New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-09-30
FAILURE or SOUTTER G co.
LITTLE EXCITEMENT IN WALL STREET.
THE LIABILITIES UNKNowN-A RESULT OF TIE
DUCHESS D'AUXY SUIT.

THE LIABILITIES UNKNowN-A RESULT OF TIE
DUCHESS D'AUXY SUIT.
William X. Souttcr and Franklin Edwards
the general partners In the stock-brOkerage frm Of
souttor Co.. at No. IL walst, made assignment 10
Morris S. Miller yesterday Tbs ony preferences
New-York tailor. who committed suicide on
Storm King Mountain, for $4,000, and to
Robert Garrett & Sons. OF Baltimore. for $4,000
William X. soutter made personal assignment without
preferences. The announcement OF the failure was
made at the Stock Exchange after the opening Of
business, but cau,ci excitement in the
market because the firm had closed
all Its outstanding contracts IeEcted general surprise.
however and among the members OF the board genera!
sympathy. No important failure In many years has
disturbed Wall Street slightly. Tho members OF the
firm said that statement Of the liabilities could be
furnished several days but they would be exceedei
largely by the assets The bulk OF the debts Is secured
with ample margin by Stock Exchange coliaerals and
the il due 10 customers on open accounts. The
preference 20 the Hansen estate given because, al
though the has been closed for some time, IL
could not be paid owing to the complications Of the es-
tate.
At the Office Of the firm Il was said that
the assignment had been caused by the
failure o. customers 20 pay their debts to the
firm and margins that had been largely ex
haustcd The amount due was said 70 be large In the
aggregate and collected would enable ;hc firm TO
believed. spite OF these statements that the im'ne
date cause of tho failure the suit recently brought
by the widow Of Robert SOnttcr, brother, against VIII
IAN K souttcr as Of his fathers WILL and
also against the firm Mr.. soutter has admitted that
the suit WAS a great annoyance him. although 1t
amounted to nothing and Franklin Edwards, the junior
member Of the rm said yesterday that had caused the
withdrawal of many valuable accounts. I" We found
the drain "A heavy one" he said and In addition dis
covered indebted TO- US did not re-
fnf "A
= % n,. M drndnent customers will DO forced
10 pay and those to whom we are indebted viii be
obliged wait until We can realize from our assets
William X. SOntter - son or James L. sou Ter tnc
second president OF the National Bank OF the Republic
who died In 1873 leaving large fortune AZ one Ol the
executors Of the will he was permitted by tho widow to
have sole charge Of the estate Another son, ION,
Robert, died soon after INC ia'her' ~ ana MS ~.
three weeks ago began suit III equity ID the United
States Circuit Court, asking That receiver ior the
property OF the estate be appointed and That an account
Ing had Her three children are under INC care OF
that the action brought by koDeIts widow N hot
much than backmhllnR scheme. IL is OcHNcd Dy
them that the assignments made yesterday arc wholly
sontter d Co have been ar active aud leading house
in Wall Street for many years. william n Souttcr mas
been member of tho stock Exchange since May,
1868, and since 1881 has been a persistent bear
profits from It's operations well as from ts regu
lar business. It's gains from the May panic in 1884
were reported at the time as almost fabulous In the
last few months 1t has appeared TO DO donS niue Du7
of kind BESIDES The general Partncrs tere Is
ccitor of the will of Robert SOuter. who was the first
husband OF the Duchcsse D'AnIy
william X. sOuttcr has "a house In the city and "a
country the north shore Of staten Island lie
has maintained large establishment at both
places and hs expenses have been III proportion
to his large business and Ieputed fortune. He
has always been of the most popular members OF
the Stock Exchange. About two years ago he was
elected director OF the National Bank OF INC licnbhc
but the firms kept at tho Fourth National
Bank lt was said at the last named bank yesterday
maj the rm had usually had large balance tlerc, but
that recently had kept reduced. Little was thought
OF fact, it sad because the firm had been doing
little business.