Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-03
G. W. Kev,drick e Co.
Assign and Suspend

Continued frsm Pase One
financial condition of the Arm in less
time than that.
It is understood that assignment was
made only after consultation with
prominent fnanciers, whose opinion
was sought by Mr.. .Kendrick. and who
advised that immediate assignment be
made. Three experts advised Mr..
kcndrick to close his brokerage house
now because liabilities could be paid
dollar for dollar as soon as certain Sc.
curities are liquidated.
Though no statement Of assets and
liabilities has been given out, the in :
formation Of local banking circles Is
that tho firms liabilities will come to
n total Of about $500. 900. Bankers
say that to have averted tho failure
would have necessitatcd taking over
the firms securities by bankers, and
the amounts involved were too large for
this course to be followed.
Bankers who went over the situation
yesterday. before news of the impend-
ing failure had become common prop
erty. estimated that the firms assets
would exceed its liabilities by about
$3.50, 900. This, however. depends on
the prices that can be had for the FIRM q
securities.
Philadelphia banks are said to hold
about 81, 800. 900 in loans. protected by
collateral. The rest Of the indebted. :.
ness. It Is understood. is to New York
banking concerns.
One of the company's heavy inter
csts has been Transcontinental OIL. 1t
is said that at the time OF suspension
the Kendrick company held about TO-
900 shares of this stock. which has dee
clincd heavily. The decline is said to
have caused some embarrassment. An
other security which the Arm held , i, in
large blocks was the stock OF Phila
firm had acted as bankers. holding, II
is said. 1900 out Of $4,000 shares.
The Insulated Wire Company is said
to be in excellent financial condition,
but the stock has never been distrib..
uted, and the firm has been compelled
to carry a large amount Of securities.
Mr.. Grifhth stated, in addition to
his formal announcement that the
suspension was temporary meas
ure. The company, he said, had
found itself in difficulties and decided TO
make an assignment out Of fairness to
creditors and clients. The firm will
can be Strengthened out. There Is every
present prospect. Mr.. Griffith said, OF
paying 1CO per cent on the dollar.
No Excitement in Offices
There was no excitement in the
firms handsome Offices, on the frs,
floor of the Longacre Hotel, when the
suspension was announced. The suit,
Of offices runs clear to the rear Of thu
first floor Of the hotel building. TIVE
brass railings divide It. with fine ma.
hogany desks on either side. a dozer
on one side and eight on the other
each with its individual telephone.
There is steel cage with Deliver
ies'' lettered over the window on ont
side, and a glass inclosed private Office
the other. At the rear are the boart
room and a dozen telephone booths
Three telephone girls work the switch
board.
! A dozen boys were busy in the board
room when the firms suspension wa
announced. 1t seemed to make littl
difference in the routine Of the Office
The stockboys even continued to pu
! some quotations on the board after th
closing was announced, though no bust
ness was transacted. There are abou
thirty employees. men and women, an,
they all remained at their desks.
The Philadelphia Trust Company
the assignees, are preparing state
ment OH the financial condition Of til
firm,
The Kendrck firm was admitted t
the Philadelphia Stock Exchange Apr
IS. 1911. It Is also a member of tn
New York Stock Exchange.
George W. Kendrick, Sd. head {
the firm, is n son of George W. Ken
drick. Jr.. at one time vice presider
of the Third National Bank. He Is
graduate of the University Of Penn
! sylvania. and while there won fame q
II member of the Mask and Wig Clul
being the first to introduce femlnir
roles in the clubs annual plays.
Mr.. Kendrick lives in the winter 9
Green Hill Farms. Overbrook, and bs
! Il fine residence at Villanova. His vii
was Miss Marion Audenried. He Is
member of various clubs. among thcl
the Racquet. the Radnor Hunt, III
University. the Philadelphia Countr.
the Merton Cricket and the Cnio
: League.
Mr.. Kendrick is a brother of Mur
! doch Kendrick and q cousin Of Receiv,
' of Taxes Freeland Kendrick He
. widely known socially as well as prom
. nent in fnancia! circles. During Il
post war activity in the stock market