New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-01
E. B. CUTHBERT ASSIGNS.
HIS BUSINESS HAS DwINDLED SINCE
ONE OF HIS PARTNERS WAS EX-
PEELED FROM THE STOCK
EXCHANGE.

EXCHANGE.
II was not matter OF much surprise when the
failure Of Edward b. Cuthbert. doing business ~
a broker in stocks, grain and cotton under the
title OF f. r. Cuthbert & Co.. at No. 80 Broad-st..
announced yesterday afternoon. The under.
standing was that Mr.. Cuthbert did a bucket-shop
business. He belonged TO the Produce and Cotton
exchanges. but had no connection with the New
York Stock Exchange or the Consolidated stock
and Petroleum Exchange His assignee. Ernest II.
Ball. said the immediate cause OF the failure was
the fact that Mr. Cuthbert short OF Sugar stock
and corn both OF which have been rising recently.
In his assignment he gave preferences for $500 to
Ophelia J. Cuthbert, his mother, and for &sOsi TO
William C.. Cuthbert his brother. Mr.. Bali SAID
the liabilities were about S30oO0o. He also said
that one trouble that Mr. Cuthberts customers
had not responded to calls for margin.
Mr.. Cuthbert inherited fortune OF nearly S0.
90. which came to him from his grandfather
who was said to have at time been a partner
with John Jacob Aston in the fur business FOR
a period Mr.. Cuthbert was a cotton planter In
North Carolina Some five years ago he came 10
New-York and engaged in speculation In wan
Street October :5 lssI. he formed the firm OF r. d
Cuthbert & Co, with William Euclid Young, william
Euclid Young IT. and James w. Fox Jr as ms
partners william Euclid Young was the MEMBER
of the firm who belonged to the New-hork STOCK
Exchange and represented the firm on the noor
OF the Exchange. on December %, 1896. Mr. young
belonged for twenty-five years. The charge was
that his firm had been guilty of fraud In "pucKet-
ing" the orders of customers. The expulsion OF
Mr. Young had the effect OF preventing any o'no'
stock Exchange members from forming "A business
connection with Mr.. Cuthbert. Mr. Cuthbert AT th's
time dissolved his firm and continued business
alone under the old name.
The firm had been doing an enormous puSie's.
II had sixteen branch Offices in New-fork ana AZ
principal points throughout the country parucu.
Iarly In the South. 1t occupied the entire iou''"
floor OF the Johnston Building. wnlch eA'ehd' ~"
Broad.st. along Exchange Place to Newest tne
rent OF these quarters. wnich "efe
fitted up. ST. a year. u.
After his relations with the STOCK Ehcha"ee
severed Mr. Cuthbert's business fell OH, ana no
closed up most of his branch Offices IL was sa'~
that he had lost his own fortune ana Una. ''
Utilities outside of those to his mother anu oio''e'
we're 10 customers for margins ana proh's VII ''""
actions. 49,, -.
Mr. Cuthbert's failure caused something OF q
,ar,c among bucket-shop keepers in the wan
stree, district who feared that their customers
would descend on them for amounts due ooh'e "a
the bucket-shop proprietors anticipating troup,e,
sent their books TO Jersey CITY so that '"es eou'N
not be reached by judicial process r.
A bull market Is death to bucket-shops' ihe's
customers almost invariably play the long side , Ok
the market Accordingly. when prices are s oii,s
down they @er TSs Tls must
nretty thoroughly cleaned out. and their hi.
IL wise will call for the amounts stahuihs ~ ~
credit Otherwise Trey may lose All 49,, From,
month before the expulsion OF Mr: iour,5 6 ~ ~
,ba Stock Exchange Jacob Kirkner, member VI
the Exchange was suspended for one year los re- to
fusng to furnish information to me ESch igsd that
dealings with Cuthbert & Co. IL was aieseu plas
Mr. Kirkner. for consideration ailowe "a houeht
a 90 10 report to customers that they hau poushs
stocks from sold stocks TO him FOR account Vi liz
customers when. as fact, there had Deen no ~, Mr.
or n,rcha sos In view OF the expulsion OF MI
Cuthbert Mr.. Kirkner was supposed 10 nave s'' 'A
lightly. 49,, ..,sor tho rule, on
the Produce Cotton exchanges TOT tne aC.ous
OF Mr.. Cuih5e-t showing that he hau 10 coh'i"''
outstanding on those exchanges ,.,., hoa
Mr. Ball the assignee for MI. outnnertis nsa
charge OF the "ew department In MI. Ou'hpef's
Office