New-York tribune., 1909-05-18
RECEITER APPOINTED FOR
STOCK EXCHANGE HOUSE.
Involuntary Petition Estimates the
Liabilities at 81 100000 and
Assets at S25O,OOO.

street The liabilities we're placed in the petit
ton at aSOut SLOOO.OOO and the assets at $3.50.
900. Hays. HershfeId & Wolf Of No. rs Broad
way, attorneys for the petitioning creditors.
who are Henry r Woodward of No. 314 West
oath street. with claim of s.. 500: William A.
Scott. OF Elmhurst. Long Island, with a claim
Of s3O7 and William G. Austin. Of No. 40 West
End avenue. with a claim Of s1,10O
Judge Hough appointed Edward G. Benedict.
lawyer. Of No. 70 Wall street. receiver for ths
firm, under bond Of $4,000. Mr.. Benedict
lected his attorney A Hershfeld. OF Hays.
Hersh1eld & Wolf the firm that fled the petit
tion. According to Mr. Hershfeld. the troubles
Of the firm were due 70 the fact that its senior
partner, William ". Tracy, had become much
involved in outside enterprises, among which,
he thought was the New York Taxicab Com
pany. He added that the firm had not been
active of late in the stock market and that f1
owned nothing TO any Stock Exchange house.
He said that the liabilities would be at least
S1,250.0OO and that the assets were approximate
ly s35O000. but that it was impossible to tell
definitely just how the affairs stood until after
an examination OF the books
Charles Mascara. president OF the New York
Taxicab Company. denied that Mr.. Tracy had
| lost any money through his company. He said
| that the broker had been director OF the COM
pany but that he had resigned last November.
when the taxcab chaufeurs were striking. and
had had no further connection with it, The
strike. he said, had cost the Taxicab company
100000. He said further that there
| truth in the report that Tracy & Co had foat-
| ed some Of the stock Of the Taxicab company
| or had anything TO do with its organization.
SHORT OF WHEAT. IT Is SAID.
Asked if he could account for the firms dtf-
| hcultfes. Mr.. Mascara said he could not. but
man who was present and who said that hs
/ was member Of the New York stock Ex-
| change. said that he understood the firm was
/ short Of wheat in the Chicago market. and
| that rumors that it was to suspend had been
| in circulation there last week The firm has
TIVE branches in Chicago. and, according tn
/ this man. is a member OF the Chicago Board
Of Trade and was formerly big operator IN
/ the grain market
| The petition was fled Just at the closing Ot
/ the court too late for the Stock Exchange aU-
/ tborities TO take any action. but it is expected
/ that the suspension Of the firm will be an
| nounced at the opening of the exchange to-day
/ The petition recites that the firm IS hOpelsssly
| insolvent and that while in this condition.
| made preferential payments to certain creditors
/ among whom it mentions H. q. Gest as being
| Maid 50 500 on May Il. It is further alleged
/ in the petition that with intent 20 defraud its
| creditors the firm made assignment OF stocks
/ and bonds of value in excess Of $4,000 Il
| further alleges "on information and belief
! that the firm suspended payment and failed TO
| make deliveries Of stocks and pay money due
on stocks. pursuant 10 the rules OF the New
York stock Exchange
The present firm is composed or William '"
Tracy. r D. Covington and Frederick " Par
ker the latter being the board member The
business was started in Chicago on September
/ l. 1898. by Mr. Tracy who had been cashier OF
the First National Bank Of Springfield For
several years Mr.. Tracy was the board mem
Der. having been elected to the Exchange March
%. 1895 In 1904 the firm was composed OF Mr.
| Tracy. Arthur y. NcGooch. Gordon Bigelo7V. r
D Covington and J. c. James
GORDON BIGELOW'S RETIREMENT
The firm Of Tracy 3 Co. dissolved partnership
on Aprf "a. 1905. Gordon Bigelow retiring. Mr..
Bigelow was the son of Frank G. Bigelovv. presi-
| dent of the First National Bank OF Milvaukee.
Who was arrested on that day, following his
confession 70 the directors OF the bank that hs
was a defaulter to the amount OF S1,450OOo. and
Who was subsequently tried and sentenced 70 =
long term Of Imprisonment in the United states
renitentiarv at Leavenworth. Kan In speaking
of the withdrawal Of Gordon BiseloW rom
| Tracy & Co. William ". Tracy, head OF the
firm. said:
hts fathers troubles to reflect in any way on the
6rr, The financial difficulty in which the elder
BigeIov is involved in no way affects the stand
ing of Tracy & CO.
Later the present frun vas organized. ard
esr,,- in 1905 Mr. Tracy sold his seat and Mr.
rorta- bacsr,a the board member. being elected
70 the exchange on January 25 OF that year
Mr. Parker is at present abroad He is said
~ be cruising in the Mediterranean. In his ab-
sanre the firm has been unable TO transact sny
BUSINESS direct on the Stock Exchange and its
..sactions through other brokerage houses
ara reoorted To have been very small For this
rssson and the further fact that the firm does
not owe anv money to Sock Exchange houses. it
is not believed that the suspension OF the hrnl
II II is announced to-day. will have any bal
effect. Mr. Tracy the senior partner. lives ec
cedarhurst. Long Island According 70 the lat
est corporation directory. the only concern N
which he is a director at present is the American
Pneumatic Service Company
It was said last night that the firm had been
interested recently in the formation OF mold
ing company for the various Chicago 1axlcao
companies. but no confirmation Of this report
could be obtained. The firm has nine branches
two in this city. two in Chicago. and one each
in Louisville Milwaukee. New Haven, st Louis
and Detroit
Chicago. May 1.-THE big stock and grain
house of Tracy & Co. with two Chicago oFaces'
went into the hands Of receiver late this ar
ternoon Unfortunate ventures IN the taxicao
business in New York and Chicago and hard
soueeze in the recent grain corner engineered by
James A. Patten are ascribed as the CHIEF causes
Of the failure Chicago bankers expressed the
ontnion that the indebtedness Of the failed com
pany TO the Chicago banks would not exceed
100000
Tracy has operated in this city for fourteen
years Theshrnn's commitments in grain on the