New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-06-07
FAILURE OF w. B. MEEKER & Co.
A SURPRISE IN THE STOCK EXCHANGE.


THE SUSPENSION OF PROMINENT FIRM Oh
BRoKERs-CONJEcTURE AS TO TIE AMOUNT
OF LIABrIuEs-THE FAILURE SAID TO BE DUE
TO THE DELINQUENCY OF CUSTOMERS
The failure of w. B. Meeker & Co., Of No.
Broad-st., was announced at the Stock Exchange
yesterday. The failure is one of the most i'm
portant that has occurred for several years because
the firm has always had an excellent reputation IN
Wall st. and for the last few years has done largo
business. 1t has not had at any time large capi-
tai, but it has been considered at the same time
strong house 1t is claimed for the firm that none
of IFS members ever specuated on his own account
or that OF the firm. The high reputation OF the
senior partner the conservative course that he has
followed in the conduct of the business, and the
we'll known fact that he numbered among mis- Gus
toners several operators of prominence and sup
posed wealth, have combined 10 make the firm. IN
general estimation, of the strongest in the
street.
The announcement of tho failure created consid-
erable excitement at the Stock Exchange. The
letter in which the firm gave notice of its inability
to meet its contracts received by The president
OF TIE Board at half past i O'clock and few min
utes later was read from the rostrum. The instant
effect to cause fractional decline in the prices
of the stocks in which the firm was supposed to be
largely interested. rally Immediately followed
the decline, but afterward prices again yielded AS
the influence that the failure might have upon the
market began to be appreciated. Sales to the ex-
tent of something over 5000 shares were made
under the rule but these 90 not represent at all
the settlements that were made, nor do they give
any indication of the liabilities of the firm. Many
of the persons most largely interested in the fall
at once went TO the Office of the firm and
made settlements for amounts that were not
made public. The firm declined yesterday
to give oui any of the circumstances
that led to the failure to give any estimate, even
approximately of the amount Of the Liabilities. The
failure appears to have been so unexpected at the
last that the members of the firm did
not know the extent of the ruin in which
they were involved. Even to friends
who inquired merely for the purpose of extending
aid they replied that they could give estimate OF
the amount of their liabilities. 1T useless" they
said, ito ask u.s. for we do not yet know ourselves
ESTIMATING THE EXTENT or THE FAILURE.
The extent of the failure therefore
was merely matter of conjecture,
and brokers estimated it according to
what they believed TO be the recent operations OF
the firm. 1t was asserted by some of its warmest
friends that the debts at the Stock Exchange would
not be large but not one of them placed the amount
under 100000 Others who pretended to
know something of the transactions of tho
house put the amount considerably higher. OF
the stocks sold under the rule one-third were
Wabash and among the Others were Union Pacihc,
Missouri Kansas ard Texas, Jersey Central, st.
Paul New-York Central aud Michigan Central
The firm has been known for some time 10 be carry
ing large blocks of Wabash stocks aud bonds and or
Union Pacific stock. 1t was the general opinion
among brokers that the firm was carrying at least
So 900 shares of stock. 1t was said yesterday thas
il had been endeav0rng for the last few days to re-
leye itself of part of its burden but II the re-
port was correct the relief was Intellectual The re-
mort was not generally believed TO he correct so Tar
at least as concerned the large amount OF securities
| that the firm was holding. 49,
| Among the prominent customers OF the bonse were
| Levi Parsons formerly president OF the Missouri,
Kansas and Texas Railroad, James III. Banker ana
Sheppard Candy. Judge Parsons recently held q
large amount of Wabash stock and bonds. He
sailed on Wednesday for Europe, and this fact
led many persons TO suppose that before MS de-
parture he had reduced his holdings largely ms
was not however, the popular impression In wall
Street Mr. Banker was formerly yice,pr sldent or
the Bank of New-York, but resigned the place IN
consequence of the panic of 1873. shepard GanIdy
firm was many years ago large sugar importer,
but being drawn into speculation, he abandone9
this business and for ten years or more has devoted
ms attention to stock speculation he Is said 70
have been always bold and reckless operator fe
failed i'll 1878, and 1t was recalled yes'eiuay .la'
his failure the precursor OF the great cohnicf-
asserted ed BY friends a Of tne M'fGsa aT%
was due wholly TO the inability OF some OF It's larg-
est customers to supply additional margins 70 pro-
tect their accounts against the recent declihe ln
stocks No intimatiOn was given rs 10 the names OF
the customers who delinquent. IL l. understood
that this was the explanation of their failure gwen
nv the members of the r Ii was said also ina, ths
Embarrassment of the firm had been aggravated Dy
the illness of the senior partner, VINO has Deeh uu-
able TO attend TO business for three or iour
months formal assignment OF the hrm was made
to William L. Dixon.
SKETCH OF THE FIRM
The firm of w. b. Meeker & Co. is composed OK
William b. Meeker and his two sons. William d.
Meeker. ir.. and Thomas B. Meeker 1t has existed
in its present shape nearly seven years, but before
| this the senior Mr. Meeker was for year
| or more in partnership with Daniel L.
Worden under the firm name of Worden q
| Naeker Until after the panic of 1873 William Is.
| Weeker had been connected with the Bank OF New.
York for nearly twenty-five years: FOR several
| wears he was the cashier OF the BANK anu during
hotb Officers left the bank, and Mr.
Neeker soon afterward engaged III the stock broker
ace business Thomas b. Meeker was then nem-
ber of the Stock Exchange, having been admitted
in December, 1871. After the partnership OK
solved Mr. Meoker established the present
of the Board in Janury, 1879. The sons are twins,
and in appearance and especially in the tones or
their voices are exceedingly alike Mr. Meeker has
never been member of the Exchange lie has been
in for several months, and on this accouns
unable to attend 10 business affairs. fester-
dav he visited the Office for the first time In weeks
z