New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-09

COMPILATIONS OF THE FIRM OF SISTARE'S
SONS.
TINT rA11vRE NOT ACKNOWLEDGEMENTS
OF THE SENIOR PAETNER-LlABlLi1A
ESTIMATED IN THE HUNDREDS
OF THOUSANDS.

IT.. t,uure Of fbe stock Exchange firm Of George
y sisare.s sons was discussed freely in Wall street
ros,crdav The chief interest was in regard To Tie
renorted dealcation by the firms former Philadelpa
mariner. WHO died a few days ago. The failure mas
toen eypccted for some time the excuse for II was
crea. surprise. II not understood how brshoh
ocsce in Philadelphia could produce dealcatioh OF
about quarter Of million dollars. The business
Methods Of the firm during the last two years nave
no, hccn snch as to inspire confidence and recently
oro-,l hanks have refused ii loans. The selling OF
oc,, for cash as fast as deliveries Of previous pur
chascs are made is not considered symptom oi nld"
cal health. and delay in the payment OF coiiD',>'"
Hills and small balances follows in the same or''"o"'
Thai these conditions may have resulted no" INC
s,or,cd complications in the Philadelphia brah'h was
~, REGARDED As satisfactory solution The opinion
-. ..i,. brohers was that if the New-lork firm was
:, aacnlty il would not permit the manager OF a
,,b office 10 keep much money on hand and tlat'
- tho renorted defalcat!on was more than II"
,bonsand dollars. the firm was greatly al ianl''
" II " ,lstarc the head of the firm, explained the
difficulty in this way 49,. ,,,,,o
Mr. Hlser was really as independent III uie in''"
.o,,fio oree - lie would have been under distinct
erm name. He was a partner only in the Phaoelpma
.tnoss and he had no interest in the New-lork buSi
49, The firm was his partner in Philadelphia pul
10 ,ras not member Of the New-lOrN nm. ne
was in fact nothing more than our Philadelphia cor
RESPONDENT although the copaitneirhlp mdNeN u -
,ponsble for his acts. do not think tha' the c"'c
!, 500 600 eXa--erates his deiacation. bat cannot
.tate the exact amount for do not know II. one
firm in Philadelphia recently permitted me {" look
throuch hs account and quickly discovered that ms
nrvatc speculatons were interaced with the regular
business OF the firm. The transactions were 'oh'o"'"
sklfullv and | do not zee how the NeW-lorA HI"
should have known anything about them. In money
and securities think he took about 100000 ana 'He
amount may 90 far above that sum-"
Mr. sistarc continued sadly: have lost the fruits
NJ more than twenty years work 1t seems to me
that since NV fathers death have been the prey OF
thieves The first loss through Billy Hutchinson
and after all recovered, our net loss was he"'S
$4,000. The loss by the Detroit Office In l77' was
1882 600 and there must be added about s-ooooo
bv similar breach of In the two last instances
certainly the robberes committed by friends whom
had helped. The kindness was repaid by deliberate
attempts steal my money"
When asked if he had not forgotten heavy loss
by the failure of GrOvesteen Pel, he repIed; On
we lost nothing by them"
II was recalled in Wall street that the firm pre-
ferrcd claim of about $4,000 against the stock LA
change membership Of Mr. Grovesteen. who for the
last six months has been in charge Of an uptown
branch Office Nj. Groyesteen was declared by formal
vote of tie Governing Committee 10 be forever ID
eligible TO readmssOn. and when he afteT~ard bought
q seat i'm the Consolidated Exchange he failed I" pas
this account There was no mute spec litloH "IH'"-
scepcal brokers whether the uptown agent had been
wording ont the balance OF his indebtedness ana
whether the other branch managers had been selected
with equal care. The assertion that the Philadelphia
manager was not q member Of the Ne" oiH
house questioned in The same way
because Mr.. Hlcers name appears a. a general Pd4'
ner the records Of tie STOCK Exchange.
ment Yesterday afternoon 10 Henry j. DAVIDSON lr;'
Of the law fira OF Davidson d Fischer No. - iIoaH
way. Preferences were given in favor OF George
Reed. Of Detroit. for $4,000 and VI. FelfM'ier, ol
New York. for 5000. Mr. Davidson said that a, lc
had only taken charge al late hour he was entirely
unable 70 make statement about the firms aiiAr-
lie feared that account ~ the entanglcn'ni7 IL
might be a week more before he could announce
positively the liabilities and assets Of the firm.
Henry : Bennett. counsel for The iN,Olvcut firm,
was seen 10y "A Tribune reporter. Nj. Bennett eN
pressed willingness 20 answer any queries, bur d.,
Information proved to be extremely limited. lie cA-
blamed h. inability 20 give more definite INFORMATION
on the ground that the assignee had only Just taken
clarse o. the firms Affairs which were SIN IN shape
that required more investigation. Mr.. Bennett sad
that the nearest estimate he could MAKE oi the extent
Of the liabilities was that they would run Into the
hundred, If thousands. The as~eis could not be g.,
flf.ated at present. Mr. Bennett said regarding I'd"
Plliladephia dc;alcatDn: r. We cannot t'll how far
Il NAV 60 for The book, 81 the Philadelphia branch are
f. most unsettled condition and The various ials"
entries and mi-rcprc eitatlOns not known I" p"
fuils di.cOt cred. Mr.. >l-farc completely a.
ccura-cd by the Investigation he made. and cannot
say how much 0>s the books will show
SIR. Bennett referred 10 the declaration In The De
tsO office %. the house three years ago, and said that
Il lad weakened the firm.