The New York herald., 1922-03-04
n. Y. EXCHANGE FIRM,
OWING $3,5O0,O0O,
AND 4OTHERS FAIL
George Kendrick Sd & Co.
Assigns to Creditors,
and Is Suspended.
HAS SURPLUS ASSETS
Oil Stock Topples After
Blow to Man Who Struck
1t Rich in 1907.
CREDITORS RUN BLAMED
Activities Of District Attorney
in Buckcting Cases Also
Cited by Closed Houses.

The assignment to creditors yester-
day of George w. Kendrick Sd & Co.
of Philadelphia, holders Of seat on
the New York Stock Exchange. marked
one of the most important of the sus-
pensions of stock brokerages since the
recent series of failures began. The
assignment and the suspension Of the
firm from the Philadelphia Stock Ex-
change was announced from the ros-
trum of the New York Stock Ex-
change. The Philadelphia Trust Com
pany was named assignee. The New
York Office of the Kendricl1 house is at
"a Broadway.
Besides this suspension there were
four involuntary bankruptcies of New
York stock brokers and an additional
failure in Philadelphia.
Consolidated Member Fails.
Three creditors filed an involuntary
bankruptcy petition against G. A. Ber-
trand & Co. Of 25 Broad street, men,
bers of the Consolidated Exchange.
Judge Learned Hand appointed Will
lam NJ Chadbourne as receiver under
bond of $4,000. H. Randolph Guggen-
heimer. attorney for the petitioners,
said the liabilities would amount to
approximately $500, 600, with assets Of
s1sO,00O.
The firm Is composed OF Charles a.
Bertrand and, William II. Egan Inc
petitioning creditors are II. w. Fairfax
Advertising Agency. Inc. $3.50; Kathe-
line c. Hutchings, $325, and Irving Beck,
s525.
At the offices OF the firm blame for
the failure. which was described as
technical only was put on publicity
and the activities or the District Attor-
ney, which, It was stated. brought
.run'' OF creditors.
On an involuntary petition or three
creditors, Judge Hand appointed George
w. Martin receiver under 5000 bond
for 7. Allen Libby, Jr.. trading az LiDpy
e. Co. stock brokers, of IS Broadway
The netition estimated liabilities at $So,-
COO and assets at 5000. represented
largely in office furniture and fixtures
Tbe petitioning creditors. who were rep
resented by Shame g. Weinrib. were A.
r. Haviland. 5000; Gardner Rome. sSo
and John ". d. Ryan. SIS.
COMPLAINTS Against Two Firms.
Employees at the Libby offices said
fiat the crash followed demands OF
customers as a result OF the anti-buck-
et,nr agitation. 1t was stated at~the
office of the District Attorney that 9
complaint has been lodged against
Libby & Co. In the magistrates court
and that the New York county office
is informed that a complaint against
bertrand q Co. is pending before the
District Attorney OF Kings.
Francis l.. Kohlnan was appointed
receiver under $4,000 bond by Judge
Hand for Charles g. James & Co.,
stock brokers. of l Wall street. with
branch offices in the Times Building
Forty-second street and Broadway. The
estimated liabilities OF that concern
were placed at $25o.ooo. and assets o.
500 000 The petitioning creditors rep
resented by Saul s. Myers. were Walter
THOMPSON, Jr, sS34: Louis J. Feger
81 .f12 and William Renter. A32.
The fourth local involuntary bank
ruptcv petition was filed against David
a. schulkind and Samuel Magid. part
ners as Schulkind Brothers. stock brok-
ers. Of SO Broad street. No estimate
OF liabilities or assets was filed, and nc
receiver
ing creditors. represented by David w
Kahn. were william Katz. s25; Edith
EInstein. 500. and Louis Lotkin. 5000
The second Philadelphia concern ia
close its doors was L. A. Gerson * Co
No statement was filed, but counsel for
creditors, according to Philadelphia dis
matches. said the liabilities would run
TO siz5o0o as against $4,000 Of assets
Quick assets were placed at $4,000. The
company had n branch office at Pitts.
burgh. Mr. Gerson was member OF
the Consolidated Exchange.
Kcndrick Made strike I'm OIL.
The assignment OF Kendrick caused
fluctuatlon in Transcontinental OIL ir
which Kendrick was credited with hav.
Ing made the biggest strike of years
soon after the panic Of 1907. According
to the story. Kendrick went to Europe
leaving approximately $l,500.000 ON de.
posit to cover his commitments. and re-
turned to find the entire deposit wiped
out except about 100000. He Is said
then TO have turned his attention "a
Transcontinental oil in connection with
the Percy A. Rockefeller group and "a
have recouped his losses and netted an
additional $f.0c000o. The stock broke
Yesterday from TO ~ In fifteen min.
utes but recouped later.
The members OF the firm arc George
w. Kendrick 80, member of a widely
known Philadelphia family. and Cla-
renee II. Clark Sd. who comes from q
banking family. Kendrick has a repu-
tation as polo player
No official estimates were available
but unofficlully II was said the liabili-
ties of the firm would amount to ap-
proximately s3.50000o and that assets
would be approximately $4,000 in ex-
cess OF liabilities The firm issued q
notice that II had not enough working
capital 20 continue business and that Il
had large blocks Of securities that arc
not readily marketable.
80. =