Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-03-16


142o F street, today filed a petition
in voluntary bankruptcy. He lists
his liabilities at S623 1000, mostly due
to Washington creditors, and claims
assets amounting to $4,000.
Mr.. Hieston is a member of the Washing
ton stock exchange and formerly was a
member of the real estate firm of Wescott,
Wilcox & Hieston. Attorney C. Albert
White, who represented the petitioner and
filed the papers in the Supreme Court of the
District of Columbia. when asked for the
reasons which brought about the failure,
said:
The g-continued drop in prices the
New York stock exchange and the almost
unprecedented slump in the value of securi-
ties which occurred this week in the
ket are responsible for Mr.. Heston taking
the step he did today. A petition in bank
ruptcy was the only course left open to him
in order to protect the interests of his
creditors"
Further than the foregoing, Mr.. White
declined to discuss the proceeding.
The largest creditor according to the
petition, is Post & Flagg of New York, to
whom Mr.. Hieston is indebted to the ex-
tent of $4,000 as security for which the
Bank stock. 100 shares of Mergenthaler
stock and 100 shares of Mitchell Mining
Company stock, all valued at S226,0OO.
Other Secured Creditors
Other secured creditors. the amount Of
Indebtedness and the nature of the securi-
ties held follow: r. H. Lynn of this CITY,
$4,000, 1900 shares of Mitchell mining
stock; George Mitchell of New York
$4,000. secured by interest in stocks Joint
ly with the bankrupt; Traders National
Bank. $4,000. partly secured by Mitchell
mining stock: E. s. Randall of this city,
$4,000 secured by stocks and bonds; j. T.
Hendricks OF this city, $4,000. secured by
Mitchell mining stock valued at $4,000.
Mr.. Hieston gives the names and claims
of his unsecured creditors in the following
list: A. Ghinessa. Baltimore, Md. $500; Ar
thur G. Plant, $1,000: ID. A. Greenless, $50
600; b. F. Compton. 300; Joseph H. Hun
ter, S3.5o0: Joe Sacks. 81 600: O. S. Schmidt.
$1,000; w. 3. Hibbs & Co, 900: Halstead
& Co, $1,000; A. B. Hines, 5000; c. How
ard. $1,000; Metropolitan National Bank,
$1,000. American National Bank, $1,000:
Alice v Hieston, $1,000; Wescott, Wilcox
& Hieston. 5000; s. n. Whitwell Cjoint,
s1.50o; d. A. Greenless GoinD $4,000.
The assets TO which Mr.. Hieston gives a
valuation of S}5.!Ro comprise his interest in
the real estate firm of Wescott, Wilcox &
Hieston valued at $4,000: his seat on the
Washington stock exchange. $4,000, and
an automobile said to be worth 5000.
Order by Court.
was presented, ordered Mr. IIieston ad-
Judged bankrupt and referred the case to
William ". Hallam, referee in bankruptcy
before whom all claims will have to be
proved
Petition by a Creditor.
Attorneys Robert S. Hume and John R.
Shields. counsel for Joseph l. Saks one
of the creditors of Mr.. Hume today filed
M fI, . ha
ceiver TO take charge of the securities
and assets of Mr.. Hieston pending the
appointment OF a trustee in bankruptcy
According to the petition Mr. Saks
has claim Of $1,000 against the bank
rupt. He alleges that Mr.. Hieston holds
certain securities. stocks and bonds in his
possession and that II is necessary that
receiver or receivers be appointed in
order 10 preserve and protect the assets
Tor the beneht of the creditors of the
bankrupt until a trustee is elected at the
hrSt meeting Of the creditors.
Counsel viii endeavOr to secure an an
polntncnt this afternoon if the sigma
lure OF one OF the judges can be obtained
10 an order Otherwise application will
he made To chief Justice Clabaugh early
next Monday.
Ceased Two Years Ago.
Messrs. Ralston & Siddons. ATTORNEYS
for the firm of Wcscott, Wilcox and HES
ton. this afternoon made the following
statement.
In view Of the announcement OF the
proceedings in bankruptcy begun by Mr.
Walter Hicston and the suggestion therein
sustained that he is member of the firm
or Wescott Wilcox x Hieston we have to
say his association Herewith ceased two
years ago and the firm is in nowise affected
by or concerned In his bankruptcy. except
as It's members his friends and former
associates or may In small degree be
lis creditors"
Known on the Street
The failure of Walter Hieston had becor,a
the Washington stock exchange at noon
today. and during the session it was the
chief topic OF conversation among the
members. Mr.. Hieston Is one of the young
members of the exchange and has held
seat therein for number OF years He
formerly the vice president of the ex
change, and for a time was one of the
most active traders. but in the past wear
he transacted little business there During
the last few months, it was said TODAY
Mr. Hieston had not been present at the
meetings and had not been seen very fire.
quently IN financial circles in this city
IL was claimed by many brokers that Mr.
H'eston has greatly overstated his liabili-
Ties. The general impression is that the fail
tFe VIII not have any noticeable effect on
local business conditions.
Liabilities May Be overstated.
]. Tilman Hendrick. member of the ex-
change. stated TO a Star reporter this after
noon that he understood Mr. Hieston had
named twenty-five thousand dollars as the
amount owing to the speaker. but that such
was an exaggeration. All that Mr. Hieston
owes him. he sad, is something less than