New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-17
FAILURE OF H. c. HARDY & SONS.

EFFECT
THE FIRM.
The failure of II. c. Hardy ~ Sons, at No. 10
Wall-st. is a small one, and when their suspen
SION was announced it excited comment only be-
cause of the esteem and respect in which the firm
was held. It's influence on the market counted for
nought and when it was mentioned il was with ex-
preslons of regret and sympathy. All the contracts
of the house the Stock Exchange were
settled privately and hence there were transac-
tons under the rule. The firm made an assignment
late in the day, without preferences, 10 Thomas
Chatterton, a retired merchant of this city. The
liabilities outside of the stock Exchange will not
exceed $3OO,0)O and strong beliefs expressed that
the assets will realize sufficient to cover them in
full.
The firm consists of Henry C. Hardy and his two
sons, Frederick and Henry c., jr. Frederick
Hardy is the board member of tine
Germ. The senior partner whose antecedents were
of the highest character came from Petersburg,
Va in the spring of $50. and established the
mission house of II. c. Hardy q Co.. his two half
brothers. of Norfolk Va being his partners. The
firm received cotton. tobacco, etc, from Southern
planters, and continued in business until the out
break Of the war stopped them Toward the end
of the war II. C.. Hardy was elected member of
the old Open Board of Brokers' and remained IN the
Stock Exchange until 1892. From March l. 1865,
to December 81. 1865, he was the senior part
ner in in the firm of Hardy & Guth.
rio. lie next was a partner with Garth
Fisher & Hardy, but in February, 1863, the firm
was dissolved and Mr.. Hardy took his son Freder
lex as a partner in the banking house of Ii. c.
Hardy & Son. IN May. 1871, the business was
closed with a comfortable fortune won by the con-
Germ. Then the senior partner went TO Norfolk and
established for his other sons the Farmers Loan
and Trust Company sfterward changed TO the Farm
ers' Bank an institution specially chartered by the
isence, but is in no way concerned in the pres
ent failure. In 1875 Mr. Hardy returned to New
York and resumed the banking business with bis
son Frederick. In 1882 Henry c. r. became
partner aud the firm assumed its present title.
Frederick Hardy entered the Stock Exchange in
Nav, 1870, being then Ouly twenty-one years old
and the youngest member of the Exchange. His
father was the youngest member having son III
the Board. Frederick Hardy sold his seat IN 1871
and was readmitted in 1879. In November, 1852,
the senior partner sold his seat in the Exchange for
So 900 and put the money into his business.
The cause Of the failure is due partially, to the
shrinkage in miscellaneous securities in which the
firm was interested and partially to Mr.; Hardys
indorsement of notes OF a friend who failed
few years ago. The delinquencies of the firms
customers do not exceed $4,000 Their losses.
contrary to general opinion, did not come from
Southern securities. Henry c; Hardy was a mem
Der Of the Produce Exchange bur did no business
there He was elected to tho Mining Stock Ex-
change several years ago and in 1879 served as its
vice-presdent. Speaking yesterday OF his suspen-
sion, Mr.. Hardy said:
This the first time in my business history that ever
surrendered shall pay every dollar Ia fu; II no, now,
as am hoping Just "a soon "a possibly can.
BOGART q CO.'S RE-HYPOTHECATIONs
LEGAL ACTION TAKEN TO RECOVER BONDS PLEDGED
WITH THEM.
The Office of Orlando NJ BOgart 4 Co.. at No. los
Broadway presented the same appearance yester-
day as on Thursday. Assignee Wheeler was in
charge and with the counsel was continuing the
investigation of the affairs Of the finn. There were
several visitors at the Office during tho day some
came to extend their sympathy. and others We're
anxious creditors who wanted to obtain some in
formation with regard TO their claims. Some of the
latter ayeued that they had loaned the firm money
AZ six per cent, and were anxious as 10 whether
there was any chance of seeing any Of il returned.
Richard W. Bogart in explanation OF these claims
said that whore such loans had been made 10 the
firm railroad and other stocks had been transferred
as security which, at the time were OF value fully
twenty five per cent in excess OF the amount of the
loans 1t was added that the persons still held
these securities but in the shrnkage of values they
could probably not be sold in open market for as
much as the loans made upon them.
Ii was reported that Bogart & Co had re-
hypothecated some Missouri Pacific bonds which
had been deposited with them as collateral to
secure loan, and that a suit was TO be brought to
recover them Mr.. Wheeler said that he knew moth
ing of any such charges. subsequently il was
learned that papers had been served by Kobbe
Brothers, lawyers at No. 102 Broadway Kobbe
Brothers said that they had been engaged on Thurs
day to United States bonds Missouri Pacific