The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-28
PRICE TWO CENTS.
DOWN In THE WHIRLPOOL.
TOO MfNY SCHEMES AHD NOT ENOUGH
MONEY ron METER g 60.
Nearly 100000 Due rs difference. nctws.,
whnt they Lent aud what they borrowed
a uua ions. nnd xct Inch Inc n.,.t..t,s-

Nearly 100000 Due Differences uctweep
whnt they Lent aud what they borrowed
-A"dacious, and set Lacking Originality.
Tho deficiency In the accounts OF Netter a
Co., tho Exchange place money brokers whs
failed on Wednesday, Is fully 1900 0OO md n
may provo eventually 10 be $4,000. The dis
covcrics yesterday were mainly Of additional
losers for the plan OF operations fully described
In THE Sun yesterday was adhered TO In every
cHse. Meter 4 Co.. who were evidently auda.
cious. lnoked the originality to sell tho bonds
outright. and thus contcntcd themselves with
deriving n trinng profit from the securities
confdingly pledged with them. 1t cannot be
doubted that they had carried on the practice Of
rchypothccnting pledged securities for q long
time prior to their failure.
Other queer transactions OF Nc,tcr \ Co. oams
to light yesterday. Not long ago n New Orleans
customer Of Matthew Morgan's Sons, OF lillian
street. asked that firm to raise 500 900 for him
on $4,000 OF Louisiana consols. then worth s4,s.
Thoy took them to Ncttor 4 Co. and effected ths
loan. subsequently, the Exchange place fnan-
ciers borrowed 100000 on the same consols. and
thus tho Now Orleans gentleman or his brokers
cover the securities.
@. G. Haven & %. pledged 100000 Of Gov.
ter used rs they did all other securities they
hold; The result was loss of from two and
one half TO Ave per cent in differences to lfavon
Hands Ss nsSnss yeserdap @ s prNPSTy IN sss
2f house In Forty seventh street. n house and
for t250oO and tho latter for i20 .O0O). the Office
iurnidtHre, , ana some personal property. incmd-
equity in tho two houses is less than $40. 900
Tho furniture IN both belongs to the wives Of
the PARTNERS Of Netter& o.. having formedpart
% eaatnsln tnslr pridai presents Haven Co. lose about
NJ. i; Clarkson lose q 300; Maxwell 4
4 Morgan. 5000 ton n gold contract. and other
firms. whose names could not be asccrtained.
a9srds i@8s raasiGS & from es 500 to 5000 Wordep
At least s25 900. which & said TO have been on
derbit's New York Central bonds
Edward Sweet 4 Go; are said to, have lost
t2JOOO. The collateral they pledged with tho
Noiters was rchypoihccated with the American
Exchange Bank, which lonnod s52 $50 on s50.OO0
ing rce',od "ny 40 S u 1ws I2 ,b FAY fs
ure. Meter Co asked 10 be allowed to redeem
these bonds by substituting 1868, and their re-
wns examining the bonds about Ia be subs,i-
tuied he found that the January coupons had
boon removed: He reported this fact To his SUI
pcriois and the substitution WAS not made. the
bank insisting upon having Meter X Co. = check
iol ihe amount OF the coupons. which wns moi
had promised their check to his hank. and mol
sent I. aud this fact was not forgotten. 4
which house is uncle to the Meters. os, n few
thousand dollars. They arcotted Nciter & Co.'S
drafts on Cincinnati for <li 900. which were moi
honorcd, and whlch were only partially 90
cured. 1t was -nid thm th"y had also loaned
the Meters money on 100000 New York Gem
tral first mortgage bonds ana had subsequently,
sold Il part OF tho securities. II this is So the
sale WIS made under power Of attorney.
Meter Go. HAD no gold contracts outStand-
tng, and their only large stock operation waa
" sirNJii's' on 1000 shares OF Lake Shore.
All the rchypoihccHtoi securities, as far a
known. have been redeemed.
The Cashier Of The Chemical Bank said yester.
day that several persons had borrowed from
Meter y o. and left with the firm collaterals.
md that N"ttcr Go, had deposited tho col:
iat"rHis IN IN" Chemical Hanh. and obtained
loans on them. The persons 10 whom tho col.
laierals belonged have called NJ the bank and
redeemed their property. As the loans in
every instance were less in amount than tho
securities deposited. il was an object for the
own 10 rcpny the bank the loans, and take
up the securities The largest los, suffered by
any one victim is aluut $1,000.
Attachments have been also O,dalnodh by Henry
Mcndel Ia recover S9.GuO. by Albert kryscr 10
recover 5000. ana by I.uding Marks & Co. TO
IrcOvcr $500 Mr.. Mcndcl II u member uf tho
latter ilrm. lie left bonds with Meter & Co as
security for a loan. The others lent money to
the Netters within the past 20 days. Tntsa
nuaehw"nts have precedence on tho Shoril's
books Of Haven 4 Co.'s.
EN-Judge Diucnhocfrr received despatch
Yesterday announcing that several Of tho friends
~ the firm had started from Cincinnati 10 ar
range all difficulties.