Seventh Failure

Last week the New York Stock Exchange and New York Curb Exchange suspended for insolvency the firm of Bauer, Pogue, Pond & Vivian--the seventh such suspension since the bear market began.* Although the firm was of fair size, the action affected only a few stocks, did not halt last week's stock-market rally. As is customary, Senior Partner Frederick R. Bauer announced that if his firm's affairs were liquidated in an orderly manner, all creditors could be paid, a residue left for the partners. The strong market gave him a more pleasing background than other recent crashees have enjoyed.

Companies in whose financing Bauer, Pogue, Pond & Vivian have participated include American Commercial Alcohol, Helena Rubinstein, Inc., Bulova Watch Co. Announcement of the failure caused heavy selling of Bulova Watch, brought forth a statement from Chairman Arde Bulova. Said he: The watch company is entirely independent of the insolvent firm, will earn as much this year as last if not more.

Partners of other recently failed houses were in or near Manhattan last week. James A. Sisto was in his office preparing for trial on Dec. 2. All of Prince & Whitely's partners awaited trial Dec. 26. Harold Russell Ryder, who wrecked the firm of Woody & Co. and was afterward reported living at Hotel Ambassador through courtesy of the management, was in Bay Shore with his mother. Charles Victor Bob, missing mining promoter (TIME, Oct. 27), surrendered to the District Attorney of New York, related an Odyssey of wanderings which had taken him to Phoenix, Ariz., Los Angeles, Mexico City, by train, airplane and automobile in search of the Golden Fleece of new capital. Only when it was learned (last fortnight) that he was ready to surrender, was a warrant for his arrest actually issued. Criminal charges, civil suits, Federal prosecution face him.

* The other six: Mandeville, Brooks & Chaffee, Providence; Roberts & Hall, Cincinnati; Woody & Co., J. A. Sisto & Co., Prince & Whitely, Manhattan:

Clothier .Tone? & Co., Philadelphia.

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