The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-27
WRECKED IN WALL STREET.
xET7I'R CO.'S TfIITEE md TLTGHT
10 IHEIR sfNITNNIII HOME.
Guitar Transactions with collateral De-
posted with them Ixtrn~agance that
Aroused suspicion Who the Losers Are.

instead of ~ o'clock, the attendance being con-
sIdcrnbly smaller than on ordinary days. There
were no indications of excitement up to noon.
and business was done in that listlcss way pecu-
liar to the day after II holiday. At about noon,
however all traces OF lisilcssncss gave place to
Intense excitement. and rumors Of heavy
failure. accompanied with others that hintrd at
deialcation and night. began to be circulated
throughout the Exchange. Some time before
the formal announcement Of their failure was
made, The names OF n tier x CO. were freely
canvassed. and before the President read their
note in which they announced their inability TO
meet their contracts. 1t WIS well known that
they had failed. Before long the purchasers Of
stock under the rule" for thoir account made
Insurance doubly suro. About 1900 shares Of
Western Union. Lnke SHor', and Delaware
Jacknwunnn anl w ,stnru wnr" bought in and
in the Government bond ro'u 10000 Of United
States bonds were closed out ior their account
Tho Offices II the firm at - Exchange place
were crowded with anxious inpuirrrs soon
after the annnun cement az the failure. but
neither Mr.. Gabriel Nficr nor Mr.. Abcr, Net
Ter were 10 he found. The urr. It WAS said by
the clerks. had gone to C'u unuu last week.
and the former had not yet arrived at the on go.
subsequently 1t was a-rcittiu"d that Mr.. Ga
briel tier took the morn nl, train for Cincin-
natl. hoping 10 prevail upon his father-n-law
10 advance him money enough 10 tide over tho
troubles Of the firm. THE looked very much
like iigAt. and those who had interests with the
firm freely expressed their fears that some-
thing worse than n failure was involved. 1t
was even asserted that the firm had stolen col
lntcral securities intrustrd t. their keeping ms
pledges for time loans. and rumors OF breaches
OF trust outright rohbcrics. anu forgeries were
banded from mouth to mouth.
Early in the afternoon it WAS announced that
Mr.. julius Wehlc had been appointed ass isnec.
and from that time until long after the close Of
business that gentleman anl his counsel. OK
Judge Dittrnhocfcr, were oy, rwholmed with
visitors The assignment WIS signed by Ga
irici Meter. for himself and D- attorney In fact
for hs brother. 1t wn= drawn up either on
Monday or Tuesday. as th' Meters had re-
solved g. suspend as long nso a- saturday. un-
less they received assistance from their rela-
tives in Cincinnati. 1t wa- To- procure money
from his father-n-law. Isaac Il. Wolf. Of !. h.
Wolf & Co.. Cincinnati. that Albert went TO
that city last week. Judge Dittenhoefer said
yesterday that Mr.. Wolf. who Is represented to
BE- immehc.,y wealthy. had nrr ed 10 maxi good
one-half oi the deficit. provided GAhriels father
in-Hw. Jncoh El-a-. also 0f Cincinnati, would
assume the other moi"iy. Tothis Mr.. Elsa- re-
fused To a"cede. and Gabriel went IN Yesterday
to intor'rdr with HIM perS lually. Judge Dit
tenhorfrr has hopes ;nat Gabriel will lersuade
him 10 change hi, mind
70 supply the drains made upon their resources
by III" unlu Ky Il rk speculate ~ which have
YVES one that ms been frequently used in Wall
street oi late Nenr-. nlthcugh never before
disastrou-y y. Meter Il Go. were money brokers
for some time before their suspension and did
Little or no stp * business for their customers.
They nindo time and call loans on bond and
stock "nllut raj most of the former running
three. four or six months. 1hoir rule was ~
preserN" "a large inars uu tho collateral
pledged with them H. possible. Then hey
took tho -fl ks " bonds 10 fIUK md rslk-
g thc'ated them, tukin.g cHre to demani ~ near
!heir market value as the hank would allow.
Fpr rNUMpr. they loaned 500 on bonds worth
tl2o. and borrowed al III" rate OF ;llO IN the
sens bonds. BY this method they sue eeI"d in
rHising from sljuuO1 90 $500 1000, az nearly as
cHn hr asc"rtainei AMI thus temporarily
STAYED Qn their impending ruin. How long
covery cannot be ascertain u. hut II h probable
That I is not "a novel one ia their eNIcrltnce of
hnrn'i"rnS. as It certainly Il not IL that Of
judy D',tenhocfer refused TO give a lst Of
thc firms who suffer by setter Co. = Hnau;
eiering. but from other sources il was learned
Ihat not more than twelve or th rteen houses
ar losers the $1,000 or sl7joOO be!ns dis
uleI Irs ~ llgu "gns sfgd sgi sng iroN%r MSTfsG
Graves of Broad steect negotiated loans on
Government bonds, and lose snal amounts.
Of ,256uo6 on pledge oi s2j0 900 d Now YorE
Ccniral first mor,gag. bonds, which We're yes
trrlay worth l2n, OF th"-. bonds The Meters
hypothecatei 100000 with the First National
Bank. receiving ..a1uuu. Other firms We're
nenl!o""i but would give no iniorm.uon
among these were Morton. Bliss &Co, Knob
tshqfcr, and Fisk 4 Hatch. Kncblauch 4
L.rhlnnsten had no dealings with the Meters
trusted them for year.
IN al cases the losses, fan upon firms abun-
dainty able To- stand them. II is question
though. whether the losses should he met by the
hrok' r. who pledged the collateral securities
q W The owners Of the securities. The law Of
iOmera stocks or bonds without his consent. the