Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-27
BROKERS BREAK UP.
The Pittsburg Commission Company,
Limited, Closes Its Doors.
CAUGHT BY THE RISING MARKET.
They We're Unable to Keep Up the Pace and
Had to Quit
AFTER PAYING EVERY CENT THEY HAD


Limited. which has been engaged for two
years past in buying and selling petroleum,
stocks, bonds, grain and provisions on
margins, sus ended yesterday. it is claimed,
as a result of being caught short on an up
ward market.
The liabilities of the company are esti-
mated at $500, 900, which would make it the
largest failure of its kind which ever oc-
CURED in this city. The company was or
ganzed in February, 1887, with capital OF
$40, 900, the officers being William I. Conk-
ling, Chairman; Charles F. Hewitt, Secre-
tary, and William 81. Laidley, Treasurer.
Since the company was organized Frank Q.
Camp and V. c. Place have become inter-
ested in it, and are said to own controlling
interest, the former being Secretary and
Treasurer.
The company has always been in good
financial standing, and has carried heavy
balance at the Tradesmen's Bank. 1t was
the most extensive bucket shop in Pennsyl-
vania, doing business with nearly every
town in this State, Ohio, West Virginia,
Maryland and Washington City. The COM
pany had branch offices with telegraph con-
nection and had leased at least 5000 miles
OF wire. The magnitude of such a business
can only be understood by those actively en-
gagged in the business of buying and selling
stocks
PLACE CoNFEsSEs TO 100000.
A visit was made by a DISPATCH re-
porter to the office of the company in the
Germania Bank building. where it occupies
the whole top floor. 1t resembled the in
terror of fair sized telegraph Office. About
20 operators were employed to receive and
dispatch orders for stocks MIR. Place
stated that their liabilities would not fall
short of 100000. Messrs. Plain & Co., of
Washington, are supposed to be the heaviest
losers by the firms failure. The exact
amount is not definitely known. It is sup
posed that the firm had capital Of $500, 900,
but this was not confirmed. When Mr..
Place was asked to give the exact amount
invested in the business he would not give
direct answer to the question.
There is no heavy loss sustained by any Of
the other Pittsburg firms to speak of, al
though several lost considerable. Among
them were Brinker Bros, A. B. McGrew,
Wallace Vensel & Co. and Parker, Lough-
~ Co. Mr.. Camp, in speaking of the
suspension, said:
COULDN'T KEEP UP THE PACE.
1--WE have held out as long as we could,
but we have to quit. The market was going
too fast, and we could not keep up. We got
in deeply, and then, in order to save our
selves, got in deeper. When we tried to
pull out we found we could not. We were
possible to hold or carry it. The
failure is complete. We cannot pay q
cent. We kept on paying until we had no
money lett. 1t is impossible to tell what
our liabilities are as we do not know the
contracts our correspondents had, for which,
of course, we were responsible. We have
over 40 correspondents in various parts of
the country, and until we hear from all we
cannot tell what we owe. The failure will
have little local effect, as we had few Gus
toners here. Some one or two local brokers
may be hit a little, but not enough to do
any harm We are closing all accounts to-
day and will close business with the day.
We will not make any assignment, but
simply quit"
OTHERS MAY GO UP.
Among the New York firms that have
been broke on the same market are Doran &
Wright, the Public Grain and Stock Ex-
change and what is known in stock circles
as the Big Four. A broker on Fourth ave-
nue. said: "It is only question of time, if
the stock market continues in its present
strata, until every bucket shop in the busi-
ness shall be wiped out. The market
has reached its highest point, and if the
firms could have tided over their troubles
for another week, think there would have
been no failures. The market has been a
very severe one upon the bucket shop keep
ers. Not in the history of the New York
Exchange has the market advanced so
steadily without reaction"
The Pittsburg Commission Company are
negotiating with Cleveland firm to assume
their business and continue with their
| present plant in order that the country
Offices can continue their business.
Mr. Place has borne quite reputation for
nerve IN playing the markets. and was very
successful. 1t was common talk among
brokers that he won $3.50. 900 on Harrison s
election and lost $50, 900 on Blaine. He
was the most daring broker on the street.