New-York tribune., 1922-03-04
6. W. Kendrick, of Phila.
delphia, Crashes Places
Assets at $3,65O,OOO
Blames Timid Clients
Four More Brokers
Collapse in a Day
L. Z. James, Libby & Co.,
Schulkind Bros. and
T.. A. Bertrand Close

Five moro stock brokerage houses.
one of them holding out-of-town mem
bcrship in the New York Stock Ex
change, closed their doors yesterday.
carried into financial shoals on the
tide that has caused an unusual series
of failures during the last month.
The principal collapse was that of
George W. kendrck, Sd, e. Co., of
Philadelphia, members Of the Philadel
phia Stock Exchange and the New York
Stock Exchange, with a branch Office
in this city.
Announcement of the suspension Of
the kendrick house was made from the
rostrum of the New York Stock Ex
change at the opening Of business yes
terday. This is the first concern hav
ing membership in the "big exchange"
to crash since District Attorney Ban
ton began his investigation of alleged
bucket shops. Mr.. Banton said ycster-
day that none of the members Of the
New York Stock Exchange was in
a.
ceivcd by his Office
Liabilities of $3,5OO,O 900
No official figures were received here
IN connection with the affairs of Ken
drick & Co., but it was unofficiallv
estimated in reporr from Philadcl-
phia that the liabilities would approyi-
mate S3,500,000. An examination of
assets, it was said in Philadelnb;a
banking circles, indicated on informa,
appraisal an excess of S15O.OOO ovcr
liabilities.
The members of the firm arc Mr..
kendrick, who holds the New York
seat, and Clarence II. Clark. Sd Follow
ing the appointment of the Philadel-
phia Trust Company as assignee, ac-
cording to advices received here the
nrm issued notice that it had insult
cient working capital to continue bust
ness and that it held large blocks Of
securities that were not readily mar
ketable.
"The firm believes that it is entirely
solvent and that its creditors will be
pald IN full,' the notice added.
Involuntary petitions in bankruptcy
were filed in the United States District
Court against the following Now York
N''~ otoS ~ mo-
Charles c. James g. Co.. 1 Wall
Street, with a branch office in the
Times Building.
=. a. Bertrand & Co., 25 Broad Street.
Schulkind Brothers, 90 Broad Street.
Libby & Co., 55 Broadway.
Unrest of Clients Blamed
The first three concerns are mem
bers of the Consolidated Stock Ex-
IN to
trand e. Co. from mem bership was an
nounced yesterday The reason ciyen
for the failures in most cases was the
unrest Of clients growing out of the
Dlstrlct Attorneys probe OF alleged
bucketshops, which is said to have
had serious reaction upon legitimate
firms, whose customers have demanded
their balances and collateral.
In the petition against James & Co..
the firms liabilities were estimated to
be s250,000 and its assets to be S10O.-
900. Pctitioning creditors and their
claims were Walter Thompson jr.,
1884; Louis j. Feger, SLIP. and Will
liam Renter, S4.32. Federal Judge
Learned Hand appointed Francis L.
Kohlman receiver under a bond Of
s25,o00
The petitioning creditors and their
claims in the case of Bertrand & Co..
we're the II. W. Fairfax Advertising
Company, Inc, $3.50; Katherine c.
Hutchins. 1925, and Irving Beck, s525.
H. Randolph Guggenheimer. attorney
for the petitioners, said the firms
liabilities would approximate 100000
and its assets about $780, 600.
At the offices of Bertrand e. Co. it
was said that the failure was due to
a panic Of clients, who demanded i'm
mediate cash settlements, and to the
inability of the firm to collect money
due it from other member firms of the
Consolidated Stock Exchange 1t was
insisted that the failure was "only a
technical failure" Judge Hand ap-
pointed William NJ. Chadbournc re-
ceiver under bond of S25,OOO
No estimate Of liabilities or assets
appeared in the papers involving Schul-
kind Bros, the partners in which are
David c. Schulkind and Samuel Magic.
The petitioning creditors and their
claims were Louis Lotkin, $4,000; Edith
Einstein, $29, and William Katz, S25.
The petition against Libby & Co..
estimated liabilities at $4,000 and as
sets at $4,000. The petitioners and
iCentlnred on pase SKI