New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-05
FAILURE FOLLOWS SUICIDE.
EDWARD Inns FIRM ASSIGNS.
mrs spEcubAuoNs SAID NOT TO INVOLVE THE

urs spEcULATToNs SAID NOT TO INVOLVE THE
rsrATEs OF HIS BUSINESS PREDECESSORS.
Tho death by suicide in Jersey City last Tuesday night
~ Edward Linn of the stock exchange firm OF T. b.
wallace q Co., at No. % Broad-st, has led TO the
susnension OF the concern. The notice Of assign
mont WIS sent to the Stock Exchange yesterday. but
n caused little surprise except TO those persons who
depended upon the statements made on Thursday by
Morris II. Smith, the surviving partner, that the
financial losses OF Mr. Linn would not involve tho hrm'
II IA now feared in Wall Street that the specuations
of the dead may have affected the estate OF r. b.
wallace founder Of the house and possibly that OF
7 Frank Phillips a formr partner who died several
wears before Mr. Wallace. This idea Is repudiated by
tho assignee friends OF Mr. Smith, but they confess
10 an ignorance OF the condition OF Mr. Inns accounts
The assignment was filed in the County Clerks Office
vesterdav morning by Mr. Smith, with only prefer
ence Mrs. Harriet N. Beckwth Of Philadelphia. Is
secured TO the amount of S13491 for money deposited
by her with tho firm As bearing the possibility that
the losses Of the broker whose suicide preelpiated
the assignment it may be ninterestng TO note that
n preference OF s2,4o4 to Mrs. Mary V. Phillips was
scratched out before the deed Of assignment was fled
Mrs Phillips Is the wife OF one OF the partners wno'
with F. B. Wallace, composed the firm originally mo
assignee John p Crawford OF Brooklyn, her brotner'
The securities closed out under the rules OF the
Stock Exchange for the account Of the suspended firm
mina stock 90 shares Of Richmond Terminal preferred
200 shares of American Sugar Rehner1es, and 100
shares each of Erie common Louisville and Nashville
and St. Louis Fort Scott and Wichita purchases-2Oo
shares Of Richmond Terminal common stock Slo'ooo
Richmond Terminal collateral 6s and $4,000 virginia
Midland stamped per cent bonds These transacuons
afford no measure of the position Of the house, nor 90
they throw full light upon tho relations OF It's nnanceS
with the unfortunate speculations winch are no" Do
IN ha tha nnCfiV OF Inns suicide.
II was reported yesterday that Addison CammacR
had on deposit with F. B. Wallace & Co.. 100000 TO
$4,000 in money previous TO his departure for Europe
a few months ago. This could not be confirmed, Dui
It IS said on good authority that one individual deposit
of Ss5OOO had been demanded from the hrm on
Thursday and refused. Mr. Linn had executed money
orders for Mr. Cammack and had so thoroughly imoioed
the usually bearfsh proclves Of that OPERATOR that
no Is believed to have continued short sales on ms
own account after Mr.. Cammacks Conversion" 10 te
bull side last winter. The rising STOCK markes
swamped him.
Friends Of Mr. Smith express their confidence tha'
the concern can pay nearly II not all tho debts. Ihey
saw that the circumstances Of the suicide OF LINN,
who was the Stock Exchange member OF tho frm' TO
rether with the conjecturcs to his heavy specu
lative losses contracted the credit of tho firm SO
sharply that its business was interrupted seriously
The accounts OF the dead man also were found 10 DC
in condition which prevented full realization OF the
position Of the surviving partner. Under the crcum
stances it was tho wsest policy to stop until the exact
facts were ascertained.
Mr. smlh was not at his Office yesterday. The
assignee Mr. Crawford took charge Of affairs, assisted
by Edward S. Kaufman and John A Taylor, as counsel
Mr. Crawford made no detailed statement processing
Ignorance OF how the accounts stood. He could give
no estimate of assets liabilities, but said That tne
assignment was made o measure OF prOtecuon 10
all persons Interested. He denied. specifically that
the fInre or Mr. Inns losses wouh affect the estate
of either F. b. Wallace OF J. Frank Phillips the
predecessors of the organized by Mr. Linn ana
Mr. Smith.