Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1885-10-03
On Wall Street Yesterday Excitss
New York.
WIN. HEATH & CO. CAUGHT SHORT
1000, 900 Shares on a Rising Market
Henry N. Smith Assigns---MOrO-
sini Caught.
vANDERBlLT's HAND IN THE MATTER.

the board this morning. Shortly before
midday the announcement came from the
rostrum of the Stock Exchange that the
firm of William Heath & Co. was unable to
meet its obligations. The shock was not
nearly as great as many had anticipated.
1t is impossible at present to learn anything
definite as to the immediate cause oi
the failure, but rumor says that the
house was short of 100000 shares of stock.
There have been large number of trans
actions under the rule for cash in Lake
Shore, St. Paul, Lackawsnns, Northwest
ern, Western Union, Union Pacific, New
York Central, Jersey Central, Omaha pre-
ferred and Missouri Pacific, understood to
be on account OF the suspended firm; but
the decline in the prices up to l o'clock
was less than per cent the weakest stocks
being Lake Shore, Northwestern and New
York Central. The firm of Wn. Heath q
Co. was composed of Vim. Heath, Charles
E Quincy and Thomas Z. Davis. Nj
Heath has been q prominent person on
Wall street for about twenty years and hsi
been conspicuously identified with nearly all
cf the leading opeI stors in the street during
that time. Mr.. Henry Smith, about whom
Iumors Of financial trouble have beeu aaoat
for some time past, and who has been q
keavy bear for some time, ssys: The fail
ure OF Wm. Heath l. Co. is manly due Ia
my operations in the stock market. | sup
posed the firm was strong e1ough b to carry
ne through and up TO ten o'clock this
morning had no IDEA OF their failure.
am now, unfortunately, placed where can
rot Pay what ! owe for the present | have
been shcrt of the market, believing the ad
vance TO lie unwsrranted. shall make an
assignment. The firm is represented in
London by the third partner, Thos. Z
Davis, and il is understood that the London
house OF VIM Heath & Co is one OF the
ieadipg Al ericaR houses in that city. Mr.
Heath and Mr.. Quincy are the representa-.
tives here 1t is now believed that the
failure Of Zoutter d Co. on Wednesday was
due at least in part to the same cause which
has brought about the suspension of Heath
& Co the failure of Mr.. Smiths to put the
required margins. No shadow OF suspicion
that Heath 4 Co. were not sbundantly able
10 meet all their engagements has existed
in Wall street, and the general impression
las been that it was among the strongest
srd most prosperous houses on tie stree
VIM. Heath & Co have Just made an as
signment to A. R. McCauless, the manager
Ui their Cffice without preferences. 1t is
stated at the Office OF the firm that contracts
tor sbout l0, 900 and shares Of ct Jck are o 1t
nciug on each, principally the Wander
bits, Lsckawanna and the Changers.
smith Assigns.
Mr.. Henry NJ Smith hos made an as
signmeIt to Mr. Cunning, OF the law firm OF
Yanderpool, Green and Cunning, with pref.
trenCes for wages and salaries, amount not
stated Mr.. Smith has been a member OF
the Stock Exchange since 1877. A promi.
rent broker says: The effect OF the failure
IS likely to be quiet market after to-day
uriil the street discovers the extent of the
lcstes. 1t ia claimed that Henry N
Smith owes the firm OF William
Heath i Co. about $l,00O,00O
and that the firm owes it's customers about
the came amount. The differences to Wall
street houses are not likely to amount to
over 100000. Heath & Co. 5 two seats in
TIE New Yoik Stock Exchange are good
for $4,000. So that Wall street houses
will lose very little By the failure. 1t is
n ore likely to strengthen the hands OF the
bulls as Smiths operations have often pre-
vented the market from advancing. IL is
stated that Smith is also responsible for the
failure of Smith & Co, having owed them
about $3.50, 900. Ii is the opinion OF nun
Der Of people on the street that Smiths
fGi,ure was brought about by
Er. VIM. Vanderbilt, who sdSsDced the
n erket in order to break Smith as punish
nt Mt for Smiths betrayal OF Wm Wander.
tilt when they were operating together. IL
IS estimated that Heath wHs shot from &c..
goo 10 100, 900 shares Of stock FOX Smiths
Bccount. All the settlements, ss far as
Is, Il street ia coucsrned will be completed
:, ore three o'clock this afternoon by buy
II in hll the stock in which Heath L Co.
T,Ge borrowing.
Morosini Caught.
Alexander d Green, as counsel for Gro
ysnDi p. horosini, to-day obtained from
Judge Donotus OF 'be Supreme Court, al
attachment sgAiDst the property Of VIM.
I, ath L Co. SIR. MorosiHi says in the aft.
iavit upon which tie attachment was grant
70 lhst for several years past he has had
s4sO,GGO in cash on depo.it With Heath d
70 suhieot 10 his dtsfr, and that the only
De bt hat could properly be made against
bat amount WAS for 2 $50 shares Of capital
stock Of the Manhattan rsilSsy Of the value
Of SI92, 600 and % second mortgage bonds
Of the Metropolitan elevated railway 10 the
value Of S22, 600, which be had ordered the
irm 10 purchase for him making an aggre-
rate oi s2I5 COO. He claims the firm is in
o. ,, 20 him S2G5 900 in cash and that it
alto hClds these stocks and bonds tor hin.
Mr Horosini declares that he called st
lie citice II Heath K Co yesterday for his
q oEsy ard 8. s.cuEities and received in reply
hat the company couldn't deliver them, as
tie securities had been hypothecated or sold
and the money otherwise disposed Of he
svers tia; he never authorized Heath x Co.
10 make rfe of bis money and securities
and charges that they have assigned and
di. posed of their property with intent TO de-
fraud hin and their creditors generally.
Chss. Z. Quincy, one Of the members Of
,be firm, Mr.. Morosini states, has been in
Europe for several mouths past. He be-
Iieyes be il not resident Of this State. bot
cf some country in Europe unknown TO him,
AID hss also attached whatever property he
hss in this State.
A Brokers Firm Pals.
KHGsTox, N. Y, October 2.-Charlss z.
Callahan and ak stock brokers with head
quarters at Nevbarg, failed yesteTdsJ. Con-
siderable excitement was caused here By the
fsfsre. The firms customers lose every.
thirg. It viii be impossible for the house
n resume. The firm had backet shops in
NesbUrg. MiddIeto=n, HsverstrsE. Rond
ou,, Cstlkih, ssugerties and Poughkespsis
THE FAILURE.
what the Tribune Says About IL Thii