New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-12
CLAPP G. CO. MAKE AN ASSIGNMENT
NO GREAT SURPRISE IL WALL srREET-HlsTokf

NO GREAT SURPRISE IN WALL srREET-HisTohf
OF THE FIRM-lIABILITIEs AND ASSETS.
No great surprise was felt In Wall Street wher II
was announced yesterday morning that Ciapp
Co. bankers and brokers'. nj NO IL broau-s''
had made an assignment. Their failure had no
effect OF the stock market. nor for tha' matter vi
the cotton or grain market.
Will belonging to the Nev-iork cotton I'm
change the New-York Produce Exchang" and the
Chicago Board OF Trade. the firm did not belong To
either the New York stock Exchange or the Ton
solidatet Stock and Petroleum Exchange.
The firm was composed OF ozro w clapp ana MS
son Dwigh. O. Capp. Dwight o. Clapp WAS io' 70
r,e,,v a member OF the Consolidated Exchange pu'
n wear ago he resigned from that exchange ana
,n,,ed for membership In the New-York Stock
rxchorpe lie was blnckbaileh. Since that Time
tho concern had had stock exchange conhec"o'''
but 4, continued before TO do business III S'o"'
CLAIM g. 60 were certainly a weli-known concern
They advertised extensively and they had Custom
-s all over tn. country Their customers were
MOS, numerous In the Yves, and South. ozro w
clam Is one OF the oldest members OF the 'h''aeo
ROAD ~ Trade having Joined 1; In 1870 lie 'ai'n on
this board fifteen or sixteen years az ~, 81 ,e
10000. Ne s't,ra Win ,s ' nso he came to New
York and opened offices In th' 'on,a =, So.
change BhdIng subsequently ne o,nres a, No j.
Brond-st few months ago ne c,ol""1, ,s vre,,y
married eaSheT OF o ,' Of m" arm ca,h furnished
sppoSai The arm had soncihing OF reputation
Tor employing pretty typewriters IL NM y, -. -.
di,,or 10 the typewriters seven tel'Eraph "P''"-
tors. ,-,.,..o.., n, he
William + Davis. jr the head bookkeepc, oi ~, ~,
arm vns M med as It's assignee. Wnrh hNh'" 10,
particmiars OF Tho failure he said he Ind not hnn
an opportun!iy 10 look over the BOOKS. am =
fcrred aus stions his lawyer LOUIS N'rh'i VI W.
/; Wall-s, Mr.. Werner said: ,,.o
.'(.lapp e. Co owe In the ncighhofhoon Oh ~" -
COO The assets supposed TO nhon' 'lun, ~ ~,
liabilities There are no outstanding contrarts on
any NJ tie exchanges. The assignment wOuid nav
been avoided had the pcrsons VINO owe '''.ey az,
IN. firm, responded when called upon. a kl'aa'
many OF the Arms customers were on me nal III
OF whent pro- To election. and tire MAJ k't hhNs
In mos, instances they failed TO respond The irn'
did business In almost every state IN IN" , mon,
and Ozro w Clapp who Returned from 'hehko
only this morning is unable TO give nny, u n,
sistants have started In at IN" books ana we huI-
to be able 20 prepare statement containing iuli
details I'm n few days. No bankers or brok'rS ~
affected by the failure. The Arm had 20" or 80
accounts on It's books At one time II received de-
nosits permitting customers 10 draw agains, the
nrm II gave up the deposit business some time
ago Friends Of o. w. Clapp and his son are de-
yisIng ways and means fer reorganizng the busl-
ness so that II may continue as SCOT ms possible,
This end will IN all probability be accomplished
before MAN. days As n margin VIII be rcquir.u
above actual liabilities II will be necessary TO raise
between 1000 and $1,000. in cash While the firm
has no contracts on the Exchanges there are OF
course customers accounts which arc open.
The firm which formerly charged one-sixteenti'
~ per cent commission tho Consolidated FIX
one eighth Of ! per cent. which Is the New York
Stock Exchange rate. Both members OF the firm
live at the Fifth Avenue Hotel clapp Co. made
no preferences In their assignment.