The Washington times., 1903-11-08
SENSATIONAL FAILURE
OF POST & CO., BROKERS
Firm Formerly Had Of
flee in This City.
vlcTIM'zED BY A STRANGER
Firm Had LEGAL Police in Chase Of an
individual Who Was Never
Found.

Post & Co, formerly brokers OF New
York and Washington. have failed under
somewhat sensational circumstances,
and this Tact recalls another wherein the
firm claimed to have been victimized in
this city IN May last by a mysterious
stranger. who sold them nine Wabash
bonds which were afterward found TO
have been sost or stolen in New York.
The sensational facts in the failure
were brought out yesterday in the ac-
ton OF Howard X. Hinkle, OF Bar Har-
Dor. Me. requesting a receiver for the
firm. which was formerly in business at
a Broadway. New York.
Put Money IN Partnership.
Mr.. Hinl<le was principally interested
IN learning inst what had become OF
100000 which he says he put into
partnership with Post apd c. w. and G.
e Warner. Another pertinent point in
his complaint was a dubious mention Of
the 100000 which he alleges Mr.. Post
was 70 have placed to the credit of the
firm when. as a matter Of fact. accord
ing to the complaint. he only put up SIS
coo in cash and his Stock Exchange seat,
valued at $4,000.
II it is decided that this seat Is part
VI the assets OF lIt Partnership ~ may
be necessary TO can on Mr.. Post 10 make
some arrangement to put up its eausva-
lent In cash air turn it over 10 the firm
temporarily.
Agreed to Close.
John J. Adams moved a dismissal of
the Applicant ton on behalf Of Post and
the Warmers. All the members of the
firm. he said. had agreed TO close up the
II
Charles Warner were selected as hqui-
dators. But the members disagreed. and
on October rs an application was made
10 Justice Gaynor. in Brooklyn. for ar
order TO show cause why a receiver
should rot be appointed. All agreed on
Mr.. Ballou except Hinkle-
The lrm.' he said. "owes from $780,
900 70 $4,000. Every dollars worth OF
its assets is pledged There IS nothing
for a receiver TO receive The assets
consist OF about $4,000 worth of wildcat
stocks In some Of Addick's Maryland
companies. Some Of them recently sold
at a quarter OF a cent share
Purchased Lost Bonds.
The washington transaction occurred
on Thursday. May .. when G. =. Chip
man. then manager Of the Washington
branch Of the firm. purchased from ont
G. D. Fairbanks nine s.. coo Wabash de
benture d bonds. sc "A. paying therefor
Sc. GO. When the bonds were sent 4
the transfer agent OF the Wabash, a
1e5 Broadway. & was learned that tn
bonds had been intrusted TO George II
Birdsell. q young messenger, by TIT
brokerage firm Of Boissevesn * Co., OF L
Wall Street. n March g. with instruc
tons TO take them direct to the Wabash
transfer agse-t.
Instead, the messenger had gone z
lunch in Beaver Strest. and when h'
later arrived at the Wabash Office TIT
bonds were gone. The matter was treat
ed as a loss. but when Post & Co pre-
scented them for payment they wer'
refused Then ensued controvers,
between Post & Co. and Boisse
vain & Co as 10 who should bea
this loss. In the meantime the loca
police looked high and low for tn
mysterious Fairbanks. but were neve
able 10 obtain a trace OF him.
Post & Co. formerly maintained
branch at Thirteenth and + Streets, bu
this branch has been discontinued 70
some time.