New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-06
FINANCIAL REACTION.

TWO MERCANTILE FAILURES REPoRTED-THE con-
DITIoN OF CLEws AND CoMPANY-THE ERIE
SUIT.
Business in Wallst. was unsettled during
She day by the failure of two mercantile houses and the
reported failure of several Others The two houses
which succumbed to the financial pressure were very
generally known throughout the street, but although
several other houses mentioned IN vague terms,
nothing definite could be learned.
The house mentioned that Of David Valentine
Co. of No. $50 Broadway jobbers in silks and other
ue The paper OF the firm has sold at about 10
per within week. less than 100000 OF beng sup
posed TO be on the street. They had large stocks Of
goods on hand which had deprecated materially and
the strain Of the crisis last FAN left them so
weak that IL was impossible for them to continue
longer on regular business basis. Obligations falling
without there being resources where%itn TO meet
them forced the firm INTO suspension. Kun hupIef
elvermaD of No. Widest. dealers and Joboers III
the day. Mr. Kupfer stated that his rln had suffered
very much for some time past 10 consequence
solyepcy The consequence was that their credit
affected, and their paper sold lower and lower until
was difficult 10 obtain the necessary money or goods
Wberewth TO transact business Their creditors had
advised them In friendly manner 10 sqpend business,
take an account Of stock examine their books and fno
out precisely how they stood. This they would have
done before it for the fact that they were
n, with tGeir business They had concluded
however. TO adopt the recommendations OF their cred
abatement showing their assets and la6ilimss MI
Kufpef hoped that the matter WOulu result III
Temporary suspension, at the end OF Wpich they ex
pected TO business and IN full Referring 10
the members of the firm he said that Mr. Kun mad been
IN business for 80 and had always PAID lo0 cents
dollar while the other Lartners mad never pad
less
vas reported 20 have failed but nothing confrmatory
was learned. Considerable sympathy was manifested
Cor merchants seeing tue necessity OF for
Searance under circumstances which have proved
trying 70 ALL
cook place few days ago. not " 90 any more business
an either rev or old accounts until they had made
settlement They have therefore, refused to receive
ANY more deposits pay out until that time; the
Iontipentsl Bank the depository OF their arriving
funds.
Attorney General Pratt yesterday caused the Erie
fsailwa y Company be served with Of the com.
plant on Angel suit which has been adopted by
the State Tie Company is required to their
aver upon Barrett Rediied HUI, attorneys for Angel
special meeting OF the Board OF Direction or the
Pacific Mail Steamship Company yesterday the mana
authorized to send the steamship city OF
TOXIC now on the Tea and SILK Merchants trial trip
Aspnwal which is owing 10 large accumulation or
freight the Isthmus OF Panama-about $500 tonsfor
Newly She will sail about the 18th inst.
The annual report OF the Chicago and North Western
Railroad issued yesterday, an analysis of which
viii found in the financial columns OF The TRIBUNE
meeting of the first mortgage bondboders OF the
Montclair Railway Company Will be held to-day az
d. NJ al No. Ill Lberty-st., at which time bona nde
bonahoders their legal representatives are requested
90 attend. The Committee appointed at the last meeting
Of the bondnoders VIII then make their report.