New-York tribune., 1909-04-16
pp0kERS DON'T APPEAR
roRRIED, SAYS COUNSEL.
rr,is < StOppam Receircr Impatient
1nother Consolidated Failure.

-, the partners of the failed firm % Ennis
Nel'--. sppeared Gefore Receiver Russell yes
|t - he has not .eard from them directly
to1- fs7'r,-e although both are known to be in
sn~ Nr Russell IS very anxious TO see the
es &c - and have them make a statement as to
NlA-, assets. and also, he said yesterday
ts ~ NC them in regard to certain transactions
c. r,s investigation has brought light.
VIZ -, cleveland. assignee OF the firm and
20, counsel fo- the Two partners. who had
ss a. Russell on Wednesday 10 do his best
- his clients yesterday. asked two DAYS
e = 7.rlrf 20 get them 10 appear He told Mr.
rTs = .Ls+ both men had been ill., and that they
s. 5ar,oral.zed and worried a result Of
Fst . ,l-ar -hey did not know what 70 do or
ns "a. s-ted more time before making a state
g -, +2-,ssel agreed 10 wait until next Mon
rs-- -,,5 Nj Cleveland that unless he produced
u -. or thai dsv he would positively get an
- court compelling their appearance.
roH D,.ssU said that al the request OF Heyn &
@-or LAWYERS. II No 81 Wall street. who
-. g large number Of creditors Of the failed
ed decided 10 call preliminary meeting
--e7f-o-s for next Thursday al o'clock. At
--..fr- me creditors will appoint committee
q &C with tie receiver in the investigation
- FIRMS affairs
- new as regards the assets or liabilities
. 77rt, Yesterday. except that q few shares
60 stocks were found. Their market vslue
= ,-a- baen determined. Air- Russell said that
- rsresyei a food oE letters from customers
,+s e-rn al over the country asking how they
.- ,0Se Of orders 70 buy or sell stocks that
.sa, r,aced on the day Of the failure and
> - wished II say 70 these people through
=,,-, If rhe press. that all such orders which
:, at bae1 executed - the time Of The suspen-
. us-s dead ne also wished TO say. he added
,~5 n inquiries from customers about securi-
:. -rsr had left in the keeping Of the firm. that
Thing was in statu quo, and he could not
:. men, anv information on these affairs at
s-.se7t As all the securities IN the possession %
> So, 7,irb fhe exception ot a few mining shares
= ma M with the hanks as collateral for loans
: -rnbsble that these customers viii have 10
-. .ssfr chances wiki the other creditors.
,sss5 how il was possible for the firm to have
gga5 for such large amount when the trial bal
me s-r11ck OF on March : showed that II was
,-,f-err solvent Mr Russell remarked that il had
.arr his experience that trial balances in such
,,r,e-rs always did show they were solvent. and
4st sometimes they showed also something that
one could understand The balance in ques-
m. hs added, belonged TO this class
" Russell went 10 say that he thought the
-zzsartloas Of the firm which he had referred
g requiring explanation. might properly he in
r.rated by The authorities Of she Consolidated
suk Exchanse. He said. however. that ne had
!, been IN communication with the exchange
loaties and did not know whether they were
IL 70 take the case up.
.azrlss H. Badeau, president Of the Consolidated
ss Exchange. when asked Yesterday If HIS in
r--.l1n was going TO conduct an investigation of
failed firm said that the affair was out Of its
IDS now that receiver had been appointed. but
II lie authorities would be glad TO assist the
zz7er IN any way possible He added that when
L. fin was suspended last Tuesday he had al
-x issued & summons for the partners 10 appear
k5-e Tie committee Of admissions of the ex-
sz1rs which was IN session that day. and ex-
Jan their failure but that his representative had
hz unable 10 find them He had since issued a
Esrd summons. lie said, for the partners to ap-
ss- next Tuesday. when the committee VIII again |
b session hut did not know whether they would |
7ss-. as il had not been possible 10 serve them |
Tzzsla y. ard the summons had been sent by mail |
a. might not have been received
r. Badesu said lie did not know what the j
rz-slctioEs requiring explanation referred 10 by I
J, Russell were as fe had understood the firm !
t1ss we're kept In good condition and he had not |
Asg-l q, ANYTHING out Il the way IN its business /
dealings TIE failure of the firm, lie added. had T,
-1s Is thunderl1lt out Of a clear SKY 10 the 5
rarz5ers C the exchange Both the partners, he !
E8 had been regarded on the exchange as inde- |
Fads1ty wealthy and there had been no suspicion 1
IL tas firm was 81 any difficulty
Az5-her failure was announced on the floor Of |
= Consolidated STOCK exchange yesterday, but il I
= small one and vas not regarded as OF any !
-F-tznce The principal in this case was Louis |
& ss1nce. VINO was unable TO settle his balance |
z - clearing house of the exchange, amounting, |
: Fss sad 10 about 81" He was small trader |
Z Radlng and was caught short in the advance |
1az, stock Under the rules he has twenty-four |
is-s TO settle before his failure becomes final