The New York herald., 1874-10-03
TWO REPORTED FAILURES.

Alleged Failure of Henry Clews = co..
Mr.. Clews Denies the Truth OF the Re-
Port-SuspensiOn of 8. Kaufman u Co.
Yesterday was field day in Wall street. For
several days past the impression had gained
ground that Clews Il Co. would be unable to meet
the extended obligations arising out Of their Diff
culties OF year ago. Yesterday afternoon these
reports eliminated In the announcement that the
extended paper OF the OLD firm (the present having
been reorganized on the 1st OF january had gone
to protest. This statement created great deal OF
excitement among bankers and brokers, and the
office of Clews Il Co. was soon visited by many
parties who were interested in ascertainlng the
truth Some OF the more gloomy my-mlnded residents
panic like that which followed the failure oi Jay
Cooke & Co., and communicated their dire appre-
henson immediately to their friends. There was,
GENERAL FEELING OF RELIEF
when Mr.. Clews, whose word was doubted by no
one, declared, III the most self-possessed manner,
that there was no truth in the report that MS
firm had failed or suspenl ed, or that their extern
general feeling OF alarm at once, and Mr.. Ciews'
assurance that he wonld be able to meet this old
obligation ~ very lew days, coupled with the
fact that all the current demands upon the firm
were duly met, and that the ordinary business
proceeded as usual, restored confidence. HERALD
reporter called upon MIR. Cews at five O'Clock and
found him yet busy in his office. In Wall street.
Mr.. Clews seemed to be In good spirits and felt
evidently conscious OF his ability to overcome this
difficulty
In the course OF conversation Mr.. Clews
said-.Oh, there Is neither failure nor Is
there even a suspension. Our business goes on as
usual. We had an extension OF our old paper up
till to-day and shall be able to meet tie demand in
few days. We have succeeded III raising q
loan in England, which VIII suffice to briuge over
the difficulty. We expect to receive The money
next week, and as the holders OF this extension
paper are perfectly willing TO wait until then we
go on as usual These are merely obligations OF
the old firm which have been lying over. ana We
shall have no trouble IN meeting tnem.n
Mr.. Clews thereupon showed the reporter de-
completed In few days. When asked as to the
amount OF the paper, Mr.. ClewS declined to give
any figures but subsequently intimated that 1t
was less than 100000. He reiterated several
est apprehension in regard to the result.
The failure OF S. Kaufman Co., No. 90 Broad
street, exporters OF cotton, grain, petroleum and
other domestic products was announced yester-
The failure was caused by the shrinkage OF
values in produce. The bills OF the firm are scat
tered among the large foreign bankers Ol this
city and also among the Canadian banks. The
initely ascertalned yesterday, ana Mr.. kaufman
declared that all the statements in that respect
WERE MERE "GUESSwORK,"
as 1t was impossible Tor even him to tell what they
were. The bills OF exchange this firm sold very
well indeed, as Mr.. KAUFMAN, the senior partner,
had the reputation OF very wealthy man, oil the
strlctest integrity. 1t was stated that he acquired
q large fortune in Mexico and Texas, which ne has
now lost through the caprice of fortune. The firm
began business in 1869, with large branch houses
both in Liverpool and Savannah. Their liabilities
will probably not be very heavy, and the failure
was not regarded rs one OF great importance to
the commercial world. Mr. kaufman being well
known among the German business men of the
OF regret at the German banking houses and mer-
camille establishments.