New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-27
A STIR IN WALL-STREET.


the Exchange, which received and read o
short time after the morning call, was very
brief simply saying that regret that unable
TO meet contracts" Al the office of Meter Co.. IT
was stated that neither OF the members Of the firm
in the city, and that information could be given by
those in charge The street full az rumors some
persons alleging that Meter Co, have loaned money on
collaterals and then disposed OF the securities
pOcketing the differences between the amount
loaned and the market value of the securities
AS confirmation Of the truth OF this statement,
IL was asserted that the cOllaterals placed
in their hands could be obtained Another report
that the Meters had sold the securities held by
them in trust, but had hypothecated them for larger
sums than those originally loaned. This statement
proved TO he correct The system adopted by them may
be illustrated foilows On 100000 OF Government
other bonds they would loan so per cent OF the market
yaue they would then hypohecate the same bonds for
loan at 90 per cent OF the value BY this means they
secured the OF 10 cent Of the value OF the secu
ties left with them without cost
Very little information could be obtained yesterday
from the persons the Meters had treated in this
way, but 1t was learned that among number
Worden & Leyerick, Davis & Freeman. James Keenc and
Maxwell Graves. 1t is understood that Davis & Free
nan hypothecated $3.50 on New-York Central and Har-
lem first mortgage bonds for loan Of F25OOJO 1t was
currently reported that Davis x freeman borrowed
this money for W. II. Vanderbilt, simply acting his
brokers the matter, and that consequently any loss
one Of the firm OF Davis Freeman stated that he knew
where the securities had been Hypothetical by Net
ter & Co., and that he could obtain them by
paying the amount advanced upon them, which is
understood to be 1878 900. A. the Office OF Fitzhugh
Stewart 1t stated that the nrm had lost nothing by
the failure. Mr. Kcene. for whom Ftzhugh stewart
brokers' had large amount OF securities in their
hands, on which lie had obtained loans but they
received an inmaton last week that the
transactions OF Meter & Co. some
what irregular, and they immediately took steps to
obtain tie securities. They succeeded in getting all ex
ccpt a small amount last saturday. From trustworthy
source however, It was learned that Mr. Keenes loss
would still amount to about $4,000. Fltzhugh Z
stewart admitted that they had not received warning
in time Mr. Keenes loss would have been very large.
1t was rumored last week that prominent firm was
unable to the securities hed by as colateras
and it understood that this rumOr had reference
to Meter & CO. agl u. the action OF Fitzhug Stew
art probably precptated their suspension The losses
sustained By houes could not be obtained yesterday
| even approximately The total amount yanOusly
estimated from 900 to 100000 An assignment
was made by Gabriel Meter and Albert Meter yester-
day morning TO Julius Weh and SIR Well was in charge
OF tho Office during the afternoon. He declined 10
make any statement about the affairs of the firm His
counsel exJudee Dittenhocfer, came in Later aud stated
that Albert Meter went Cincinnati last week for tue
purpose of securing assistance from his atherin-law
Gabriel Meter started yesterday morning for the same
place to assist his brother obtaining help Albert
uad made the assignment before his departure, and Ca
| brieI executed the papers yesterday morning..
The transactions IF the firm were very severely crit
cised by Walst brokers' IL declared to be the first
instance known o. securities being repeiged for laager
sum than the original loan The losers are especially in
dignan on the firm had been regarded as one
of the prominent German houses OF Exchange-pace.
max t " W',n R"nk oausI tnem recently 100000
f,ir,IN Matt Al
botn banks say that they held ample security Tor me
loans Bri9Te s1nG hT hp nred t6e presidency OF
prominent bank in cincinnati, ana lac nad ABOUT CON
| Guided to ,pt the oier.
TxIudgc Dittenhocfcr counsel for the assignee, said
that the liabilities were between S150000 and 100000
They would not exceed tie latter 1t was impossi-
ble TO name the assets until they had been collected and
| examined. THE young men," he continued, "made
| over their property ut early hour this morning.
Julius wehl. the assignee, is their confidential clerk
There no truth in the report that they sold securities
plcdced to them; they merely repedged them
| for the purpose Of raising money upon them.
TINS present ASSIGNMENT bort faS an GABRIEL Yri
ter and tLcir sister married INTO Wcatiy tlhchhau
families and the young ineR are tr'ing To se' a."
few DAYS ago Albert went to ask his father-nlaw'
Mr. WoT said he would do so II Cabres father-nlaw,
Jacob Elsas, would bear half OF the burden MI LsaS
cesed aud refusal brought the crisis which cul
minated in the assignment his morning The brother
n-Iw Mr. SeasnngOod, millionaire banker, OF Clncin-
natl has made no sign offering them help. From the
information have received think the young men VIII
| come out all right in few days"
| HISTORY OF THE FIRM
Roth bv birth and marriage brothers Meter rep
res,nt the most prominent class OF the Hebrew mer-
chants and bankers OF Cincinnati Their father Jacob
Netter had high reputation in the commercial eommu-
pity Of that city for honesty and integrity in business
aud left 800 900 when he died. three years
| ago His money made as partner IN the hsih OF
| 10 If fhp en- ID
city, Ills daughter is the wife OF his partners son,
whose property Is valued al seNeial io's Vi "oi
Five or six years ago the brothers Albert and Gabriel
came 10 NewYork and started IN business by the
father, the firm bearing tue name OF stenoeTRer Nete'
scasongoo Co. At the end OF the year Mrssrs Sin-
berger and good retired from the hrIn, which then
died leaving 500 900 to each OF his Shortly after
this Gabriel married the daughter OF jacob Esas
and Albert married tie daughter ol rlc mS,.i W. NJ
known citizens of they brought thelr wives
to NewiOrk where they have Ntd IA me iost eSnV
fashion Gabrels residence was AZ 90 o% vs.
| scyenth-st, aud Aberts at No west fHl nrsi-st
Their summers were passed at the iashonDi Mator i
places. During the llilton,Seilgnan cohtroselsy iasl
| summer the names OF the Meters came frequently pe
fore the public. IL said that their families had spent
money very avshy AT Newport anu haI Deeh very 70
teutatiOus in their manner OF me- Ihe NeterS ueheu
| that there was any foundation Tor the report.
Persons intimately acquainted with the family iea-
tons q! the Meters and their Cincinnati circle oil irends,
say that the fathersinaw not 50 Ieh "a reported
They of property but IL Is said nave little ready
| money al hand Ii the money needed were smaller
amount these persons say that the fathersinaw would
nave come to the As they have failed To furnish
the requisite aid is II inferred that the liabilities OF the
The office of the firm is a large in the OF No.
| 80 Exchange-place, the ground floor In addition to
Visitors where two telegraph Instruments continued
tick during business hours yesterday and beyond this Is
| the private consultation room, neatly furnished
| EXCITEMENT AT CINCINNATI.
THE HOUSE OF sEAsoNGooD, METER AND COMPANY