New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-06
The assignments announced IN
Wall Street.

sucCumbed in the course OF the severe decline IN
prices which has been in progress during the
last few months. The firms which were
obliged yesterday to suspend were Sharp &
Bryan, OF No. p Broad-st and Hurlbutt Hatch
& Co. of No. Il Broadway. Neither is classed
among the most important houses in the Street.
although the firm OF Sharp & Bryan has been
very much more prominent than it's feIOw-un-
fortunate, The Street had been for a week dis
cussing the possibility Of the failure OF Sharp &
Bryan, while the troubles of HurIbutt. Hatch
& Co. were commonly known prior TO the sus-
pension of Talbot J. Taylor & Co. and ". L.
Stow & Co. Rumors of additional failures to
come flew thick and fast yesterday afternoon,
as prices kept falling of. but none Of these re-
ports could be substantiated to the extent OF
virtual assurance Of it's accuracy, and the feel
ing on the Exchange. although naturally one OF
extreme anxiety. not panicky.
It was just after IL O'Clock when the chair
man of the Stock Exchange suspended business
for the announcement of the suspension OF
Sharp & Bryan. using his gavel in calling the
members to order, instead of the great gong. the
clang of which can be heard far down Broad-st
1t was noticed that the gavel was used to sus-
pend business on the Exchange at the announce
ment of the second failure also. and to close
the Exchange. This was regarded by some as
significant. -
SHARP & BRYAN STATEMENT.
At the office of Sharp s. Bryan. on the sixth
floor of the Broad-E Exchange Building. the fol-
lowing notice was posted on the door:
We regret to announce that we are unable
to meet our engagements at this time and nave
made general assignment under the laws or
the State. without preference. TO George n
Sullivan, of Messrs Sullivan & Cromwell with
William Nelson Cromwell as counsel
Mr. Cromwell later in the day made the fol-
lowing statement
The firm made the general assignment Tor Jhe
purpose OF insurnG equality among us creatIGFs
utabe to the sudden and extreme shrinkage In The The
sbe vrne estT ~ secured are about S oO0oo The
value of the assets. comprising almost exslusIoely 1
million dollars. dependent on market conditions
Most of the creditors ecognzng ha5 present S seP
Withholding their securities from sale.
The members of the firm declined to make
any statement. except that Mr.. Bryan said that
the condition of the firms affairs was such as
TO lead him to hope that he THigHt~he able to
| resume business. It is generally understood
that the heavy decline in the securities OF the
Virginia Carolina Chemical Company was the
principal cause Of the failure The preferred
stock which last year sold as high as l;4's.
yesterday touched so, decline Of about 6'
points; the common reaching p. as against last
years record of 1858. loss Of % points SharP
& Bryan are said to have been large holders OF
these securities in which many OF the Gus
lima company has done large business. at a
satisfactory profit. but during the last year
has made extensive improvements and greatly
extended its business the result Of this policy
| being that it was obliged 70 raise money When
it became known that the company needed
| money the price of the securities began TO
weaken. and the stocks have ever since been
/ going down having broken with especial sever
| itv on Tuesday Some OF Sharp x BryaIl >
| loans had Virginia Carolina Chemical STOCK as
/ a part of the collateral. The break IN the price
| Of the stool, OF course, made it necessary for
| tho firm, m substitute other collateral or take
/ Nm the loans. and the decline was so sudden
/ that this not possible
| II is said that. in addition TO Virginia-Caro-
/ lima Chemical the Southern Railway issues were
| among the stocks of which the firm made
| specialty in their trading II IS reported on
! good authority that the firm OF Sharp & Bryan
/ have no open contracts in the market ana thar
there is still fair margin on their loans The
| Greater part Of their obligations on the Ex-
! cbaDoa were Inundated on Tuesday. and several
hanks and trust companies threw out their
| loans In fact. most OF Tuesdays liquidation
/ on the Exchange is said TO have been for Sharp
/ g. Brvan's account. The committee on secur-
/ tiles of the Stock Exchange ruled yesterday that
/ certificates of stock in the name OF Sharp &
/ BRYAN date. prior to August are a delivery
/ to August 20.
| ANNOUNCED on COTTON EXCHANGE.
The failure OF Sharp & Bryan was announced
! also on the Cotton Exchange. Of which one OF
/ the partners is a member The firm was prom
/ fnent in operations on the curb. The members
/ we're specialists there in American Bridge.
/ Northern Securities and SeabCard shares. They
offered large blocks of seabOard shares for sale
on the curb Tuesday.
/ The firm of Sharp & Bryan has been in ex-
/ istence since July = 1891, the partners being
! Winoughby W Sharp and Charles S. Bryan.
/ both Of whom are members Of the Stock Ex-
/ change Mr. Bryan was elected a member OF
| the governing committee of that body last May.
/ as en- independent. Both partners are popular
in the Street and their failure was the cause Of
/ general regret.
/ HURLBCTT HATCH & co.
The failure of Huributt Hatch & Co. was an
nounced early in the last hour one of the
! members of the firm has recently figured in an
interesting civil suit. and this was made the
subject OF some joking on the Exchange floor III
/ accounting for the failure Nobody could say
what had been the cause OF the suspension, Tor
the firms dealings did not bring Il into any
prominent position on any stock
AZ the office OF Hurlbutt. Hatch & Co the
only information obtainable that the as
signment had been made TO Henry =. ketenaIh'
of the law firm OF Reid. ESselStyn q heteia+H'
IN the Mills Building Mr. ketcham the as
fe-rae ,-as seen at a little before = o ciOcF lie
said that he did not at that time snow any
about the affairs OF the urn ou' - ~ m % tbs
putting expert accountants % VIZ On -, -
books and that he would keep thein AZ WoiA ~
mill a statement Of the nrm ) cOh0lton va
ready He added that ne cic not even AhO"
shof line OF stocks the firm carried
" ~ the course OF the afternoon a S@titton OF
,.aI,,ntary- bankruptcy was filed against Hu-l-
being the Phoenix Cap Company. with a c aim cr
~ EerN-s who hpfA as an