The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-01-03
MORE FAILURES.
WALL STREET GREATLY EXCITED.
The Old Firm OfJOhn Bonner 4 Go. Unable to Meet
COntraCts-A failure for IInlf MIL
lou Bonner LeayesNeW
York In Haste.

The Old Firm OF John Bonner Go. Unable to Meet
COntraCts-A failure for Hnlf a MIL
llOu-BOnne LeavesNeW
York In Haste.
New YORK, December 81.
The failure Of Meter & Co., week ago,
for three hundred thousand dollars, is
followed to-day by the more serious one
of John Bonner & Co., for nearly half a
million and the disappearance of the sem
ior member of the firm. Beyond doubt
the failure of Bonner was the legitimate
outgrowth of the Meter case. After the
failure ofNetter there was general rush
throughout Wall street to look into the
safekeeping of colaterals pledged for
time and call loans. In some cases loans
which had many days to run were lifted
and replaced with institutions, rather
than with individuals. Borrowers insist
ed upon the production oftheir securities,
even for nothing more than inspection.
A few firms showed little. Among these
were John Bonner &c Co. 1t could not be
ascertained to-day who the borrowers
were that forced the failure, but it is GER
tain that in this, as in the Meter case, il
was caused by the demands of borrowers
| for the production of their securities sus.
pected to have been rehypothecated. The
announcement of the failure was made
on the Stock Exchange as soon as it was
known that John Bonner had gone to
Canada, that the acsets of the firm were
worse than nominal, and that the liabili.
ties we're between 100000 and $500 600.
John Bonner's method was similar in
many respects to that of Meter & Co.,
but it had an element of boldness and
originality. He rehypothecated securities
pledged with him for loans, and general
ly at an advance, and thus followed the
lead of the Meters, but in one or two
cases he gave worthless checks to bor-
rowers and in nearly all his transactions
mixed up quantity of worthless stock
that he had received as collateral. 1t is
thought that he took with him large
amount of money, as he was busy nearly
all day Saturday in rehypotheCating Sc
curities. AS far as can be asCertained he
kept within the criminal law taking only
the surplus procured by rehypothecation
of bonds and stocks, but leaving the Sc.
curiies to be redeemed by the unfortu-
nate owners on the payment of differences
and interest. The failure of John Bon
ner & Co., involves the downfall of the
Bankers and Brokers' Association, organ
lied by the Stock Exchange, some years
ago, as a clearing house for brokers of
limited capital. Its capital stock was ST.
100000, of which $500,000 was paid in. 1t
was not successful, and soon ceased to be
patronized by many brokers. In spite of
this fact, however, its stock was sold at
ITO. AT one time afterwards it tumbled
almost out of sight. Then John Bonner
began to buy it in, and soon procured a
controlling interest some say three quar-.
ters, of the whole stock. The losers by
Bonner are F. B. Wallace & Co., 100000,
said ,however,t to be secured; Henry Cl4ws
and Co., 81 200; H. R. Wilcox, So 500;
Trenor W. Park, 100000; Nichols & Co.,
$1,000; Kennedy & Co., $4,000. Late in
the afternoon the street was startled by
a rumor that Bonner had loaned $780,
600 to ]. Gould on 10000 shares of Union
Pacific, which had afterward been rehy-
potheCated at 30, thus realizing net steal
of $240,000. Another report, better auth.
enticated, placed the number of shares
at 9,000 which, it was said, had been
originally hypothecated through Belden
& Co., Gould's brokers.-On this basis
the steal would still amount to 100000.
Mr.. Lester Wallack, the actor, is heavy
loser; amount unknown. Mr.. Harry Mon.
tague, actor, is said to have lost consider
able. Charles j. Osburn loses $4,000.
Mr.. Bonner was for number of years
prominent in theatre circles. He was
regular attendant on the plays, and always
had seat on the opening night
Ironton, o., December 31.-Mr, James
Small, one of our leading dry goods mer-
chantsmad an assignment this morning
to Colonel Evan Williams, Assets and
liabilities not known.
Tifin, o., December 31.-Basom Broth
ers & Co., dry goods dealers, lifted execu-
ton to-day, and Immediately assigned to
L M. Childs. Street reports say their to-
tai liabilities reached $4,000. Will prob
ably pay twenty-five cents on the dollar,
Chicago, December 91.-Seven unfortu-
mates closed up their balance sheets in
bankruptcy with the close of the year.
The first to come in was William H.
Chadwick, a commission merchant. His
debts, all unsecured ARE $S $3.50; no assets.
The next was William T. Hate, contract
or, secured debts $l00,206; no assets be-
yond exemptions. Amos H. Woodruff,
a coal dealer; the secured debts amount
to $45,725, ant the unsecured to $30,532.-
80, Number four was Thomas Goodwille,
a box-manufacturer His secured debts
are $4,000, and the unsecured So, ,l57 53.
Norman G. Peygins, a well-known law
yer also went the same way. His sched'
ule shows as follows: Secured debts $751;
j7l60 and unsecured about $22, AGO. be.
sides 5000 due on accommodation paper;
assets, lands of only nominal value. Thos.
F. Nelson, an optition and dealer in fan
Cy goods, shows list of secured debts to
the amount of $765.28, and his unsecured
foot up about So, 200. Lastly, Levi j, I'm
ma, halter and furrier, makes the fol-
lowing showing: secured debts, $500; an
secured, about $4 600.
Clarksburg,W. Va, Jan 1.-Thompssn.
Brothers, druggists, made an assignment
to. day for the benefit of their creditors.
Assets small.
GAINESVILLE, o., January 1.-The dry
goods firm of ]. Hunt & Bro, in business
here for twelve years, made an assign
ment to-day.
Kalamazoo, Mich, January 1.-Yester-
day evening ]. j. Mullen, merchant tail
or, assigned to J. II. Henry for the bene-
fit of his creditors.
New York, January 1.-The Directors
of the old Bulls Head Bank have deter
mined to refuse deposits and begin to
close up its business. The bank has been
in some straits ever senCe the mysterious