The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1901-06-29
FINN OF HENRY MARQuAND e
60. OF NEW YORK IN Fl.
NAClAL TROUBLE.
FAILURE HAD BEEN EXPECTED
Were Mentioned in Connection With
the Suspension Of the Seventh Ma.
tonal Bank and the Value Of Their
Securities Questioned-Stock Ex.
change Anticipated the Assignment
and Was Not Affected Thereby.

New York, June 29.-The failure OF
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
Eignment 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-
tematic investigation of its books and
impaired finances. Mr.. Smith promis
Cd to make public a statement later in
the day.
Frank p. Poor. partner in the house
of MarNuand & 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. II 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.
1T 1880 o'clock Manager Dohrer OF
the clearinghouse said all Of tho banks
had cleared as usual and that 10 furth-
or difficulty is anticipated in banking
circles.
INQUIRY at the local Office Of the
Pi,tshurg. shawmut and Northern
railway brought ont an assurance that
there would be no disastrous conse.
nuenoe as far as the railroad Was con-
cernea.
Put did not MarGuan! & CO. finance
The railroad" was asked.
Marquand & Co. Have the Bends.
"Oh YES" was the reply Of the Of
| fcial but they have the bonds and
We have the money.
He added that Marquand & CO. Aad
merely handled the bonds of the ROAD
and did not control it.
The firm Of Henry Marquand 4 ca.
consisted of Henry Marquand. who is
The son Of Henry G.. Marquand ana
| Frank B Poor. son of the former pres
iaont Of the National Park bank.
The Railroad Guide shows thai
Frank 5. smith the assignee for MAT
ouaal 4 Co. is vice president and gen
eral counsel Of the Pittsburg. Sha".
NUT and Northern. Henry MarGn"ho
& FIRST vice president of the company
The admitted embarrassm ol lhe
firm in connection with the Seventh
National bank failure resulted ~ thF
wholesale calling in of stocks l0ane'
r. them for delivery and they were Oh
,;qad ~ huv heavily in the open mar
ket 70 cover. At the same time 'h'
actions If tho clearinghouse commit
+aa an1 the comptroller Of the culren
-, nnt official disapproval on securi
ties in which the firm had large III
vostments and which figured as PAIR
~ the collateral in the loan OF sl"oe.
ono from the seventh National oahf
ana which caused the suspension o.
the bank.
The disturbance in the stock mar
hat caused by the embarrassment ane
which depressed prices worked 10 'h'
firms advantage so far as II sho"e'
nrofts on their contracts. but the bio"
N their credit deprived them OF re
sources to take advantage OF thes'
! cOndit ions.