Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-24
AUSKAY RECEIVER
IS NAMED HERE
accountants Will Be Set to
, Work to Round Up Assets
Of Defunct Firm
RODNEY & co. SUSPENDED

Frank L. Shallow. Of this city, was
named ancillary receiver today for the
bankrupt brokerage firm of =. s. Rus
kay & Co.. by Federal Judge Thomp-
son. The New York firm. which failed
Wednesday. has branch Office here at
1903 Walnut street.
The petition for the ancillary re-
csiver was presented by j. Howard
Reber. attorney. who has been retained
10 represent creditors Of the firm here.
Mark LYMAN was named receiver for
the concern in New York Yesterday.
Mr.. Reber said that no time would
he lost in completing an examination
Of the firms books here. and that ac-
countants would b. set to work i'm
mediately TO round up available as
sets.
The firm. a member OF the New York
Consolidated Stock Exchange. failed for
$4,000. 900, and claims assets of ST.
800, 900.
Had Telephone Business
Ruskay & Co. had total weekly
Reber, and had 200 accounts in the
local Office and the total liabilities here
will not exceed 100000. The assets
here are nil. as all assets were sent to
the New York Office each night. All
trading was done over the telephone.
through the New York office.
Altogether there were thirty nine tcle-
phones in the place. twenty -four in one
room. where phone salesmcn worked
lists of prospects in pursuit of busi-
ness. There were thirty eight en-
ployes altogether in the office. all Of
whom have been paid up until tomor-
row.
Attaches of the Office Of Knrdos &
Burke. New York brokers. who failed
recently and have branch Office here
at 1924 Walnut street. said today that
the books of the firm here are in per-
feet condition. and ready for the ac-
countants of the receiver.
One Thousand Philadelphia Accounts
According to men in the firm here
there are 1000 Philadelphia accounts on
the books, half of which are marginal
accounts. 1t was explained. however,
that only margin accounts were carried
on stocks listed in the New York Stock
exchange.
Employees of the Office here say that
this Office was the only Office of the
firm that did business on a paying basis.
and that it was often called upon to
help out the other branch Offices. They
said that the Baltimore and Boston
Offices of the concern were the heaviest
losers. They claimed to know nothing
of the affairs of the firm at the head
quarters Office in New York.
This Office. it is said. could pay off
its debts three and one-Quarter times
over.
Officials Of the frm here say that no
salaries for more than 500 a weed
were paid local employees. and that
there was only one man receiving that
sum, while the others got less than
800 week. The Offices here are very
modestly furnished and thirty five mel
and girls We're employed.
The firm denied 1t had conducted a
Telephone business.
The brokerage firm of Rodney & Co.
was suspended from the New York Stock
Exchange for insolvency.
The firm formerly had an office in
this city. located in Bellevue Court.
This branch was abandoned.
The firm did great deal Of the 'odd :
lot" business on the Philadelphia Stock
Exchange-transactio involving less
than 100 shares.
Boston, Feb. 24.-Mark Hyman, OF
New York, receiver for S. $. Ruskay
4 Co., petitioned into bankruptcy Mt
New York, was appointed today as an :
cillary receiver for the iirm in this
State. The appointment was made on
Hyman's petition. which asserted that
the firm held property here. including
securities in trust. valued at SD 900.