The Washington times., 1923-06-16
1 MILLIONS
IN DEBTS
ALREADY
LISTED
knauth Nachod & Kuhne, TO-
Year2old Firm, Goes to Wall.
Receiver in Charge.

NEW YORK, June 16.Failure
Of the stock brokerage firm of
Knauth, Nachod & Kuhne was
announced on te floor of the New
York Stock Exchange today.
This is the latest of sense
tional series Of suspensions which
have taken place in Wall street
In the past ten weeks.
The firm OF Knauth, Nachod and
kuhne. which has been in business
Tor more than seventy years, con-
Gists of Rollin G. Newton, Mrs.
Mary I. w. Knauth, Oscar Z.
Gubleman, James #. Shaw, Herbert
B. Snithers, Theodore w. Knanth
and John r. Hall.
An Involuntary petition in bank
ruptcy was filed against the firm in
United States district court and Mid
dleton s.. Borland was appointed re-
ceiver under bond OF $4,000.
Assets and Liabilities.
The Bankruptcy petition estimated
the firms debts at s11, 900 .D00. The
Detitl0n denignated the firms tc0i.
lateral as ekaelss; bonds and other
properties, valued at S11sO0O. 900.
Almost simultaneous with the an-
notincement Of the failure, b COM
nnittee Of creditors was formed to
act both for the creditors as q whole
and depositors.
Certain banks. which are secured
creditors, will be. represented on the
committee, but they will give mutual
assistance to unsecured creditors.
. L.
tition In bankruptcy were Otto Vol
keiming, Arthur Loewenheim, Harry
N. Smith, Marvin G.. Connolly and
Archibald H. WhaR.
The following statement was is
sued by a member OF the firm:
"For the protection Of all OF our
creditors we have consented to the
appointment of a receiver for our
firm, which has had an honorable
career for more than seventy years.
We are advised that, in this man
ner. all the equities of creditors
can best be preserved, SO that none
will be favored nor preferred over
another. It will be found that all
securities intrusted to our care are
intact, and we hope to effect a
satisfactory settlement with our
creditors at the earliest possible
date.
I'VE own a considerable number
g of securities which have value but
which, on account of market and
other conditions, are not readily
ealeable and which, we hope, If con-
served and wisely liquidated will.
together with our assets, be found
sufficient to pay everything we
owe.-We will, of course, cooper
ate with the receiver in every
way"
1t was recently reported in Wall
street that Knauth, Nachod & Kuhne
was in financial difficulties, but it
was understood that several large
banks had come to the assistance of
the firm to tide it over it's difficult
ties.
Receiver Borland planned to make
an immediate survey of the situa-
ton to determine IL a detailed audit
of the firms books is necessary to
establish its exact financial condi-
ton.
Knauth, Machod and Kuhne, APP
parently had comparatively small
dealings with large New York
City banks.
1t was stated at the Guaranty
Trust Company that its dealings
with the suspended firm had been
small for six months.
Officials of the Chase National
Bank said the firm had no loans
from them.
Bankers believe that the failure
will not prove large. The firm held
q large amount of slow-moving
securities upon which 1t was i'm.
possible to realize quickly.