The New York herald., 1873-09-24
SUSPENSION OF HENRY CLEWS & co.

At about hal-past two O'Clock 1t was publicly
announced that the Fourth National Bank had
refused to certify the checks OF Clews h Co.. and
everybody knew that 1t was mere question OF
o iew minutes before the firm would be added to
the list OF so many houses who have gone into
suspension. In another column will be found the
statement Of the President or the Fourth National
Bank with reference to this matter.
Upon entering the Offices of the firm small kn OTIS
OF people were seen talking in subdued tones, and
with anxious faces Of the state OF matters In the
back ofice the clerks, with pens behind their ears
would occasionally look through the glass parti-
ton separating the private from the public ONCE
at the unusual meeting in Mr.. Clews' reception
room. Many beguiled the time in waiting for
the appearance Of Mr.. Clews by studying the
various Oil paintings In the rooms not forgetting
q photograph OF the London house OF Clews,
Habicht & Co., in which Mr. Clews Of this city, has
the controlling interest The other partner Is o
Mr.. Taylor.
WHY TIE FIRM SUSPENDED
It was ascertained yesterday, on the best au-
thcrity that the reason OF the Suspension was the
non-payment, in cash, of $3.50 900 by well known
institution, which, instead, paid 1t with draft that
cannot be cashed Tor some time yet. 1t was also
reported that the sum paid out in gre reenbacks over
the counter OF the firm during Thursday, Friday,
Saturday and Monday amounted to the large sum
o. 81, ,250, 600.
STATEMENT OF MR.. CLEws' MANAGING MAN.
"The frm Is in a perfectly solvent condition"
said Mr.. Greenough, the MANAGING man OF Clews
| Co., to a dozen reporters who surrounded him,
land hold upward OF o million and a half OF good
| dividend paying bonds. In addition to this we
| and Minnesota Railroad Company bonds large
| amounts OF merchandise and good commercial
k have had nobody to cash our assets, and (emphati
| cally) the run upon us would have broken any
bank in the city As soon as the money 1 market
Exchange we shall be able to meet our Obligations,
no private banking house can hope to live provid-
ing run is made upon It. II we had been able to
ore ,a now taxing our doors would not Be cosed'
| Currency to pay our customers could not be OBJ
tanned at any price, and our best securities which
| we would willingly have slaughtered to certain
able. we were positively, driven into q corner BY
that man could do under the exigencies or the
case, and you know the result"
honestly say that there need be no alarm as to our
perfect sovency, provided that we can sell our se-
curties, for at present we might as well be
thousand miles away from the Stock Exchange In
stead OF few yards, for all the good 1t Is to to
dispose OF shares. II runs are commenced upon
private houses which do banking business they
WIN have to snccumb, for they cannot stand the
effect OF q systematic attack."t
EFFECT UPON COUNTRY BANKERS AND THE DRY
GOODS TRADE.
The opinion generally expressed down town IS
that the suspension OF Henry Clews Co. will
try bankers, who have large deposits
there. In addition to this the dry
goods trade OF the city, who avail themselves
largely OF the banking facilities offered them by
Henry Clews Il Co., viii lose considerably. SO
rapidly are lies manufactured ION the street that
within five minutes after Cews' suspension 1t was
reported that two welknown uptown dry goods
houses OF high standing had come to grief or
course the Invention was a Wall street canard,
propagated either heedessly OF, perhaps, with q
malicious motive.
Messrs: Henry clews \ Co. are very reticent
about the affairs OF their London house.