, 1877-12-27

ca. say tl,cr thnt down IN Meter 4: Co. and
hare l had d no dealings with them since tho goth
Etsk & Hatch claim tn have done no business
WITH Nettcs q To, recently.
Kx-lUpGE pirrENnoEpER
denied empllatfcally that nny Of the securities
hn,1 been sold. When this was made known The
Excitement was a1laSed somewhat, but thcro
pccnliar tactics employed hy the flr,n Of rchy-
PothctfcnsinV securities tc1onging to other
persot1e. Some clAtTncd this Was morally wrong
and In contraventEon uf tho nnwrittcn la@ of
thc street, which holds that mans sccuri-
Ties shalt bc preserved Intact, subject
to hts dsmard until the period OF the loan e1-
rtrrs. Others contend that tho practice WAS
perfectly legitimate one, anil tlono every day on
NO UNCOMMON OCCURRENCE ~
for houses lit good standing to sell hypothecntcd
sccurttcs anil to return ottcr similar ones IN
stcad. This was the view takcn. Of the mat
ter BY Meter, 4 Co.'s counsel. Hc, said
wero time loans ranging from SIXTY days to SIX
nonths. There were no call loans olno1lg them.
lie asserted their right, under the law altl Ivy
custom, to rcplcdRc these securities to relieve
provided always lint they had a reasonable cer-
tainty u rcteemtng them, which ne claimed
Ncttcr q Co. considered they Ind. It Is UNDER
stool TINT tho t1nttcr will be investigated by
the stoek Exchange.
rngfR BUSINESS.
- n fhe JFtstfs71 Annotated TFrs4,
NEW YORK, Dec. @.-Nctter Y Co., II Is said,
icnt a. par , ,1 currency On gala wott! at to
IN currency pn New York Central & hudson
first consolidated mortgage bonds, worth to-
daY Gnu loa,is IN this class VI collateral
tcc,srity arc spoken Of 10 the nmnunt of $7o,,-
D0o. They lent At pnr III c1tsrcrey on United
States bonds which rule several per ccntutn
hHher. One OF these luaug, to the amount Of
eth0, ,Un, was secured bv"bonds worth iu-t1ay
tloo,NO aud they lent to on Lake Store stock,
tr STREET tSsy that @ bad bee" sfss bofro% "n
81 on s,ooo shares of this stock, tho saiue to-
day hcsng worth si>0,ND.
II Is NATURAL, theretore, shat there should bo
anxiety as to tho safety of the collateral &C.
cnrittes. Tltc Assignee OF the firm IL Julius
Nsh!. The assignment wns executed to-day.
The Commcrrias says: "unexplaincd Is their
large transactions as money! lenders appear to
PC: tue only certain WY ot becoming money.
collaterats Judged with them on liberal mar.
gips." It is understood
THEY lfAD nKnx ON TIE wRoHn stpH
Of tho stock market for so,no time. md. ut tho
time Of the failure, were ruputcd short ef Lake
shure, Western Union, Delaware, Lackawanna
Il Wcstertl Pnrtie Mall, and other stocks, at
prices lower ttaaa those now current.
The ELpress saye tho f'ru, .of Natter Il Co.
stood In htgll credit here until recently. Wien
their stock prl!tleKcs weru offered On the street
at low rates and their hanks $50 It Is ruportctl)
refused to certify for. them unless their
balances were good. tho firm loancl
sn1siderae'e ;ss's .,,a amounts 81 Money par:is.
there nre very ugly stories alIoat. On tho
monGy which they l.,uned they as ustsal e1actrtl
tho usual 10 or 20 per cent maFg1n. and rumor
Fays they in some caaes sold tollatcrnls anil
tie, market rnse for securities, Or borrowed
again ou them ut q lesser margin than they ub.
tainel.
TnH sUgFKRHRs.
It is stated that among the number whose
securities were hypothevaled. ior larger sums
ts,nn those originally loaned were Wort1cn Il
LeyeFlrk, Jatncs Keenc, Maxwell & Graves, and
Dayls l. Freeman: 1t Is Understood TINT Davis
= freeman nsspotl'ecated e::'50. .CUo ol New York
loan vi s25o0o0 1t was currently reported
that Davis Il Frcomnn borrowed tl,!s money tor
W. Il. Vanderbilt, simply acting as hts brokers
IN the matter, and that conseqaently my loss
Vanderbilt. Ono of the frm o. Of Davis M
s. Freeman stated tliat ho knew
wllcre The sectl.!ttcs hatl been lypothccatcd BY
Nctttf y Cor AMI that he could obtn!a them by
payGg .hs a'nnn. na sysnsSd sS aou thc which
II tl!c ottlee Of Flszhugfi &: Stewart It was
.tatsd .1 that tho firm had lost nothing by tho
MIR. KEExE,
II larre a:uo,int u securities iu their lands On
wllieh o ll!A! ubtulucd loans, but they received
an lntinIation last week that tho transactioas
VI Setter Il Co. weru eomewllat trrcgular, and
tl.uy immediately took etcps to obtain tie
securities. TAey succeeded In getting
oil except small ur1oslIlt iast'saturt1ay. Fitzr
hugh Il Stewart Admitted that tt they hud not
received warllnE u time 3lr. keenus loss would
IIayc bpen very large.
TIM tulal amount Of tosscs sustained By yari-
Gus liouscs 1s yariously estimated ut S20U,000.
IN CINCINNATI.
CINCINNATI, O., Dcc. 9U.-Thu failure Of Not
Ter IL Co., of New York. docs no: involve any
Cincinnati firm. The firm vi Scasonkool, Nci-
ter j. Co., who have bren mentioned, l.nrc no
with Ngttcr Il Cat, OK New York, md
Mr. Jactb Scnsouguud makes tho following
statement:
uabrlel and Albert Nettcr left tho firm Of
Meter s. Co., four years 4gt,, and
since that tino have had no councrton wl.at.
ever with Scasongoott, Eetter j. Co., oi thia
city. Jacob Ne,tcr, lathcr Of Habricl
md Albert, wns tnosuhOr Of tho C[n-
cinnati t1rnl up to tils day of hss
death three years ugo, aud was iu no manner
with Meter Il Co., Of Now York.
Sir. Ncttcr's uano was continued In tho style 0f
tho Cincinnati ils,n ont of respect to his uetu-
ory. Tho firm Of Grasongool, Netter d. Co. is
one Of tho strongest In the city.