The sun., 1908-12-27
BANKER h. v. POOR ASSIGNS
PARTNERS HAD ALL LEFT HIM,
THE LAST IN OCTOBER.

Business Of the Firm Fell or and ths
Senior Partner Had Three Expensive
Residences TO MaintaiR--Ths Credi.
tors Are Few-Invited TO Cooperate
The failure OF Henry W. Poor q Co,
OF So Wall street, a Stock Exchange house
whose collapse q few years ago might
have been expected to disturb the current
OF affairs in Wall Street. was announced
yesterday with no likelihood. 30 far as
could be gathered. that it would have any
market consequences whatever worth
noting.
Although slr. Poor was popularity sup
posed to have several partners. the Stock
Exchange records beer witness to the
contrary. Early in the year the partners
resident in New York. H. v. Poor and
William N, Phoenix. withdrew, and in
October last the Boston partners, Franklin
W. Hunt, Charles +. Cushman and Fred
eriok A. Farrar got out of the firm, leaving &
the elder Poor alone. There was some
thought at that time Of calling In legal
assistance but things ran along until
an assignment was the best way out
that Mr.. Poors legal advisers could see
He is said to be in the best OF health,
and 1t is believed that he will be able to
pay his creditors. who are not many. ii
they give him time.
Once an important trading house. the
firm had not OF late occupied such place
in the general business OF the Street.
No estimate OF the amount Of the liabilities
was obtainable yesterday. notice was
posted on the door of the firms offices
in the morning announcing that Mr..
Poor. doing business under the firm name,
had made an assignment for tho benefit
of creditors. without preference. to Mark
7. Cox OF Robert Winthrop 4 Co. The
notice was signed by Strong 4 Cadwalader,
attorneys for the assignee, and by Haw-
kins & Delafeld. attorneys for certain
creditors" Late in the afternoon this
Deiaheld's ofice:
Mr.. John l.. CadWalader tof Strong 4
Cadwalader). representing the assignee.
and Mr.. Lewis i. Delafeld tof Hawkins d
Delaneld' = representing certain large credi-
tors. authorize the following statement:
Henry ". Poor, transacting business In
the State Of New York under the name OF
II. W. Poor Co, has made q general as
signment for the benefit Of creditors to Mr..
Mark T. Cox OF Robert Winthrop a. Co.
There are no preferences beyond such as
the statute gives to employees.
superficial examination justifes the
belief that IL, the creditors. who are few
In number. will cooperate in enabling
the assignee to effect . favorable liquidation
OF the assets a large sum will be realized for
their benefit. Written assurance OF i'm
portapt financial assistance to such credi-
tors as will cooperate to that end has been
given.
Neither Mr. Cox. the assignee. nor
Messrs. Robert Winthrop 4 Co. are inter
ested as creditors or otherwise in the as
signed estate.
It was no secret downtown that Mr..
Poor's firm had met some difficulties in
the panic Of last year apd had scarcely
been on the op'wave Of prosperity since
then. Mr.. Poor has lived expensively,
however. at Lexington avenue, resi-
denoe consisting Of two houses thrown
into one; an elaborate country place at
Tuxedo and Q fine summer home at Bar
Harbor. all Of them containing more or
less treasures OF art besides Mr.. Poor's
costly collection of books. This collec-
ton. representing thirty years OF gather
ing, was sold without explanation last
month at auction and brought a large
sum, but no statement was made as to
the relation between the proceeds Of the
auction and the prices paid by Mr. Poor
for the books.
AT one time Mr.. Poor was associated
with Charles W. Morse in operations In
American Ice. He is president OF Poor's
Railroad Manual Company. q director
of the Missouri. Kansas and Texas Rail-
road and president Of the Postal Tele-
graph Company OF Texas. and director
Of the United States Casualty Company.
Poors Manual Of Railroads was estab-
lished by Mr.. Poor when in 1885 he began
business as II. " a H. w. Poor, who be-
came widely known as publishers Of that
useful book. He went into the banking
business in 1880 as Anthony, Poor d OIL
phant, which firm dissolved in December,
1881, to be succeeded by Poor. Oliphant q
Co. Poor, White a Co. followed; then
Poor 4 Greenough. Under this style the
firm Is best remembered by the later
comers In the Street. and when the bust
ness was conducted under that name the
firm was an important one in the financial
section. Since 1899 the firm has been II.
w. Poor Il Co., with Mr.. Poor. who then
became a member Of the Stock Exchange,
as the board member and reputed capital
ist Of the firm. Two years ago Mr.. Poor
put the firm down as worth $500, 600.
Mr.. Poor himself has been reputed. as the
word passed from mouth to mouth, to be
worth s5. 100000.
Early last winter Mr.. Poor's firm was
sued by Howard Willets. who 10 a member
OF the hunting crowd Of Westchester, for
s24s.sss on allegations Of fraud and mis-
In connection with the pur-
chase by Mr.. Willets OF Newton and North
western ian Iowa railroa6 bonds on
Mr.. Poor's firms recommendation. MIR
Poor said in the firms defence that the
was issued by the firm OF H.
w. Poor 4 Co. OF Boston. OF which he was
a member, in connection with another
firm. The prospectus formed the basis
Of the purchase by Mr.. Willets. Mr..
Poor said that the statements in il we're
made on the authority Of experts.
-------------