New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-24
failure LAID TO COPPER
s,,cK Exchange Firm Overloaded
wv with Union Mines Shares.
-uanwN INTO BANKRUPTCY
.,b,att g. Co. Forced Down,
'y r.wver Says, by Inability to
Settle 100000 Suit.

,.,,..,o ~ sig. ". Rosenblatt &
ms ~ a. Broadway, was announced
Co. O. 49,, NJ the New York Stock Ex-
cn 'hs -.osterday. following the fling Of
c,sage ,',r,arv petition I'm bankruptcy
o. NV" ern, IN the United states Dis
'fa"Ss' anrt. The difficulties Of the firm are
nv 49,, o 70 ifs being loaded up with $1,000
cirl0''t s,ock Of the Union Copper Mines
ssfes :, vbjch has been selling on the
C'np..sr around 62i2 cents a share
e1f0 .,.b the firm purchased at prices
w ,,,r I'D 10 $40 a share.
rnnns ~ has filed suit in the Supreme
Toe asinst James Phillips, jr.. vice
Coli. - the Tennessee Copper Company
f'ss.',- president Of the Nevada Con-
sno..a conner Company, and Walter G..
s@-~ until recently president OF the
wv n conner Mines Company, to recover
laou me amount tho firm alleges it in
f' ~ r-,ion Copper Mines stock on the
''s'. ~ concentrations made 20 u re-
"ens tho value of the property by
a." and Newman. which the complaint
n,s we're false.
SN rsn,hsrrcr. counsel FOR tho bank
ia e-,, said that its failure was caused
ny ,nobni,y 10 secure an immediate set
lent Of this $4,000 claim. lie ADDED
U., -. liabilities Of tho firm amounted TO
u ~. $1,000. and that the assets, which
a's-' .i.cs5 In the bankruptcy petition at
~. ,aac1. depended upon the value OF
~ lion Copper Mines stock held by It
~ -. claim referred 10. Union Cop
~ 60. stock broke from IS. the opening
?" ,1s on the curb, following the
'''. lament Of the failure. It closed at
t- O-', lost OF q. or 3Ii2 cents share for
he dsy. ,.. 90, i,,,.o,,,,,,,,.,,
..,.i,, in bankruptcy had been filed
the firm came as surprise to Wall
80. as no rumors affecting IFS solvency
- abroad. hut the failure was not
~ s.s a. important The pctitioning
-. we're p. Hcnemau. c. O. Galston
w, ,,,--is Hot-hner. thcir claims aSgre-
-. so The petition alleged that the
-, ga committed an act OF bankruptcy
-. ..-, q preferential transfer OF property
-, or more IL its creditors. Judge Holt
,,ooo,,d John 5. Sheppard, f., receiver,
a. bond OF $1,000. Mr.. Sheppard sa'd
...,,.,v afternoon that he had not yet
- en- examination Of the firms books
-, ,bs, be was unable 10 say anything
.h,r, ,ts condition at present
~, erro Was organized on october 20
,vl and occupies extensive quarters on the
fnb soo- Q, No. a Broadway. 1t is COM
- N slguund II. Rosenblatt, who is
,.s stock Exchange member; VI. II. Rosen-
srsr and MAJ IEesslein- In the last few
,sars the firm has been active in exploiting
mining companies, among the properties
/, which il has been interested, In addition
| II Union Conner Mines, being Greene-Can-
ma. Greene Gold-Silyer and Gold Hill
Copper
s.gnund II Rosenblatt, the head Of the
ale firm, las been we'll known in broker
n circles Co Wall Street for many years.
| h Acame a member OF the New York
| srk Exchange on September ,, 1897, and
sre organizing the firm Of Sigmund Ii.
ssnblstt & CO. was one OF the board
-sers Of tho Stock Exchange firm Of
-nermann & Forshay. In 1905 he was
r,nded for ninety days by the govern
committee Of the Stock Exchange for
Alleged violation OF the rules Of the ex-
age
the suit which the firm has instituted
a,st Phillips and Newman, IN addition
charging that their representations re-
ayng the value OF Union Copper Mines
~erties were false. IT is alleged that tho
~ men unloaded on the firm quantities Of
rxs in the company which they had IN
tsr posses on. and which they had agreed
q would not sell, either Oh the market
privately. On case the Rosenblatt firm
sud enter into an agI cement to buy up
d Ire stock of the company in the open
rsrktt After the unloading Of the stock
their possession the defendants, it Is
duged in the complaint, loaned TO tho
sa;eNa,t firm $1,000 on pledge Of 5000
svu Of the Union Copper Mines stock
Lao Of these shares was numbered, and
sosssy, in examining some Of the stock ii
az purchased. the firm found, il is stated,
"a !. had bought back 10 the open market
n Identical shares 1t had put up as Sc
Cr,y for the SIS 90 loan.
representative Of Mr.. Phillips said that
''se was no truth in the charges made
issls; him and Mr. Newman in the suit
ari-uted against them by the Rosenblatt
tn