National Republican., 1883-08-08
FRAGILE FIRMS.
Followed by a Lot OF Smaller Ones-h
Brief Hun on a bank at Elmira, N. Y.

The Blu Failures I'm Boston Likely to be
Followed by a Lot OF Smaller Onos-A
Brief Hun on hank at Elmira, N. Y.
BosToN, Aug THE Herald says thero
were reports in Lynn this morning of several
failures on account Of the suspension Of
Charles w. Clements among small manufao.
turers. Most of the shoes made by them
were for Mr.. Cemontss trade. Samuel Gale
was among those reported rs embarrassed.
None of the factories affected by the Clements
fall employ over thirty or forty hands, and
it is said their suspension will be only tenn
porary. The Shaw failures is thought TO be
more far reaching in its effect upon some of
Lynns business men than the public has yet
been given to understand. The G. ii. Ward
statement is thought peculiar, and places ono
OF the citys financers in n position which he
was not thought to occupy 1t is asserted
that several suspensions will occur among
tho small Lynn manufacturers during tho
ensuing icw days, but it is thought that no
large amounts will be involved in any case.
Tho Traveller says VIM. b. Fowle, treasurer
of the Auburndale Watch company, failed
last night. His liabilities arc now supposed
to be small, although nothing definite has yet
been learned. The failure will undoubtedly
involve the Auburndale Watch company,
whose liabilities, it is thought, will far ex-
cecd the assets.
| BosroN, Aug. Wright, Wooster & Co.,
wool dealers, vt No. Sc Federal street, failed
/ to-day and made an assignment of all their
| property to Lester Goodwin, of Newton. ono
of their employees. The firm is one of the
| prominent wool houses of Boston, and has
/ done large business. The liabilities are
| supposed to be heavy. The concern stood
| well and was considered to be worth from
100000 to Sl5O,0O0. The failure causes much
surprise in the trade.
| As the regards the liabilities nothing is yet
| definitely known, but those convcrsaut with
the firms business are OF the opinion that
! they do not exceed 100000 The bulk of
! this is thought to be owed to the banks which
! have in the ajority of cases the Endorsement of
| John Wooster, father of Mr.. Wooster, of the firm
who is currently reputed to be worth $780,
900, and who is not, as far rs known, engaged
in any outside business having retired from
trade several years since.
The failure is looked upon as due in great
part to the general feeling of distrust now
| prevalent in the mercantile community.
ST. ALBANs, VI, Aug. 7.-Thc effect of
the Barlow failure is to depress business affairs
here to-day The result of the investigation
of the affairs of the bank by the examiner
will not be known until tonight or to-mor-
row. President Brainard, of the trust COM
pany, says that the depositOrs will not lose
much, but the latter are not so hopeful. The
| trust company's last statement showed 2, 100
dopositors, with depos is of 100000. Several
railway men, including Gov, Fairbanks. held
conference to-day at Barlow's residence.
The statement that the comptroller approved
of the banks loan to the Southeastern rail-
way was incorrect. Tho comptroller said it
was too large, aud suggested its reduction.
The First National bank expected and pre-
pared for a run this morning but none took
place.
NEW YORK, Aug. THE Commercial i'd
UertiSer in its financial columns says: Mutter-
! ings were heard of the distress of n 100000
capitalized bank in Elmira, whose surplus
was over $4,000 Upon Investigation, it was
learned that there was big run on the bank,
the Second National of Elmira, in conse-
quenco of its president, Mr.. d. X. Pratt, hav-
ing lost $150,00O in pork speculation. The
bank is believed to be solvent as the presi-
dent is fully able to stand the loss of $150,000
or 100000.
ELMTRA, Aug. 7.-There was some anxiety
in business circles here yesterday morning on
account of rumors as to the sounduess of the
Second National bank, caused by the rumored
speculation Of its president. When it was as.
certained that the president had settled all
demands against him from his private for.
tune, leaving him still worth several hundred
thousand, and that the bank had money
ready to pay every depostor, reaction tool
place. To-day there is no excitement, and
the other banks assert there is no cause fo
alarm.