The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-01
FINANCIAL WRECKS.
John Bonner q Go. fail for $780,.

WV
NEW YoRK, DECEMBER Consider.
able excitement was caused on the street
this morning by the announcement Of
the failure Of John Bonner & Co., S2
Broad street, one OF the Oldest houses on
the street. The firm has made an assign
mentto B. W. GrisWold. It Is said that
the firm pursued the same methods
charged against Meter & Co. Rehypothe.
cation Of the securities and liabilities
said to be quite large and general. Prom.
inent speculators are mentioned as con.
siderable losers. Intelligence Of the fail.
ure has had depressing effect on the stock
market, and some Of the leading shares
are down one per cent.
OTHER FArIuRfs FOLLOW.
The failure Of John Bonner & Co. has
involved suspension OF the Bankers and
Brokers Association, an institution avail.
ed Of by small operators for clearing
stocks. Bonner cannot be found.
Il Is thought that Bonner & Goa.
liabilities will not exceed three hundred
thousand dollars.
An evening paper says: Following the
suspension of John Bonner & Co. comes
that Of J. T. Jackson, a small member Of
the Exchange, who was also short Of
Lake Shore and Western Union. Some
OF the large houses in the street are sut-
fering by these failures, their loans hay-
ing been violated, and Il is reported that
their securities have been sold out with
out authority.
The Poa says Of the Bonner & Co. col
lapse: .Bonner bought all the stock
the Bankers and Brokers' Association
offered, compelled the Manager TO pay for
Il out Of the funds Of the Association, ard
then took stock, and borrowed on it. He
bid IS for the stock, Saturday,, and Dor.
rowed $4,000 on 100000 Of it. The
Association Is understood TO have been
gutted In this way. Other transactions
reported arc as follows: He lent $40, 600
on Panama stock aud borrowed Sl00, 900
on It, loss 10000; be lent 81, 900 on 1000
shares OF Northwest Common, and bor-
rowed more on il; he lent 100000 on
Sl3s,000 collateral securities, which can
not be traced.
Mr.. Seward, partner Of the assignee,
said that loans secured by Bonner on the
hypothecated securities were, in almost
all cases, obtained from bankers, in
some cases securities owned by different
persons we're mixed together as collatral
security for the same loan; Il would be
easy, however, for each person to hnd and
identity his own property Bonner left
no orders for redemption OF securities,
and indeed no Instructions OF my kind
Seward said there were no assets, the
assignee had not been served with any
attachments, but he bad heard thai come
were out; he had received large numbers
OF notices from persons who had pledged
securities with bonner 4 Co, at the
Office Of the Bankers and Brokers Asso.
citation. The manager. Mr.. 0lln, said
that institution was ruined by the flight
Of Bonner. Depositors would suffer tue
loss OF about S5O0,000, for which he sup,
posed stockholders were liable; he could
not furnisha a list OF stockholders. The
failure Of 1T. Jackson, announced to day,
proves to be an error, although it was re.
ported he was indificulty. IL
FusrHRR PARTICULARS.
1t appears that on Sunday A. K. Sewall,
one OF The firm Of Bonner Il Company,
applied 10 his council for advice aud an
nonnced the failure Of the 6rm and the
flight Of the senior member, john Bon
ner, who had left for Canada. Upon. his
advice an assignment was made 10 b. W.
Griswald, who ia now engaged 10
Strengthening the affairs OF the firm and
who will make a report thereon as soon
as possible. The amount oi securities re-
is now stated at $500, 900.
all OF which, 1t is said, has been lost Ia
speculation; Bonner having taken moth
ing with him and in his flight large
number OF individuals and firms are suf-
ferers by the failure, including Van schoy
&Co.
The World says as soon as those fnan-
cially interested learned the true state ot
affairs they tried to trace their securities
either through indicators or from the
books Of the firm. This last means was
refuted, "a were also the orders for the
collaterals. The assignee said he had no
power to give orders for collaterals, SO
The brokers were almost as much at sea
respecting their securities and differences
they will have TO pay, when the day was
over as when 1t was first known the firm
had failed.
MEETING OF CREDITORS,
C1scrsHArr, December Stat meet
ing Of the creditors Of J. D. Park 4 Co..
held to-day, the following was sub.
mitted: Liabilities Of the firm SiS, ,595;
liabilities OF ]. D. Park S65. .Sl2; assetal
$4,000. Proceedings in bankruptcy
will be commenced 1t once,
PETITIONS IN BANKRUPTCY.
{ CHICAGO, December 3l.-The following
petitions in bankruptcy were filed to-day:
N. C. Perkins, lawyer, liabilities, 60, 600
dollars; assets, $4,000. William F. Hale
and Amos H. Woodruff, coal dealers lia-
biiities, $4,000