon after.
wards E. R. Mason, q leading director, also
borrowed $4,000 from the bank, mostly
unsecured. and failed last spring. The
New Jersey Midland Railway bonds and
notes to the amount of $1,000 are among
the assets of the capital, which is all gone
and $4,000 more. The directors promise
to secure the depositors against loss.