The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-10-25
TWO BANK FIRMS
IN RECEIVERSHIP
ON OWN REQUEST
Es~r>
Smith, Andrews & Mars
ton and Connected
Company Bankrupt.
OTHER LOCAL NOTES
D.. c. Issues Dull; Potomac
Electric Offering Quickly
. u Absorbed.
OTHER LOCAL NOTES

The banking firms of Smith, An
crews and Marston, and Marshall
a smith and Company, with Offices
IN this city and Baltimore, went
INTO receivership yesterday on
tneir voluntary petition. John Reed
wood was appointed receiver I'M
der q $4,000 bond by Judge Heuis-
Ter m Circuit Court at Baltimore.
Tne petition was filed by Mar
shan A. Smith. Charles Prentiss
andrews, Pierce Marston and w.
Crawford Smith, Jr. trading as
smith Andrews and Marston, and
By Marshall A. Smith, trading as
the other frm.
Omees on H street.
The firms were organized Feb
ruary IS. 1870. as a banking and
brokerage business, with Baltimore
ofices at the Hotel Emerson and
At 14l2 H street northwest, this
city, until October 13 last. when
the interests of the Smith, An
/ transferred to Marshall A. Smith
and Company. Since that time, it
was said, the company has become
, heavily indebted and its assets
were in jeopardy. In addition to
asking for a receiver the petition
asked that the partnership be dis
solved.
Counsel for both banking firms,
after the appointment of the re-
ceiver, stated that they became in
volved because Of their inability to
realize promptly on non-liquid as
sets. It is not known at this time
what the assets and liabilities will
amount to and cannot be deter
mined until the receiver takes
charge and makes an examination
OF the affairs Of both firms.
Names of counsel
The counsel for both firms are
Marbury, Gosnen and Williams. w.
Conwen Smith and Barton, Wilmer
and Barton.
Early yesterday morning reports
were current in the Baltimore
financial district that the banking
house was in trouble, and before
the stock market opened the Of
fees of the firm in the Emerson
Hotel there were visited byla num-
Der Of customers, who found the
telegraph operator in charge. It
was afterward learned that mem
bers OF the firm were in conference
with their attorney, which resulted
in the application for receivership.
Local Securities.
Issues on the Washington Stock
Exchange were decidedly dull dur
ing the opening session yesterday.
Bonds monopolized entire attention
,of traders as far as actual sales
were concerned, $4,000 Potomac
Electric consol. IS selling at IS.
, $500 Washington Gss IS at 50, and
Isl. 900 Washington Railway general
IS at 80.
Call money ruled at per cent
bid for per cent funds.
At conclusion of the meeting the
chair announced the death of E. S.
Parker, former member, and steps
were taken to have a fitting floral
tribute sent to his home in Penn
sylvania-
New Issue Well Taken.
The new issue of S2,2OO,oOO Po-
tonnac Electric Power Company 7
per cent general mortgage bonds.
maturing in 1871, which were put
on the market at IL o'clock yes
terday morning. sold very rapidly.
and within a short time after the
opening of the books the total is
sue was subscribed. Local banks
were heavy purchasers.
This security was put on the
market at 9S1z. to yield about 7.15
per cent, and was handled by a
syndicate headed by Harris Forbes
and Company. National City Bank
and Crane. Paris and Company, of
Washington.