New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-30
WOODENED CRASH COMES.
Continued from FIRST page.

satisfy a Judgment for S4,S1S J6 in favor OF
Harry c. Johnston. a retired merchant or THIS
city. and Deputy Sheriff Porges took charge OF
the local offices. The papers were taken out by
Johnston's attorney, B. Gerson Oppenheim, NO.
265 Broadway, and in the case Of the out Oh
town offices were served by his correspondents.
For soma months my Client Mr.. johnston
has been operating in stocks through Woooehu
& Co.." said Mr.. Oppenheim. After NUMBER
of transactions some of which involved losses
there was balance of 81. 800 due Mr.. Johnston.
He tried in every way to get it. Finally III.
Woodend said that he was unable to pay ana
allowed us to obtain Judgment In view Of the
multitude of claims against the concern we
thought it best to act at once. and SO placed
this attachment and chattel mortgage
City Marshal Rocca also took possession of the
offices of the concern on a chattel mortgage Aor
an amount similar to that Of the attachment
Before the confession Of judgment an involun-
tary petition in bankruptcy was filed IN the
United States District Court against Woodend
e. Co., the petitionng creditors being the HE'D
den-Rodes Company, a Wisconsin corporation.
In the petition it was alleged that the company
had furnished money to woodend, to the extent
of more than $4,000 to buy stock. and that no
certificates were ever received although demand
was made for them. The specific act Of bank
ruptcy complained of was that on April 10
Woodend transferred a large number Of valuable
horses The petition signed by Edward l..
Bradbury, chairman Of the board Of directors OF
the company. with J. c. Lenney, Of No. 149
Broadway. counsel
A second involuntary petition in bankruptcy
was also filed in the United States District
Court against Woodend by TazewilI Gilmer, of
Brooklyn, with a claim of $780, and Bell &
Winfree of Richmond. Va, their petitions aleg-
ing that they advanced $1,000 to the alleged
bankrupt as their broker, and that there Is now
due and owing them the sum stated. The two
petitioners say that they join with the Hedden-
Rodes Company skiing that g. temporary re-
ceiver be appointed pending the selection CT
trustee in bankruptcy.
OF the Hedden-Rodes Company Mr.. Lenney
made the following statement:
Mr.. Bradbury. the petitioner. has a balance of
$1,000 with Woodend an open account. In add,
ton that, Mr. Bradbury alleges that he paid
end owned in the Hadden-Rodes Company which
IS a Milwaukee brokerage house. Woodend owned
it. Mr Bradbury alleges that he has received
neither the stock nor the money.
1t was learned that Mr.. Bradbury came here
from Milwaukee about week ago. At that
l time he did not contemplate any proceedings
looking toward the dlscontinuance OF the bust
ness of Woodend & Co. The latter concern
owed the Hedden-Rodes Company $4,000. 1t
was Mr.. Bradbury's purpose. head Of the
Milwaukee company, to save for his concern
10000 IN round figures. in which amount Dr.
Woodend was the Milwaukee firms debtor. To
this end Mr.. Bradbury began negotiations with
DR.. Woodend to reorganzs w. L. Woodend &c
Co. Bradbury proposed that he and three
others put $4,000 each into the company and
continue the business. tiding over the difficult
ties In which the firm was evidently involved
This met with Or. Woodend's approval. but he
insisted that he retain one-third interest.
This stipulation led TO the discontinuance Of the
business OF woodend e Co Bradbury was ad-
vlsed by counsel that with Woodend as partner
he Bradbury would be liable for any obliga-
ton which might develop. the deal fell
through and the collapse Of the WOodend con-
the result.
Mr. Lenney said late yesterday afternoon that
the liabilities would not be less than $4,000.
and that it would not surprise him II they should
aggregate 100000. His Investigation led him to
believe that the buying and selling in behalf OF
customers had been conducted within. and not
outside. OF the firms Office. lie remarked on
the fact that the records OF the Consolidated Ex
change transactions did not show any extensive
dealings wherein the Woodend concern the
principal. although Or. Woodend was a men,
Der of the exchange. as was Mr.. Bruch. who
severed his connection with the firm recently.
Judge Holt. in the United States District
Court. appointed Abraham Gruber. Of Black. Oh
with a bond OF $1,000 The order directs him
TO serve pending the adjudication Of the bank
ruptcy and the election and qualification OF
trustee.
Repeated efforts TO see James II. Warner. OF
the firm Of Warner Johnson & Galston OF No
40 Wall-st., were unavailing. 1t not until
3 o'clock in the afternoon that Burton NJ. VII
son, a member of the firm. said that Mr.. Warner
was Ill and confined to his house. The firm IS
the. legal representative Of DIT. Woodend. but
Mr. Warner has had immediate charge OF DIT.
Woodend's affairs. Mr. Wilson said
Or. Woodend has been involved for several weeks
fear or radical iegal action IL IS quite pro1able he
would have pulled through solvent. The issuance
Woodend has not stolen anything 1t is plain he
has become insolvent and is unable TO meet his
not know. but 1 am informed. that he IS in the
city and ~ at friends house 1t Is quite Prob
fight this thing out to finish. 1 am betraying no
opinion that DR.. woodends troubles are due not
alone to his extravagances but to his recent Prac
business 10 subordinates
"Dr Woodend is meeting his obligations
through the Clearing House. and. far as his
standing here is concerned. nothing has devel-
oped. technically, to affect IT," said President
Randolph of the Consolidated Exchange How
ever. DR.. Woodend will not do any new business
on the Consolidated Exchange. He is still n
member and these outside troubles which re-
greet to hear about. do not affect his membership
on the Consolidated Exchange"
The offices of the concern were thronged yes
terday with a large number of young men en-
ployed as clerks and few women. 1t IS I'M
derstood that the major portion of the firms
local business transacted in it's uptown Of
fees. In the early afternoon the offices were
cleared by the Deputy Sheriff. and the doors