New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-27
BROKERS' GO TO THE WALL
JACOB BERRY s co. FAIL
Nominal Assets, $4,000; LIHO''-
ties More than s2SO,000.

,,h Barry ard Harold L. beh-1' = ~
b.-. NJ the Consolidated EA0n"ie de
-a..+ B.rrv G. Co. brokers IN ~ ~
-, ana cotton with locai 0i'iN = o.sten-
o. yesterday morning maze an
Broadway !ee Is.,b of No. 80 Nassau-st-
nsnt 10 %AS .o,e-s we're fled by Roger
me ~ Ok walI-st.. attorney LOT tiie =.
are variously estimated IA -.
Ihe -. 500 600 TO nearly sLooO'oVo- az
.ts "a have had more than ele'e" -
- ,r.toroe-s and many out OF Wv IT,
:. - Rad correspondents IN the
-.,g,-,.nt was made early IN the 03y
transacted by the firm YESTERDAY
g.. o.ssenee having promptly taken posS
:. -, Offices and set his accountants a.
:. ~. hooks. In the course OF the MOI nus
T-oe,er gave out the following Statement
,,sI assets are estimate at ABOUT 60 ~
The nonl,e esets sf between 5000 and So"9 me
IIStes Al more than $SooCo ne cansT ~ his
IAiuIe b,1siress OF the firm was very que, an -
:t.-e we're many bad accounts OF cqstoiIIi ees a[
Wa 1sfhout resort TO trading Although a con-
Siderable revenue was al ZINES etesS- ercroach-
!. ror he capital by the heavy once
Z Sew Or sn5 canada At times the operations
we've on the long side and at DINERS on Ia, nit
see q haTe ben upon the hort side HamPeTsd
bv previous losses Il became npess. .e,o o
his position. the result being this outcome
Mr.. FITCHs STATEMENT.
NJ. Fitch later made an informal statement IN
which he said that the matter was an ne" 70
-, and that he could not tell for few days
-. -- ms the condition Of the firms affairs.
r7-s-a were 50 many branch Offices and so many
customers that an examination Of the accounts
..o,,l5 take much time From what I know at
,,-essn+ o. continued Mr.. Fitch. everything in
he firms affairs has been open and above board
It's creditors seem favorabIy disposed, and so 90
.be banks with which il did business. It's out
standing loans are secured by good collateral
md there remains considera bic equity in this
collateral which in time Of course, viii be
turned over 10 the creditors Although I am IN
able 10 say so at present. II is possible that an
examination Of the accounts may lead to a set
-Jernert whereby the firm can resume business.
Mr Fitch added that the firm would file
petition IN voluntary bankruptcy, probably to-
morrow He could not verify the figures given
out by Mr.. Foster as to the firms assets and
liabilities.
The troubles Of the firm early became known
70 its many customers and all through the
morning crowd OF thirty or forty If them stood
n the broad corridor the r floor Of
No. - Broadway. outside Of II Closed doors
leading 70 the large and handsome Offices Of the
concern These customers, all men, gathered in
little groups and discussed the situation. appar-
emily without excitement and rather hopefully.
When they read Mr.. Fosters sta teuent in the
newspapers however. they showed signs Of in
oignatiou for they were all long Of the market
on the firms advice while the firm itself had
come 10 grief and brought them TO grief by op-
Grating on the other side.
Neither member OF the firm could be seen yes
terday morning, and all inquiries for them were
met with the statement that neither Mr.. Berry
nor Mr.. Bennett was IN the Office and that the
employees there were trying to find out where
they We're at"
The failure IL was said in Wall Street was due
:n part 10 what might be called run" which
IS being made by customers on some Of the big
Consolidated Exchange houses who became
frightened when the failure OF Alfred II. Lamar
was announced last Monday.
M Berry. who It is said. Is Mr.. Bennets
1athe--in-law. is an old Wall Street man. He
once owned seat on the Ne--TorIz Stock Ex-
change. but has been e member Of the ConsoIl-
dated Exchange since January y, 1891
Mr.. Bennet is q member Of the New York
Produce Exchange and the Philadelphia Stock
Exchange. The principal Offices Of the firm.
Which has been IN existence since 1865, are at
No 4 Broadway. this borough; No. II Court
St. Brooklyn. and the Mint Arcade, PhiIadel-
phia, and branch Offices. with private wire SER
vice. have. according to the concerns advertise
---N--t9 of144 -Lla ldt4IlE1 Boston, Hartford
New-HzVer, Albany. Bridgeport. Montreal and
Quebec
The firm has no room set apart for women IN
the local Offices as IS the custom Of soroa b-oa-.
age houses An elderly woman. however. whose
name could not be learned, was among the in
curing customers yesterday morning She said
that she had sixty-four shares Of Long Island.
three shares OF Chicago and Northwestern. and
from $1,000 10 5000 deposited as margin with
the firm She had been buying a line Of local
traction stock The woman also said she Vas a
meinper O. a good New-York family and that
when her relatives found out that she had rrob-
ably lost her money they would go all to niece.
about It What made matters worse was tho
fact that she had lost q large sum Of money IN
failure three years ago and had then promised
her relatives that she would never again sneo,,-
late
After the announcement OF the failure at the
Consolidated Exchange about 1000 shares q,
stock were bought and 1000 shares sold under
me rule" for account of the failed firm These
snsres represented II all about twenty differen,
issues.
WHAT Mr. WAGAR SAYS
'ce-PresideDt Wegar, OF the Consolidated
-AS''Anse when asked about the failure said
1eoo Se-ry Co. have been connected with h.
sss9 ANYTHING that pointed 10 any 5Hf IefT sf
Tbs@ -. stLe.E part. OF course the statement,
EaYlsed their customers 10 70 long Of tbt
fbIrSs ~ ne }hey themselves were short make,
theTe ~ e. ne Investigations We ever made here
Co ex"cTte5 80 - evidence shown that Berry &
80. >c-1teI mere on the exchange avAr1v cIr5e-
a. customer gave them And rbera US r VI t1
~ III t1at the orders were crossed ~ ~ 49,
-, - -ooEs 70 me as II the firm snecTis,ad o.. .,.,
Berry was TO- 80 tSst heavily: was informed tina:
xnd r-s6o -s.E OF The market when n We IcU,
Went up b gnitg lot Of money when the market
his long So showed bad judgment in selling nT-
co7,r.s SOCKS and going short 700 II.4iIs o tt
mate 81 3ClatIon on ones own account ~ ~