Evening star. [volume] (Washington, D.C.) 1854-1972, 1938-03-08
Whitney
CONTINUED From First Page
president had been involved In sue
proceedings.

president had been involved in such
proceedings.
Mr.. Ford's statement said:
when yesterday 1t seemed evident
that this arm would not be able to
meet its current liabilities today, &C
countants were called in to prepare
detailed statements, and in the mean
while 1t was determined to protect the
interests Of all creditors by suspend
ing business. As to the charges which
have been made by . committee Of
the exchange, We ask those Interested
to reserve opinion until this firm has
made its answer and had an 6ppor-
tunity to be heard in accordance
with the constitution of the exchange"
The New York State attorney gen.
erals ONCE announced an investiga-
ton into the firms affairs would be
begun Immediately. with . hearing
some time late today.
It was understood, likewise, the Sc
curities and Exchange Commission
would hold an independent inquiry.
The New York Curb Exchange an
nounced suspension of the firm shortly
after the stock exchange governors
had taken action.
Members Of Firm.
Members Of the firm in addition to
Whitney are Edwin d. Morgan, jr.;
Henry D. Mygatt. F. Kingsley Rode
valid, Daniel c. Condor and John J.
McManu. The estate of John A..
Hayes has special interest.
Tall. broad-shouldered, vigorous and
aristocratic in appearance. Mr.. Whit
ney has been one of the most colorful
figures in Wall Street. The Whitney
nrm, maintaining no out of town Of
fices, has been regarded as a rela-
lively small one, although ut various
times executing some important orders
for prominent interests.
One Of the reports In the panickv
selling Of autumn, 1929, which steadied
the market for time, was that this
tWo-fisted young broker had strobe
onto the floor and placed . bid for q
huge block Of United States Steel.
Mr.. Whitney has devoted most Of
his time to the stock exchange, and
his corporate connections have been
relatively few. He is . director Of
Distilled Liquor Corp, makers of apple
brandy, with plants at Lyons and
Mount Kisco, N. Y, and Pennington,
N. j.. and was active in its formation
in 1893.
Other Directorships.
He Is listed president and director
OF the Florida Humus Corp, director
Of Florida Insecticide CO. State Bank
OF Apopka, ua.:; Colloidal Products
OF America, Inc, and Morris Il Essex
Railroad.
Mr.. Whitney today resigned as q
director Of the Corn Exchange Bank
Trust Co., Of New York. It was an
nounced that the Whitney firm owed
that bank $l45,ooo, fully secured BY
collateral.
Mr.. Whitney is . prominent horse
man. maintaining an estate At Far
Hills. N. ]. He is . member of the
Essex Fox Hounds. and may other
prominent clubs. In addition to his
hobby of riding. he is an enthusiastic
yachtsman and tennis player.
Neither the Whitney ofiices nor the
stock exchange would elaborate on the
Whitney's firm action leading to the
dimculties. Some usually-well in
formed Wall Street quarters understood
the recent decline In railroad bonds
had been . factor.
Mr.. Whitney was vice president Of
the Stock Exchange during the SELL
ing panic in the historic collapse Of
prices in the autumn Of 1929 and in
the absence from the city Of Z. H. H.
Simmons. then president, he piloted
the exchange through that dificult
period.
Mr.. Whitney has been q member of
the exchange since 1912 and became
president In 1880.
He was born in Beverly, Mass. in
1888. attended 0roton and was rad
uated from Harvard in 1912. He went
directly into the financial field. with
the Boston house of Kidder, Peabody
d Co.. and later with Potter, Choate
q Prentice in New York.
He bought the New York Stock Ex-
change membership Of Frederick r.
Adams and in 1914 he became a
partner in the firm Of Cummings &
MarckwAld. The name of this Arm