New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-22
LAMAR FAILS FOR BIG SUN
CUSTOMERS HYSTERICAL.
Broker May Osce $700,000, 1t Is
,Said-Women Among Losers.

An involuntary
filed in the United States District Court yester-
day against Alfred NJ. Lamar. broker on the
Consolidated Exchange. and T. Tieston Wells
was Amounted receiver, under bond of $4,000.
MANY customers visited the concerns offices
AT No 66 Broadway, vainly trying to gain some
idea of their prospect of getting the amounts
due them. On the Exchange a long line OF
stocks was traded IN under the rule" for
Lamar's account because of unsettled obliga-
ton to the Clearing House sheets. The liabil-
tiles will probably be several hundred thousand
dollars.
The creditors on whose petition the receiver
was appointed are Edward Houghteling' with
claim, of 500 for money lent; Mark Emanuel.
with a claim of s172, due on stock transac-
ton, and Ada Marsh. with third claim of $685.
also alleged to be due on a stock transaction.
Preferential payments are complained of. Ine
petitioners allege that, knowing himself in
solvent Lamar paid J. H. Hesselman 1925, ii.
Demanley $500 and J. D. Bowman $50, to pre-
fer them over other creditors. They also state
that the alleged bankrupt has pledged stocks
and securities to the value OF $4,000. E. J.
Essestyn is the receivers attorney.
Lamar's offices are on the gallery floor of the
Consolidated Exchange Building, extending the
width of the structure on the Broadway side.
The Offices which were once occupied by j.
ment when Lamars suspension was announced
on the Exchange. There were upward Of fifty
customers mostly men, who were exceedingly
anxious to get checks. They filled the front Of
fee. where the big stock quotation board and
the tickers were, and crowded around the cash
iers and bookkeepers windows to ask ques-
tons The manager of the Office who declared
he was only an empOye and knew absolutely
nothing about the troubles Of the concern, was
beseged by questioners, They went along the
exchange gallery and obtained admission to
Lamar's private Office but were Informed by
half dozen weeping young that Mr..
Lamar hadn't been there at all since Saturday.
Well is Miss Smith here. them" all would
ask.
No Miss Smith isn't here. either" the young
women would reply.
And Reynolds isn't here, either"
No"
There were reports that Reynolds and Miss
Smith had some interest in the firm, but the
manager said he had never heard of it.
Louis Werner of Simpson. Werner & Cardozo'
No. SO Broadway. counsel for Lamar, said that
he believed that his client would be able to
resume business in a few days. Lamars haoll-
tiles. he thought were about s125,OOO
He continued: Mr. Lamar has large loans In
banks that represent equities which ought near
ly TO meet the figure of his debts. What ne owes
is chiefly to customers. Lamars trouole IS
probably due to mining ventures In Alaska ana
to trolley ventures in Ohio He went into these
Ohio trolley ventures some time ago, ana
think he lost considerable money l know mat
he lost money in Alaska gold mining. one
hundred thousand dollars went into machinery
alone, and hasn't come out.
Lamar must have been Speculating IN the
market too" was suggested to Mr.. Werner. "On
the exchange the transactions for his account
under the rule show that he was heavily snort
of the market. although his customers were
long"
4 don't know much about that, but don't
think he speculated," said Mr.. Werner. He
was known to be a very conservative man.
But don't know anything about what has been
done about his clearing house sheets
Mr.. Werner said that Reynolds was only an
employee, he sure. who took care of Lamar
mining business chiefly. Miss Smith. he said.
was Lamars cashier, and he knew nothlhg ABOUT
her having any partnership in the business.
Several times in the course of the DAY Mr.
Werner told reporters that he was expecting
Lamar at his office in a half hour or so, having
been in conversation with his client by tele-
phone, but al ) o'clock he concluded that Lamar
wasn't coming downtown. He could not say
why Miss Smith had been absent all DAY from
the brokerage offices.
Il didn't know any Of the employees over at
Lamar's office were away this morning, ne saLu'
They all came over here weeping a while ago.
when the office opened and didn't do any busl-
ness and I thought the full quota was on hand
In the course of the day a large number or
Iemar's customers visited the offices, having
heard of the trouble. Some Of these were
women who had lost various sums. one, MIS-.
Cav. as much as So, 600. These women took the
failure hard, some of them going nearly into
mysteries on the Exchange gallery.
Mr. Werner said that Lamar had 300 active
accounts In other quarters it was declared that
the active accounts were from 700 to 100 IN
number running from 10 to 200 shares each
and some estimates put his probable naDlhtles
as high as 100000 or 100000. Lamar had
branch offices at No. - East Twenty-th ird-st,
No 80 East Forty-second-st ana No. 10 West
nd twenty fifth-st., this borough,
and the Temple Bar Building, Brooklyn.
Nh Wells the receiver, said yesterday AFTER
noon
II know nothing OF the affairs Of the firm, but
as soon as I get to looking them over shall
lamar has been a member of the Consol-
dated Exchange since 1899. 1t was remarked
bv fellow members that he went through the
slump Of the May panic Of 1901 without any
trouble.