The New York herald., 1922-02-24
LIABILITIES HEAVY
S. S. Ruskay & Co.. Old Time
Firm, in Van of List of
Failures.
CROWDS BESIEGE HOUSES
Charge Of Failure to Deliver
Stock for 1885 Already in
Banton's Hands.

Following the failure of the broker.
age firm of Kardos G. Burke. of which
John Burke, former Treasurer O,
the United States and former Gov.
ernor of North Dakota, was a mem.
Der, five other brokerages went un.
der yesterday in bankruptcy pro-
ceedings.
There was on file in the District
Attorneys Office only one complaint
affecting the firms that failed. Not
withstanding this the District Attor
ney's investigation of the bucket shop
situation was assigned by some OF
those concerned as the reason for az
least one of the failures, the explana-
tion being that the investing public
had lost confidence and had started
runs" on the brokerage houses.
The five firms that failed were:
S. S. RUSKAY & CO., AZ Broadway.
JAMES w. BALL & CO., 81 Tx.
change place.
RASMUSSEN & CO., III Broad.
way.
RODNEY & CO., So Broadway.
HIGGINS & DIAS, So Broadway.
The failure Of Rusliay & Co. was
apparently the most important. That
house had been established since
1877. In the involuntary petition the
liabilities were estimated as $4,000.
900 and the assets as $1,500,000. The
members of the firm were Samuel S
and Burrill Ruskay, Eugene Green.
hut, George ID. Proctor and Joseph p.
Shelby. The petition was secured bv
William Rossi, who claims $4,000
due for labor; Ida II. Cohen. who
claims s142, and Franklin II. Sheri.
dan, who claims s100. The firm had
branches in Cleveland, Philadelphia,
Pittsburgh, Bridgeport. st. Louis.
Boston and Chicago. Judge Hand ap-
pointed Mark Hyman of 81 Broadway
receiver, placing the bond at $4,000.
Zalkin & Cohen are the attorneys for
the petitioning creditors.
This firm had membership in the
Consolidated Exchange. In the ped-
tion Rossi alleged that the firm had
hypothecated quantities OF securitios.
The assets in this city were stated 20
be in the neighborhood of s315 200. OF
which about 100000 was cash in
bank
Ruskay & Co. was the concern
against which a complaint had been
lodged with District Attorney Banton.
II was learned last night. The COM
plant is that 1855 was paid for Texas
Oil stock which the firm never deliv-
cred TO the customer. After the sus-
pension had been announced on the
Consolidated Stock Exchange there
was q crowd OF customers in the Of
| fees of the concern. though no busl-
ness was being done other than by
the boy who was marking up the quo
tations on the board. The customers
seemed bewildered and loath to leave
the place.
Many Accounts Withdrawn.
In an effort TO avert bankruptcy pro-
ceedings an assignment has been mads
by James W. Ball & Co. to Edward
Ginsoerg, a lawyer. The latter stated
that Mr.. Bail was the sole member o-
the firm and had been in business
twenty years. He was n member &C
the Curb Market. but not Of either &C
the Consolidated or the New York
Stock Exchange. Ginsberg said that
while Ball never had done any bucket
ing. the agitation. following a falling
market. had so affected business thar
customers we're Withdrawing their ac-
counts.
In this case the petition alleged ila-
bilities OF $3.50, 600 and assets Of $40. 0On.
The petitioners were Anna K. Cunning
ham, with a claim for sll.500. Gertrude
a. Nolan. $50. and Agnes n. Bukoy. Seo.
Judge Hand appointed Arthur Y. Dat
ziel receiver. fixing the bond at $1,000.
Later II was said the liabilities would
prove TO be about 100000 and tho as.
sets not above s25 900.
Another curb house. Rasmussen 81
Co. followed the same course as Jafu
w Bail & Co. and made an assign
ment In this case George A. Nd
I.sughlin Of Rector was named as us-
signec and In a statement e issued tis
| Arm ascribed its troubles 20 the faiiut,
of "a brokerage house with which Ras-
mussen & Co. have large balances
Following the assignment. however. !.
petition was flled I'm the Federal Cous
by Graham. Chisholm & Co. the sors
| Printing Co. and the Peerless Quality
| Co.. Inc. with claims OF s267, sis3 and
/ $50 respectively. No statement vy