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Mr. Hatch of the firm of Fisk & Hatch said that notwithstanding the panic of Thursday, they came to their banking-house yesterday morning expecting to weather the storm, and made every preparation for the day's work. Unexpectedly large calls came in, and at 10 1/2 o'clock they sent out for two of their banking friends, with whom they consulted as to the wisest course to be pursued. They could have continued longer, but came to the conclusion that they could not stand up against such a run very long, and it was best to suspend at once rather than to sacrifice their securities. Badly as they felt to be compelled to suspend, they tried to consider the interests of their creditors before their own. The Ohio and Chesapeake Railroad bonds had something to do with their suspension, but that alone would not have been sufficient. The trouble arose from a lack of confidence in railroad enterprises and the stringency in the money market, caused in part by the recent failures. The great demands upon their house caused by the suspension of so prominent a firm as that of Jay Cooke & Co., came so suddenly that they had no time to get in money due them, or to obtain funds from their assets. Their embarrassments had not been occasioned by loaning money on hazardous enterprises. They had not speculated; they had met with no losses. The trouble had been caused by the general fall in stocks and the feeling of distrust in regard to monetary institutions, which had precipitated a run upon the house, for which they had not time to prepare. They believe that their suspension is only temporary, and that as soon as the excitement is over they will be able to go on again. They are confident that none of their creditors will lose through them. The clerks were busily engaged yesterday in preparing a statement of their assets and liabilities, but they said it could not possibly be finished before to-day.
Among the out-of-town firms for whom Fisk & Hatch were financial agents in this city, are W. B. Conant of Albany, N. Y., and James E. Lewars of Philadelphia. The firm corresponded with a large number of other firms in various cities, whose names are unknown. It is not believed that any of them will be seriously affected by the suspension.
E. D. RANDOLPH & CO.
E. D. Randolph & Co., a Philadelphia banking firm of considerable prominence, was the most conspicuous failure after that of Fisk & Hatch. The house did a large speculative business for Philadelphia, and indeed for Pennsylvania as well. They were popularly supposed to be the largest dealers in the stock of the Philadelphia and Reading Railroad in this market. They were also supposed to be doing business for Thomas A. Scott, J. Edgar Thomson, and the Pennsylvania Company. E. D. Randolph was a son-in-law of Thomas A. Scott. They held out till near the close of the day, and hoped to ride the storm. They afterward saw that it would have been better to have closed up in the morning, as the cost of carrying stocks for a day would have been saved.
Mr. Randolph said that it was impossible to tell how they stood or what would be the result. If money got down to reasonable figures they would soon resume. The cause of their trouble was a general depreciation of stocks and a run on their house. They did the largest out-of-town business of the city houses, and were unable to call in their margins.
WHITE, DEFREITAS & RATHBONE.
White, Defreitas & Rathbone were long of stocks at high prices. The decline in the market forced them to succumb. They are stock-brokers, buying and selling on commission exclusively. They suspended a few minutes before 3 on Thursday, but the fact was not generally known until yesterday. Mr. White said that their suspension was owing to the absence from the city of many of their customers, who were thus unable to respond to their calls. He expected that when they had time to get together, "they would fix things up." He had no statement to make to the public, as their private affairs concerned no one but their creditors.
BEERS & EDWARDS.
Beers & Edwards were another ordinary stock house, and being long of stocks, found themselves unable to meet their engagements. They did a general stock business. On Thursday night they expected to go through all right, but yesterday morning they found the pressure too great, and had to succumb. The trouble arose solely from the general depreciation of stocks, but not of any particular kind. They expect to liquidate their liabilities in full, and think that they will resume when things are more quiet, though in the present state of affairs it is impossible to make plans for the future.
GREENLEAF, NORRIS & CO.
Greenleaf, Norris & Co. were regarded as a first-class house and were generally known as "bulls." They were carrying great quantities of stocks at high prices and were unable to meet their engagements. Mr. Norris seemed to feel very badly over the failure of his firm, and told the reporter that he would rather not say anything about it.
THOMAS REED & CO.
Thomas Reed & Co., like the others, were long of stocks, having large quantities of Harlem, New York Central, Lake Shore, and other stocks. They also expect to resume. They did a general stock business, but their suspension was caused from their liabilities as brokers. They went "long" on stocks—chiefly Harlem—and customers failed to respond and make good their margins. They telegraphed all over the country, but received very few replies. In the mean time Harlem was forced down from 130 to 90, and they were compelled to suspend. Mr. Reed said that he could not tell anything about the probabilities of resumption in the midst of so much excitement; no one could foresee what was coming.
GEORGE BOLTON ALLEY & CO.
George Bolton Alley attributed his suspension to the general depression in stocks, in which he dealt both on his own account and on commission. He held the Vanderbilt stocks chiefly, Lake Shore, etc., which felt the shock more than others. He expected to settle up and resume; he owed very little on the street, and didn't intend that any one should lose a dollar through him. He thought that most of the suspensions were only temporary, and that when the storm blew over a good many of the wounded would get on their feet again.
DAY & MORSE.
Day & Morse were bankers and brokers. They kept up until the afternoon, when they were compelled to yield to the pressure. Mr. Day told the
