Daily press. [volume] (Newport News, Va.) 1896-current, 1908-12-27
BANKERS AND BROKERS
FAIL FOR BIG AMOUNT
Believed That Liabilities Of 4. v.
Poor 8 Company Will Reach
Five Million OQNcrs.
p00R was NjGN FIIFR IN S0CIFTY
POOR Was HIGH Filler IN SOCIETY
Gttorreys for Cei tain Creditors At
tempt to Present Bankruptcy Pet'-
ting-Stock Exchange Being Clos
ed. Effect Couldn't Be Felt.
tBy Associated Press

Poor. a well known banker ami
broker OF Wall street and for years
the publisher o: Poor's Manual Of
Railways failed today.
His banking and brt kcrage firm.
known as H. w. Poor & Company.
with offices a; 50 Wall street. mad"
an assignment to Mark 7. Cox. OF
the firm of Robert r. Winthrop 4
Company, without preference.
No statement regarding liabilities
O.. assets was forthcoming today. but
az Mr. P.or had been prominent in
the street and has influential connec-
tons i, is believed his liabilities wilt
reach at least S3.000,0o0.
The entire brunt OF the failure is
borne by MIR Poor. his former part
mes having withdrawn from the firm
The former partners include Mr..
Poor's son. William y. Phoenix.
Franklin w. Hunt. Charles F. Cush-
man and Frederick A. Farrar.
The failure is probably one OF the
largest that has occurred in the finan-
c!al district in some time.
Leader in High Society.
Mr. Poor was looked upon not only
as very wealthy man. but his fani-
" has long held a high social posi-
ton. He has two magnificent
homes. one the old Cyrus W. Fiell
mansion at No. l Lexington avenue,
and the other a stone chateau at
Tuxedo. which have been gathering
places OF the ultra fashionable for
years.
AS the Stock Exchange was closed
today the announcement of the fail
ure could not be reflected in quo,a-
tions.
An effort was made by lawyers for
several creditors to present BANK
ruptcy petition to a Federal judge
but none could be found sitting.
No statement regarding the assign
men; was forthcomingf today from
Mr.. Poor. but John l.. CadwalaGer.
of the law firm representing the as
signee and Attorney Lewis A. Della
field. representing certain large cTedi-
tors made the following announce
meEt:
Creditors May Save Something. S.
a superficial examination jus;itics
the belief that if the creditors who
are numerous. will cooperate in en-
aiding the assignee to effect favora-
BILE liquidation of the assets. large
sum will be realized for their ben"-
fit Written assurance Of imp.rtan.
financial assistance TO such creditors
as will cooperate to that end has
beer given
Another development vas the isl
tuition OF a suit by Howard 4. VIII
lets. of Westchester. against He1~r
W. Poor & Company. for more than
5000 900 en- account OF deal in rail
road bonds into which Mr.. Willcts
says he went because Of tie advice
he received from NJ. Pco-
This suit IS stir poad'nS
The transactions Of the II ". poor
concern were on an extensive sale,
4, is said. including big syndicate
operations.
Mr.. Poor's connection Nth Poor'S
Manual OF Railroads has been tnai
OF president and director. He was
also president and director of the
Posta! Telegraph. Of Texas.
eoston Banks HcI- Psoer.
BOSTON. MASS. Dec. 2s.-H ".
Poor 4 Company. Ct New York has
maintained Offices In This city fo-
many years. dealing exclusively IN
bonds.
Local banks hold considerable"
quantity Of their paper secured By
various bond issues which are being
carried for the firm.
Tho local manage is FreieTick 4.
Fsrras.
The firm vas heavily interested tn
the American Telephone COMPANY
ard Atlanta. birmingham 4 Atlanta
Railroad bonds.
The local o.fice held an account at
the NaiionaI Shawmut Bank.
After announcement Of the assign