New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-15
LONG ON STEEL: Fails.
j. {. k'tbreth Declared InsoIuent-
Market Not Effected.

John G. kilbreth. a member of the Nevg-York
Stock Exchange since November 1852 and UP 10
yesterday member of the firm OF Kilbreth &
Farr, of No ~ Wall-st, was yesterday declared
insolvent, and his suspension from the exchange
was ordered, under authority OF the president
Just previously announcement had been made Oh
the dissolution OF the firm OF Kilbreth & Farr
The dissolution OF the firm and the failure OF Ny
kHbreth are the result OF speculation In stocks
probably In United States Steel preferred. In when
Mr.. Kilbreth was specialist his operations hav-
ing been conducted privately through Harrison *
Smith. another Stock Exchange house
Mr. kilbreth is said to have been long OF the
market to Harrison & Smith, and TO have become
INDEBTED TO the amount of from 5000 to $500 Inc
account ran along for some time, It'll Harrison q
Smith became anxious and made attempts. which
were not successful, to collect the owing theni
A few days ago they reported the Stock TX
contracts with them. Although he was dealing
with them as a customer. running an lndivldudI
change failures to meet obligations of any KING
between members come under the jurisdiction 9 i
the oficers The president Of the exchange, az ~, -
usual in such cases informed Mr.. Kilbreth OF the
forward and explain his reasons for not meeting
the contract, or. II he could not make a salls4S0
tory explanation, to announce his insolvency 81,
member of the exchange who announces ms
own insolvency may be reinstated by a maJ9rly
days notice of regaining solvency. If 4 mempee
does not announce his own insolvency, and inc
president announces 1t for him, he Is undef , 1ro
pension, and can be renstated only by a Two
i tlaGs VOC ~ uf epVernlhg c broISsTs re-
tain, OF trading through other brokers at mini
mum commission rate
Mr.. Kilbreth did not take advantage of the notice
given to him by the president. letter was sent
to his firm, requesting some explanation Mr. tarr
received the note, and, not knowing or Mr. MI
breth's individual dealings with another firm tired
to get an explanation from him. Yesterday MI
Farr sent word TO the Stock Exchange that II MT.
Kilbreth did not settle his contracts by ocIocS
announcement was to be made of the dissolution OF
the firm of bilbreth q Farr and the EXchange
might make any announcement to Mr.. kilDreth )
solvency which IT might fit TO make; -
The announcement from the rostrum just after
the official settling time the Exchange caused q
LITTLE furry of excitement but did not unsettle the
market. The Steel stocks hardly moved. It was
stated by other brokers that the suspension had the
effect of private failure only, not OF the failure
of Stock Exchange firm, Mr.. Kilbreth having
the same standing In the any private Gus
toner whose margins might have been wiped out;
The failure, IL announced by Mr.. Farr, did
not affect the firm in the least It will go with
It's business. Mr.. Kilbreths departure leaves il
without a Stock Exchange member, but Mr.. Farr
will trade through other houses till he makes new
Stock Exchange connection.