The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-19
MARK TWAIN'S FIRM FAILS.
The Liabilities Supposed TO be About
S25O,O0O.

Failure to Obtain Advances They
Counted on Getting Given as the
Reason for the Assignment-The
Members of the Firm Individually
Liable for It's Debts.
New York, April 1S-The assignment
Of Samuel L. Clemens C'Mark Twain
and his partner, Frederick J. Hall, who
compose the firm of Charles L. Webster
s. Co, book publishers, at No. 81 Fifth
avenue, was filed in the county clerks
Office to-day, Just at the close of business.
The assignee is cambridge Colby, of No.
40 Wall street, with Stern IL Rushmore
attorneys The assignment was without
preference and the deed was signed by
Mr.. Clemens in this city.
The assignment was a complete sur
prise and is stated to be on account of
the failure OF the firm to obtain money
they confidently expected to get TO meet
obligations just maturing.
THE MEMBERS OF THE FIRM.
Bradstreet's reports states that the
business under the firm name of Charles
L. Webster Il Co. was started on May l,
1884, by Charles L. Webster and his
vefe's uncle's, Samuel l.. Clemens The
tirm started in to publish the works of
mark Twain" but afterward added
the works of other authors, prin-
cipally subscription books. They
also handled miscellaneous books.
The financial strength of the
firm was cenJered in Mr.. Clemens, who
was supposed to be worth 500 900. Mr..
Webster withdrew from the firm in 1888
and died on April %, 1891. Frederick J.
Hall succeeded Mr. Webster in the firm
upon the latter's withdrawal in 1883, ana
has since continued as the active manager
of the firms business.
PUBLICATIONS OF THE FIRM.
Besides Mark Twain's works, the firm
published the Memoirs of Gen Grant, a
life of Pope Leo and other books. In 1891,
the firm began the publication of the
sLibrary of American Literature" into
which il was understood that it put
100000 and which tied up part of their
capital They sold this part
of the business in October,
1898, to MIR Evarts Benjamin.
Early in January last Mr.. Hall stated
that the firm had sold a part of
their subscription book business. They
continued to have subscription branch,
but were making trade books the feature
of the business Their certain resources
in the business amount to $l50,000 to $780,,
600 above any debts. Mr.. Clemens is
worth from 100000 to $500, 200 outside of
his investment IN the firm.
Mr. Hall to-day said: 1.-The assignment
was very sudden and unexpected We
had expected to get money from certain
sources, which we had counted upon, to
meet certain maturing obligations, but
we were very much disappointed in not
obtaining this money and, consequently,
could not meet the obligations referred to,
and we thought the best course for all
concerned was to make an assignment"
AMOUNT OF THE LIABILITIES.
Asked if the liabilities would amount
TO $3.50, 900, Mf. Hall replied that he did
not think they would. Mr. Clemens, he
said, was in the city.
cambridge Colby said that at present
he was unable to give anything but a
mere general idea of how the firm stood
The liabilities" he said, ARE consider
ably more than they are present able to
pay What the amount is / cannot say.
The cause of the assignment is the usual
cause prevailing in business nowadays,
and is entirely confined to the business"
Asked if the liabilities would reach
$500, 900, he said no, that they were not
half that amount. MIR Clemens" he
said, sis individually liable for the debts
of the firm, as well as the other partner
How much Individual means he has / do
not know, but | do not think he has very
much. He signed the deed of assignment
in this city, but he resides in Hartford"