New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-23
BIG FAILURE ON CURB
Liabilities of J. Thomas Rein
hardt Estimated at 100000.
PORCUPlNE HIS SPECIALITY
Broker Now in London, Where
He Went to Boom Properties
and Get Loan of $3.50, 900.

With the head OF the concern in London,
tho office Of J. Thomas Reinhardt, curb
broker. Al No IS Broad street was closed
Yesterday and business temporarily sus-
pordcd" according to notice posted on
tho door The calling Of several large
loans. said to aggregate about 10000 and
secured by Porcupne mining stocks, which
we're a Reinhardt speciality, was the imme-
date cause of the embarrassment, the no.
tice read. Liabilities are estimated at 500
Op. with assets "uncertain,' consisting
mostly of Porcupine stocks. and some min
ms claims.
Reinhsrdt maintained branch Offices in
Boston, Toronto and London. the last
having been opened only a few weeks
ago II was said there was small
balance on hand at each OF these offices.
which together With about $1,000 in the
Broad street Offices yesterday, would amount
10 perhaps $1,000 There we're suits pend
ins for about So ON which Reinhardt had
rroucht against persons who had defaulted
or contracts, which might realize some
thing il Was said An announcement by
Foipnardt's attorneys Croker & Wickes,
OF No Nassau street held out hope tha'
TIE assets. when nquidated, would be sum
Cent to meet the Liabilities
Reinhardt went 10 London about a month
ago for the purpose Of interesting Enchsh
CAPITALISTS in the Pcrcupinc mining prop
,rttre - * understood. and obtaining
lcau OF sl50o"I which Was 70 he used here
1, relieve tho pressure being brought upon
tho promoter Of Torcup'nc stocks ny Gus
toners az over the country who had m
vested i'm th,u. Al associat" of R"'rnhr"t
sad Thomas Narsa'iS and Louis j. frl""-
mn. Who had charge % the Office In MT
Eciuhardfs absence. ha6 expected hun haC"
with tho $4,000 week or two ago, bur tha'
vrru neither the broker ro' th" money
showed ur q situation soon developed tHa'
mo-. 70 IMPOSSIBLE to continue (" do bust
ncSs
E,inharGt has been promjnen- on the
Iroad street curb Il last S. on el-h-
wars. His Office windows front on the cnrb
market The Porcupine mining shares. a"
v,n - other sc.uTlties which R'lnn"I''
has handled. have had a rather pyrotechnlc
,o,crr ON the curb Tho TorcuPir" stocks
Slid douu hill Yesterday Their" were no
bids for Torcupinc central. which closed
81 g. 30 SATURDAY. Porcupine southern SOLO
81 - cents having closed al s. SdturdaN'
porcupiuc Northern sold for cents II
closed II 81 ~ SATURDAY..
Several years AGO Renhardt came under
considerable criticism in his manipulation
of Nicrac Gold Mining Company stock
Tho Nirmac stock was pushed up ON th"
curb as high a. ~ share, and d'tel"dru
dropped to cents, with pracucalIF no
takers at that price. Last fall Relnhar"'
guided the PorCupiOe Central stock from
about 80 cents to & share. ana SoN'Idl
curb brokers who were short or the S'o'h
were caught and forced to settle. me 'uro
Market Association refused to compel thelr
members to pay at Reinhardt price, at
the time. and the matter was thrasheu OUT
IN the courts. with the result that the
brokers had TO make good.
Reinbardt has been sued several tunes.
In July. 1902 the collapse OF the AIdShd
Mines Securities Company was laid at ms
door by Samuel / Silverman, then presl-
dent Of the company, who sued Reinharot
for heavy damages, alleging chicanerN IN
the manipulation of the market in MIcWdc
stock The securities company STOCK
dropped from 80 cents to 10 cents snare
Reinhardt announced in July, 1909, that ne
had purchased at the sale IN bankruptcy
,he entire assets Of the Greene Consoh-
dated Gold Company. one Of the concerns
organized by Colonel ". c. Greene and his
associates.
Rcinhardt came here from Baltimore
twelve or fifteen years ago. For several
Years he had owned and operated a suhe
az quick lunch" places in various cities
and is said To have made considerable
money I'm that venture. lie became a curu
broker about 1867. lie had an office at NO
IL Wall street in l"lI. Some Of Reinhardt 5
representatives said yesterday that they
.1pected him to come back from Europe