New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-25
4 RIG gUCKETSHOP GOES UNDER.
~ y WARD & CO.'S PLACE IN THE HANDS
OF THE SHERIFF ON AN ATTACH
MENT-NO PAY FOR THEIR

,u. ,a,ges, NJ the bucket-shops IN the Wall street
! district came TO grief yesterday when Deputy
Sheriff Leon Levy took possession OF the oHices OF
| r. = Ward & Co.. bankers and brokers'" at
! Nos 81 and g Broadway, on an attachment LOT
s5576 g. issued by the Supreme Court In favor OF
! n seymour Souyer OF Auburn. n. Y. The ale
cation on which the attachment was obtained was
breach Of contract and tho fact that the concern
is not a firm, but a corporation, and furthermore
n foreign corporation that is. corporation
| organized under the laws of another State. An
other Deputy Sheriff was placed In charge OF
Ward g. Co.'S branch Office at No l.2O broadway
and leyies were made on accounts or the concern
in the Western National and Sixth National
banks and with Wells. Fargo e. Co.'S banking de-
partment
Mr. Souver Is a photographer His attachment
represented money deposited with Ward q Co.
He asserts that his orders "bucketed, or In
other words were not executed at all The Deputy
Sheriff found $3.50 % In Ward & Co.'S office ana
Ward himself delivered him a wallet containing
securities and papers of valle
Doubt was expressed yesterday as to whether
Ward e. Co. would re able to continue on Monday.
The concern was started by Alfred Carr three and
a half years ago. Thomas &. Ward was supposed
TO be merely a dummy; Carr VINO Is a man iotty
TWO years Old formerly ran a brokerage concern
in Boston under the name OF w. II. Aoerlson q
Co. lie came to New-York about S!X years ago
Ward Is a Young man ABOUT th!Tty-three years Old
on December 3. 1895. he was suspended for year
from the Consolidated Stock and Petroleum irSd
he sold his seat and neither he nor MS concern
has since had Stock Exchange connection or any
kind. .,.,
bull market for stocks usually makes trouble
for bucket-shops Their customers almost invarld-
bly, 60 In on the long side, and when the market Is
rising the shops lose money. In bear market,
or when prices going down. the shops reap
their harvest. There a bull market TINS year
which lasted from the middle OF May until the MD
die Of September. In September It was reported
that Ward Il Co were in straits. There was q
run on them. ana Ward at the time said they PAID
out more than $4,000.
In October the concern was incorporated under
the laws of West Virginia. with capita! STOCK OF
100000 and with the name that MAD been used
right along T. f. Ward & co. Stock at par was
offered TO their creditors for the claims. with ~
equal amount OF stock In the United states Gold
Mining and Development Company, which Ward *
co. owned. When the concern was incorporated
Carr moved his personal office to No. a Broadway
and pretended TO cut entirely loose from the con
Ward g. Co. occupy the entire second floor at Nos
81 and 80 Broadway. They had about twenty-five
employees. Saturday is usually payday Inc az
Ia chment was levied soon after 3 o'clock. and he
employees were driven forth without their pay. Ed
gar d. Thornburgh, who formerly had big bucket,
shop. but closed up year aSo. SAID he understood
that Ward & Co. owed $4,000 to their customers
The rise in the stock market in the last month Is
supposed 70 have hurt Ward CO.
Carr has apartments at No. lS5 West Fifty eighth
ST. and he also has place at Orange. y. J. Last
summer he had steam yacht Ward lives az no.
25l West Ninety-third-st