The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-29
INDIFFERENT STANDING OF METER co. IN
NEUTRALITY-SUSPICIOUS. LIvING-THEIn

CINCINNATI LIvING-THEIR
BUSINESS NOT Considered LEGITIMATE
from The Cincinnati Enquirer, Dec 27l
Gabriel and Albert Meter were born and raised In
this city and tho first named represented one Of our
vards fora term In Council. Gabriel married
daughter OF Jacob Esas. while his brother Wooded the
daughter OF Isaac Wolf. son OF Jacob Soasoneood
Is married. TO Of Jacob Netter's daughters, and
Charles Mayer, Of scasongood. Meter Co., 70
married to another. When Jacob Meter died ne
Jcfs his sons, Gabriel and Albert. 100000 each,
and whom tho firm OF Meter Co, New York. was
established it was with 100000. Hearing that
Samuel Koys, OF Leo. sterrit, 4 Co., was possessed
Of information respecting the failure, our repre-.
sentative called on him and convcrscd with
him on tho subject He said that Meter Co had
done big business III Now York, ana had made a
feature OF deal,ng IN municipal bonds. They were
large purchasers OF the Improvement, assessment
and waerworks bonds OF THIS cily anu also o. our
them TO tho advantage Of the city and OF themselves
they a good deal Of money whom they first went
10 New York, but latterv they lost heavily on STOCK
transactions. The death Of their father was bad
thing for them, tor by II they lost tic dement, Of
snrewd. careful adviser Mr.. Keys did not seem I'M
pressed with thc business sagaciiy OF either Gabriel
pr Albert saying that they were what Judge Hilton
would call ''seligman Jews" who we're gwen largely
10 dash, display and recslessness. Their personal
habits were very extravaganza ana u might DO that
lh,s had helped TO precp,tate their rum Else
whore our young man heard more about Their
exiravagant mode OF living, IL boing asserted
that one OF them brought over lot Of
artists 10 frcsco his house in Now York, and
that the work cost iuily $4,000 Another gentleman
who was In a position know whereof he spoke, sad
that OF tho rn Kept seven French servants IN ms
rouse and thai the flowers used daily to decorate his
rooms In themselves q small fortune For some
time past Albert Meter has been IN TINS city. tle
guest OF his iathcr-in-law Isaac Woi ut the Grand
Hotel He called Tor last Digit IN order that his
report OF tho causes and magnitude OF the iailure
might be obtained, but his mother-n-iaw reported
tnat be had eft city Edgar johnson WINS employed
by him hts attorney, and lett last night ior New
1ork 70 soisc, wolf Is M susr loss Of asou.
TINS loss will not cripple Mr. Vol, but II IS heavy
burden. no,w.hs,andng i was also reported .nat
uaans creditors OF the hrm but not TO SO great
extent
jacob Seasongood stated in the evening that the
news OF The failure had taken him somewhat by sur
prisc though tnerc had been more less talk about
inc insecure standing OF tho firm Tor some little time
He was no, prepared speak snlhorltatively OF tho
causes that lod TO the DISASTER though he was Of inc
opinion that IL was mainly duo TO speculation IN
stocks. Meter l. Co. wcr0 brokers, not bankers,
and for some time past lie had not approved oil their
method OF doing business, 80 while no bad nothing TO
say against the Meters, personally there was not that
warmth IN their relations that would load them 10
maze conndants OF him, consequently hc knew but
little Of their present Affairs more than strict report.
While our ubiquity was talking TO Mr. seasoDgood,
his partner, Mr.. Charles Mayer came up anu joined
The conversation He also claimed that the METERS
we're not legitimate bankers They were members OF
the New York Stock Exchange, and no member Of thst
body banker The business they did was largely
OF speculative character, consisting OF puts" and
scas'' aud "straddles, and they were fancy stock
brokers ind stock spectators When asked II they
had any premonon Of the failure, no replied that nc
had nonc OF definite character bat that IT did not
surprise him, thought II was but question Of
time when every firm that did that kind VI business
would 90 by the board.
Another gentleman vol known In financial circles
stated shat he satisfied that Albert Meter had
come out 70 borrow money 20 enx0lc him to ride
over his trouble. and that II tho Affairs OF mis- nrrn
had NOS been In q truly desperate condition thar
family and business fricnds would not have permitted
them to havo gone by the board 10 thought that the
Sessongoods' change OF arm name caused by tho
Knowledge or that Meter 20. about 10 iai
and that they did not want TO be connected with Il In
form.