The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-06-23
ROCKETS IN THE FINANCIAL SKY.
Young Princes of Finance lose
Their Seats In the Palace.
TWO Received Sad Experience In Re-
turn for Their Ventures.
The Other Left His Debts and Took
Another MANS wife.

NEW YORK, June 22.-The posting for sale
on the rostrum of the New York Stock Ex-
change of the seats Of Harry Markoe of
Philadelphia and Cyrus W. Field, Jr., of
this city, recalls two brief financial careers
that have very closely initiated the proverb-
ial ascent of the rocket and descent of the
stick.
There have been few figures in the social
as we'll as the financial life Of Philadelphia
which have been more prominent than that
of Harry Markoe. Coming OF an old and
wealthy family so thoroughly Pennsylvania
in fact that somebody has facetiously OBJ
served that the Markoes were present to
welcome the landing of the great William
Penn, young Markoe had no difficulty in tax
Ing from the very first high hand inthe
his family, he very quickly proved his abili-
ty to conduct large stock operations, and at
the same time to come out smilingly at the
small end of the horn.
First a member of the Philadelphia Stock
Exchange, Markoe received the added favor
late in 1887 of a seat In the New York board.
This seat was Christmas present, and he
was elected member and began dealings in
Christmas week of that year. He had his
Office in the Drexel Building, Philadelphia.
en- A. Caldwell. President Of the Fidelity
Trust Company. and receiving the trade Of
such wealthy and Well-knuwn men as Ru-
dolph Ellis, james p. Scott, and Thomas
McKeaD, Markoe lost no time In cutting a
figure. He was conspicuous as room
trader" operating very heavily for his own
account as we'll as for his wealthy patrons.
In May. 1890, the financial circles of Phila-
delphia were shaken severely by the news
that Harry Markoe had failed. with liabili-
Has, AE ~ -. .f1 al
confirmed, and the liabilities swelled consid-
erably. The failure was at first attr ibuted
to Reading dealings, but it appeared that
nearly all Markoe's speculations had been
disastrous.
There was an attempt made to save him.
The Stock Exchange offered an extension.
and Markoe at first seemed TO think that 1t
would be able to continue business. But he
proved useless in the end to go any further
in this direction. Markoe's relatives evil
IDENTIFY concluded that 1t would be futile to
give him any more money, and so affairs
have gone from bad to worse, until now the
seat in the New York Exchangs has been
sold for $4,000.
The second seat posted for sale is that of
Cyrus w. Field, Jr. Mr.. Field. although his
record is perfectly clean in the stock market,
and he has never defaulted any of his con-
tracts, may be said to have found the world
of finance a disheartening place. With
reputation for brightness and cleverness, Mr..
Fleld entered the Exchange freSh from
New England college about five years ago.
He is only thirty years old now, but he is
much older and wiser than he was when he
entered the board.
He had his Office in his fathers big build
ing down in Broadway, and was credited
with doing several very neat little pieces of
work, great many Of them being for his
father. Later his attention was turned to
training for himself, and here it is under
stood that he has met with discouraging re-
verses. His seat has now been posted for
sale at $4,000.
When Douglas Green, the partner of Com
modore A. e. Bateman, departed for Europe
with Mrs. McCrea, leaving his wife and
children in this city, there were many of the
clipping brokers' friends who declared that
whatever he might have done there was cer-
tainly nothing wrong in his money transac-
ti0ns. Within the last few days the seat in
the Stock Exchange owned by Green has
been posted for transfer at $4,000. Against
this, which seems to be about the only asset
which Mr.. Green leaves behind him, at pres
ent there have already been filed claims
amounting to over 100000. and all but
small proportion Of these. strangely enough,
are within the Exchanges own family.
II - 0oo,ooo worth OF debts are TO be paid
with the proceeds of an $4,000 seat is a
problem which remains to be decided.