Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1901-06-29
Firm. Of Henry Marquand B Co., oi
| New York City, are in Financial !.
3a sE[$ Straits. 5 f5s 5 ;S$ y. : s ,s$i u.
Assignment Follows the Failure Of the
h h Seventh National Bank, Which
VI III =.. Certified Checks. :&5st
Stock Exchane Anticipated the AS
%5 signment and Was Not Affected
p .S..f.@ by the News. '> T. = IN

bankers and brokers, the name Of
which has been connected with the
embarrassment of the Seventh Nation
al bank, was announced on the Stock
Exchange during the day. The firm
made an assignment to Frank Sullivan
Smith, The assignment was without
preferences. No statement of assets
or liabilities was made with the as
signment. The, failure was without
appreciable effect on the stock market.
(; Frank Sullivan Smith, the assignee,
reached the Office of the firm shortly
after 10, o'clock and at once assumed
charge. He conferred with the mem
bers> Of the firm and began a sys-
tematfc investigation of it's books and
impaired finances. Mr.. Smith promis-
ed to make public statement later In
the day, =. -,
Frank B. Poor, partner in the house
of Marquand & Co., said that Mr..
Smith was. in charge and that he
would say nothing about the affairs
of the firm The formal suspension
of the firm created scarcely a ripple
of excitement. 1t had been anticipat-
ed, for the events attendant upon the
closing Of the Seventh National bank
had let in strong light upon the affairs
Of the firm.
| At 1890 o'clock Manager yDohrer Of
the clearinghouse said all of the banks
had cleared as usual and that no furth-
er difficulty is anticipated In banking
circles. T~,.S~ ) = = H. = e
Inquiry at the local office of the
Pittsburg, Shawmut and Northern
| railway brought out an assurance that
there would be no disastrous conse:
quence as far as the railroad was con.
| cerned.7 t,.ssgi %.3.. >'s, ~
'sBut did not Marquand & Co. finance
the railroad" was asked.
/ Marquand G. Co. Have the Bonds.
4 4"Oh yes," was the reply Of the Of
fetal, "but they, have the bonds and
we have the money" 49,
r He added that Marquand & Co. had
merely handled the bonds of the road
and did not control it.
4 The firm of Henry Marquand & Co
consisted Of Henry Marquand, who is
/ the son gof Henry G.. Marquand, and
Frank B. Poor, son of the former pres
ident Of the National Park bank. a
The Railroad b, Guide. shows = thai
Frank S. Smith, the assignee for Mar
quand & Co, is vice president and gen
5eral counsel Of the Pittsburg, Shaw
NUT and Northern. Henry Marquand
is first vice president Of the company
The admitted embarrassment of the
/ firm in connection with the Seventh
1 National bank failure resulted in the
wholesale calling in of stocks loaned
to them for delivery and they were OBJ
liged to buy heavily in the open mar
I ket to cover At the same time the
| actions of the clearinghouse commit
| tee and the comptroller of the curren
I cy put official disapproval on securi
4 ties in which the firm had large In
yestments and which figured as part
4 of the collateral in the loan Of $1,000.
4 900 from the Seventh National bank
! and which caused the suspension o1
the bank. - >E-- ~ ! g5s gss
The disturbance in the stock mar
! ket caused by the embarrassment and
which depressed prices worked to this
j firm S advantage SO far as it showed
Il profits on their contracts, but the blow
to their credit deprived them of re
4 sources to take advantage of these
conditions. 81 <ss a