New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-04-25
N[NTYRE & CO. FAILS
STOCK EXCHANGE FIRM
Cart Substitutes Receiver for As
signee-MGket Unaffected.

MCINTYRE & Co. OF the largest and hest
-, brokerage concerns in Wall Street was an
h"".os Yesterday morning. soon after the openins
= ,be markets. The FIRMS main offices Were at
= broadway. and ii had several branch offices
.ber PARTS Of the city and numerous out of
=, branches. In addition 10 its membership in
Vow York Stock Exchange the firm was \
-" o Of the New York Cotton Exchange the
s,ca Exchange. the New York Coffee Ex-
-. tho Chicago Board Of Trade the New Or
- Cotton Exchange and the Liverpool Cotton
,.is-ion. It conducted a heavy commission
+,ess in cotton and grain. well as in stocks
.,,uo7rirC close the news OF the failure came
.r,o,rcement that the suspended firm had
- az assignment TO Arthur r Peck OF Svra-
ss,5 20 he a large creditor who at once as
- charge Of the firms affairs. Mr.. Peck did
70 main long In charge however. for early in
{ :. afternoon an Involuntary petition in bank
- vas fled in the United States District
- eesinst tho firm. and Judge Houch appointed
:, Nottingham receiver. with a bond of S15nn
=. ,eritforinE creditors headed by Lindsay
I'll receiver in bankruptcy for Arthur Z.
- who presented a claim fer s9lao for credit
-. due on The purchase and sale of stocks
--sa Other petitioners presented like claims, the
.,.s1 arcrocatiIS SaHlN o.
--.a 7efitiou 81 bankruptcy states that the
=. a,,a fixtures and the stocks. bonds and other
,-i,tes a, the main office and the balances of
=, s--, in various banks amount TO S'oeno It
- sc 81 act Of bankruptcy the assignment
NJ X.
.Iov II George (. Ryan. Of Syracuse. one of
=. -,s-77fers of the firm. The petition further
- that tho assignee would he guided in his
sirfe1g.s1 on = the estate by the members Of
TIE firm
OBLIGATIONS MAY ENCEED s. 100000
-, -s,ef,sr. who at once succeeded the assignee
=. -bs--a 81 The rGIn's assets, said he would give
= =, estimate to-day of the extent of the assets
- liabilities. 1t unofficially announced that
-, arms obligations would exceed $.Ooeea with
IS ~ r-rrzrs half much.
z-su street construed the suspension the
,,-rest bear failure for many years. For the
- -ventv months the firm has been uniformly
IS IN is adyices 10 customers, and its follow
a. MS s--nose6 10 have made q great deal %
..rsv during the panic last fall Il the gen
-, o-sriar in the Street that the firm had
rgz45 the bear market. with the usual disastrous
as1l,s short OF stocks and long of cotton
:, significant remark Of one broker who has had
,loss brsiress relations with the failed firm
r vas also rEmored that dissension among the
-s-,be-s Of the firm. which resulted IN nun
Of tie firms customers, played an important part
n the failure.
MCINTYRE < Co was organized May ..
ia and The present members arc Thomas A Nc
r--v-e John 9. Mcintyre. 7. Z. IuIshizer, Edward
= White. George c. Ryan. Thomas A Mcintyre IT,
s-d James II. Hudson John G. Mcintyre was the
s--ve hoard member. Mr.. Hudson the resident
manager Of the Boston Office, and M Ryan looked
Ives n Jersey City. had large clientele in that
district
None o. TIE resident members Of the firm was
sthe r.zin Offices yesterday, but Walter II. Mob
le- The Office manager. said:
The failure should have effect on any OF the
cs-ksts, tor the firm had very few outstanding
contracts e. TIE close Of business on Thursday and
rs banking loans were liquidated before then. 1t
rEes tide II TIE Street 10 any OF the banks Its
creditors are chiefly scattered out OF town, and
g-5 7tTa1
y. fms open trades in cotton have been very
knsl for tas last three months. and its standing
soo11ts IL that market at the close OF business on
Thursday were only five thousand bales These
ser. amply protected by the usual margins depos-
bed b. members OF the exchange"
CUSTOMERS BLAMED.
NJ Mohler added that the FIRMS capital had been
impaired since the panic by carrying customers
who hal failed to make good debit balances due
tie firm In regard to the recent heavy calls OF
fasteners for settlements Of balances due them
Er. Mohler said:
When = became known recently that the COM
psny vas embarrassed run vas started This
lad the sane effect a run on bank The
s-rns position was such that il could not with
stsnd the pressure The firm did big business in
the stock market before the panic last fall but
Eace then We have done little because Of the dis
sst-ous effect the panic had on many OF our Gus
iorers The firm has also suffered much from the
s1scts Of the a-lti-option laws in the South Be
fore these laws went into effect the FIRMS monthly
trades IN cotton options aggregated 10000 bales,
bu1 now the monthly business does not exceed 5000
fsles Thus our revenues were greatly cITTailed
saa the heavy running expenses have greatly di-
FINISHED tie firms capital
The general strength in the stock market yester-
CAY and the precritate advances in several fmpor-
lsnt stocks said 70 be due 10 the covering Of
snort contracts under the rule for the account
q the failed house. The failure. indeed, had no
detrimental effect whatever on the stock market
which IVES b1Cyaut throughout.
TIE f-ln numbered among its customers many
poAucans. among the callers after the susPen-
sion VS. Theodore II. Price the cotton operator
-as fms olt-of-town branches were at Chicago,
Boston. Baltimore. Hartford. Syracuse, New Or
Asns, Bi--.antou. Albany. Rochester. Jersey city
sno nor Springs. Mr.. Ryan, the Syracuse resident
manager and member Of the firm. visited the main
s@>ez. alt had nothing to say.
sko2lAs =. MIHTYRE's CAREER
rhoaas a. Mcintyre, the head Of the failed firm.
las long been q prominent figure in the grain and
cotton markets. lie started business many years
90 On Ihe Produce Exchange and was successful
N ssp'srl5er z. 1892, he began 10 do business on
- stock Exchange IS 4 member Of the firm Of
~1A'Jre d WardweI- on May ;, 1902, the firm
1Fca1ae Mcintyre d Marshall. and on May ?, 1904,
= present firm was organized Mr- Mcintyre is 4
3ec'9r u tie Duluth Superior Milling Company,
~ hardware Publishing Company, the Hecker-
r1es-seNel Milling Company. the International
-'%i-ig Company, the Southwestern Milling Com
.ehg lie Standard Milling Company. trustee of
= &c NeR York Produce Exchange safe Deposit and
@eee Company and member Of the committee
: management Of the Royal Insurance Company
tEnglsnd
i-e inquired prominently IN the attempt TO form
-'-f mn combination trust ia 1888, but the
"ss only partially successful, as many or
e efge mills refused TO join the combination He
:, also interested in the Brooklyn Wharf ana
aie-o-se Company, which Ia 1901 was reorgan-