New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-04-19
FAILURE OF MARK TWAIN.
CHARLES l.. WEBSTER & co. FORCED TO
SUSPEND BUSINESS.
THE wEIL-KNoWN AUTHOR WAS THE SENIOR
PARTNER IN THE PUBLISHING FIRM-As-
SETS AND LIABILITIES NOT EXACTLY
KNOWN-NO PREFERENCES GIVEN.

PARTNER IN THE PUBLISHING FIRM-As-
SETS AND LIABILITIES NOT EXACTLY
KNowN-No PREFERENCES GIVEN.
The assignment OF Samuel L. Clemens. known
all over the world Mark Twain, ana
his partner, Frederick j. Hall, who compose the
firm of Charles l.. Webster q Co., book puo-
lishers OF No. 81 Fifth-ave., was filed In the
County Clerks office yesterday. just at the close
Of business The assignee is Banbridge Coloy'
OF No. 40 Wall-st.. with Stern & Rushmore at
torneys The assignment was without pref
erence. and the deed was signed by Mr. Clemens
In this city. 1t was stated that his home is in
Hartford. and Mr.. Halls at Far Rockaway.
The assignment was complete surprise, and
is said to be on account Of the failure OF the
firm to obtain money which they confidently ex-
pected to get to meet obligations just maturing.
Bradstreets reports say that the business, under
the firm name of Charles l.. Webster & Co, was
started on May ], 1884, by Charles l.. Webster
and his wifes uncle, Samuel l.. Clemens. The
firm started in to publish the works OF Mark
Twain, but afterward added the works Of other
authors principally in subscription books. They
also handled miscellaneous books. The financial
strength Of the firm was centred in Mr.. Clemens.
who supposed to be worth several hundred
thousand dollars. Nh Webster withdrew from
the firm in 1885, and died on April 26 1891. Fred
erick J. Hall succeeded Mr.. Webster in the firm
on the latters withdrawal. and has since
continued the active manager OF the firm
business. Besides Mark Twain's works the hrm
published the Memoirs OF General Grant" Life
Of Pope Leo and other works.
In 1891 the firm began the publication Of the
Library of American Literature" into which it
was understood that they put 100000, and
which tied up part of their capital. They sold
this part Of the business in October, 1893, to
William Evarts Benjamin. Early in January
last Mr. Hall said that the firm sold part Of
their subscription book business. continuing to
have a subscription branch. but were making
trade books the feature of the business. Mr..
Clemens was understood to be worth from $780,
900 to 100000, outside of mis- investment in the
firm.
The headquarters Of the firm are at No. 81
Fifth-ave., between Thirteenth and Fourteenth
SITS They had store the ground floor ana
Offices upstairs. Workmen busy yesterday
making alterations in the store, as the firm had
given up that portion Of the building. Mr.. Hall
was found at his desk busy writing letters. He
said: The assignment was very sudden and un-
expected We had expected to get money from
certain sources which we had counted upon to
very much disappointed in not obtaining this
money, and consequently could not meet the OBJ
legations referred to. and we thought the best
course for all concerned TO make an assign
ment | cannot give any details of the firm S
affairs a present, not until | have had CONSUL
tatiOn with the assignee. ! do not like TO make
any statement as 10 the liabilities or assets now,
but no doubt the assignee will make a proper
statement as soon as ne has looked into matters
Asked II the liabilities would amount to s25OOOO,
Mr. Hall replied that he did not think they
would. Mr. Clemens. he said. was In the city
Bainbridge Colby. the assignee, was seen at his
office No 40 Wal-st. shortly after the assign
ment was fled. He said I. at at present he was
unable to give anything bat mere general idea
Of the matter. The liabilities" he said. are
considerably more than they are at present able
to pay What the amount is | cannot say. The
cause Of the assignment is the general depression
prevailing in business nowadays Asked If the
liabilities would reach $500 900. he said no. that
they were not half that amount. Mr. Clemens,
ne said. lis individually liable for the debts of
the firm as we'll as the other partner. How much
individual means he has do not know, but do
not think he has very muc7 As soon as can
get at the condition Of the firms affairs | will be
pleased 70 give them to the press.
Mr. Clemens could not be found in this city
last evening.