Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1901-06-28
IN FINANCIAL
DIFFICULTIES
The Stock Broking Firm Of Mar
quand &, Co. Of New York
Makes an Assignment.
OHIO BANK REoRGANIzES
It Removes Fletcher Heath as Vice Presi-
dent and Director Owing to His Con
nection With the Seventh National
Bank Of New York.

New York, June 2s.-The, failure
Henry Marquand & Co., was riIi.ni'nce
at the stock exchange today.
The firm made its assignment withou
preferences to Frank Smith.
E TO SAVE IT'S REPUTATION.
Hamilton, O., June 2S.-The director
of the Miami National bank of Hamil
ton, determined to remove all suspic
ion against their bank which nigh
arise from the fact that Fletche
Heath, the vice president of the Sew
enth National bank of New York, wa!
also vice president Of the Miami banl
and acting president. A meeting was
called and reorganization effected
Fletcher Meath being not only removed
from the vice presidency, but also from
the board of directors.
No statement of the assets or the liza
bilities was made. The failure was
without appreciable effect on the stock
market. Assignee Smith began a sys-
tematic investigation Of the firms
books and impaired finances. Frank
B. Poor, partner of Marquand & Co.,
said that Smith was in charge and that
he could say nothing. At 10:30 Mama
ger Dohercr of the clearing house, said
all the banks cleared as usual and no
further difficulty is anticipated in
banking circles.
Henry W. Taft of the attorneys for
the assignee, made the first statement
in, haI, I,o1f ,f 4Ia To
said: II cannot at this time give any
figures on the liabilities and assets of
Marquand & Co., but I believe the
creditors will fare very we1f unless
there is slaughtering of some of the
firms securities. I cannot say at this
time anything as to the resumption of
the firm. That will depend upon devel-
opments during the next few days."
The firm consisted of Henry Mar
quand, son of Henry G. Marquand, and
Frank B. Poor, son of the former pres
ident Of the National Park bank.
Frank S. Smith, assignee, is vice
president and general counsel of the
Pittsburg, Shawmut and Northern
Henry Marquand is the first vice pres
ident of the company. The admitted
embarrassment of the firm in connec-
tion with the Seventh National bank
failure resulted in the wholesale call
ing in of stocks loaned to them for de-
livery and they were obliged to buy
heavily in open market to cover At
the same time the actions of the clear
ing house committee and comptroller
of the currency put an official disap-
proval on the securities in which the
firm had large investments, and whic1
figured as a part collateral in a loan of
$1,60O,0 900 from the Seventh National
bank, and which caused the suspension
of the bank The disturbance in the
stock market caused by the embarrass-
ment and which depressed prices,
worked to the firms advantage as far
as it showed profits on their contracts,
but the blow to their credit deprived |
them of resources to take advantage of |
these conditions.
One of the enterprises financed by |
H. Marquand & Co., is the Gas and |
Electric company Of Bergen county. |
This stock, which is listed at the stock |
exchange, sold on Monday for 101A, the |
first sale this morning of 300 shares
under rule for the account Of the failed |
firm was at 30 on cash sale.