Every evening, Wilmington daily commercial., 1906-02-16

The firm OF Henry l.. Evans q To-,
bond and stock brokers, al the northwest
corner Of Eighth and Market streets,
made an assignment, at O'Clock yester-
day afternoon, to John II. Dandy, for
the benefit Of creditors. While their
assets and liabilities are not yet definitely
known, James W. Ponder, counsel for the
firm, estimates the liabilities at between
100000 and 100000, but he says he
has not been able to formulate any idea
as to the amount Of the assets. Peter
Ballingall Of Philadelphia, president Of
the United States Audit Co., is now going
over the books, with view 70 deteunin-
ing the amount of the assets and liabilities.
In the assignment no preference Is given
20 any OF the creditors, all being placed
on an equal footing.
Immediately upon the assignment
being made Mr. Dandy, the assignee took
charge of the Office Of the firm and placed
William IL. Gibbons Of Gibbons a. Moore
there ~ his representative, 10 wind up
the affairs Mr.. Dandy, who is vice
president of the Union. National Bank,
was one of the assignees Of Heald 4 Co.,
when the latter firm failed about 20 years
ago, the other assignee being Otho Now
land. who is now president of the Equi-
table Guarantee and Trust Co., and Mr..
Gibbons was their representative in
charge Of Heald & Co.'S Office. The
selection Of Mr.. Dandy as assignee for
Evans a. Co. is said to have been due 70
the fact that he has had past experience
and was the choice of many Of the credi-
tons Of the firm
Evans & Co.'S liabilities consist chiefly
Of loans from banks and amounts due
customers in stock transactions, and also
in general accounts. None OF the banks
will suffer in the slightest according to
Attorney Ponder, who says all of the
bank loans are amply secured by col
lateral, which is the only way in which
the banks will loan money. Mr.. Ponder
says the local bank loans are very small,
the principal loans being from banks in
Philadelphia and other cities. Several
local banks had no accounts with Evans
d Go.
The firm did not engage in banking,
its business being chiefly in stock trans
actions, buying for clients on margin
and outright. IL had many customers
here and also a large number in the lower
part of the State
The expert started TO work on the books
on Wednesday. His work will be diff
cult, in view Of the fact that In order TO
arrive nc the true condition of affairs It
will be necessary 10 make calculations
based on the value Of stocks held by the
firm and its clients at the hour of the
failure. which was 3 O'Clock yesterday
afternoon, at the close of the stock market
on that day. The many open accounts
will also add TO the work.
Tho assignment comprised everything
held by the firm and the individual mem-
bers. including Henry L. Evans farm
in Brandywine hundred, on which he
lived. The farm is said 20 be worth
about $4,000. lt is located near Clay
mont and was purchased by Mr.. Evans
about seven years ago from the Cobb
family. Since he has had the place he
has spent about 81 600 on improvements.
Mr.. Evans was also a member OF the
Philadelphia Stock Exchange, and the
assignment includes his seat there, which
is said to be worth between So 900 and
$4,000. Mr.. Evans also owned stock
in the Wilmington, New Castle 4 South
ern Railway Co., the Wawaset Land lm-
provement Co., which is now in the hands
Of receiver, and owned a majority OF
the stock of the Jacoby Land Improve
ment Co., which owns land in Eastlake.
He also had some other local stocks
which 60 into the property assigned. Mr.
Ponder says the Wilmington, New Castle
& Southern Railway will not be affected
by the failure. II. l.. Evans was presi-
dent of that company and vice-president
of the National Bank of Delaware but
Mr. Ponder said that neither the bank nor
the railway would lose or be affected in
any way by the failure.
| According 20 Mr. Ponder, the assign
ment was the result of carrying customers
who did not make good their accounts
/ and also because the firm lost money
through improbable investments He
says the firm has been in financial diff
Guilty for several weeks but has ben
hopeful Of overcoming the trouble. Find
ing that this could not be done no husi-
ness has been transacted for several DAYS.
The firms assets consist chiefly OF stocks
which il held and also real estate and
equities therein.
The members of the firm are Henry L.
Evans and his brother, John H. Evans.
Henry l. Evans who is at the head of the
establishment, was first engaged with
Elliott, johnson 4 Co.. where he had
charge of the bond department. and when
the firm OF Head & Co. was formed he
became a mmber thereof. but withdrew
from the firm, severing his connection
Herewith, about a year before the Heald
failure About 10 years ago. with his
brother, John II. Evans and John Craig.
he formed the firm OF II. L. Evans & Co.
which has been in business ever since. al
its present location, in the Institute Build
ing, where il has well-appointed suite
OF Offices. About five years ago Mr.. Craig
withdrew from the firm. engaging in bust
ness for himself. The firm had a large
clieniage, not only here but elsewhere.
but its accounts with its New York and
Philadelphia houses have been settled.
According to the assignment Mr. Dandy
is to collect all money owing the firm and
make settlement with its creditors pro
rata, according TO their claims and Inc
amount of the assets.
The assignment was filed for record. at