The daily morning journal and courier., 1897-09-01
E. B. CUTHBERT & co. ASSIGN
4 SCORE OF NEW HAVEN OPERATORS
 SLIGHTLY AFFEOTED.

SLIGHTLY AFFECTED.
 Failure Due, it is Reported, to the Faot
 That the Firm Was Short on Sugar and
 Corn-Mr. Clark, the Local Agent, in
 New York Comforting With the House--
 Liabilities Will be Less Than S5OO,OOO.
 A New York press dispatch yester- day afternoon says: Edward B. Cuth- Broad street, who carried on business under the name of E. B. Cuthbert & Co.,, bankers and brokers, to-day as- signed to Ernest H. Ball, with prefer ences to William c. Cuthbert, for $2S,- 0S4 and Ophelia J. Cuthbert, $45,0O0.
 It is said that the firm was on the ket, and the failure is attributed to the steady advances.
 An evening New York dispatch sayss The announcement of the failure was made on the New York stock exchange just before o'clock. The firm has had no member on the floor of the stock liam Euclid Young, about a year ago. It is not yet known who conducted their business on the exchange. Ac- cording to Assignee Bell, the firm was caught short on sugar and had to go under The assignee thought that the failure would be for less than half aI million dollars. He thought also that it came from too liberal credit. The firm besides running short on sugar was caught in the same manner on corn. Assignee Bell insisted that wheat had nothing to do with the failure.
 The firm of Cuthbert 6 Go. establish- ed branch office in New Haven about eight months ago and located in the new Winchester building on Orange street opposite Center street. MT. John c. Clark of this city was installed as manager. The offices were elegantly equipped and handsomely carpeted, making them models of neatness and taste. The same firm three or four years ago had offices in the Benedict building on Church street, but they were not located there any length of time, abandoning the office after few weeks stay. MT. Clark by his energy, large circle of acquaintance, and thor ough knowledge of the business, as he had for some months been with the same firm in their New York office, was very successful in working up q considerable business for the firm A few weeks after opening in this city MT. Clark secured the services of Mir. J. Parker Trowbridge to assist him in getting trade and business. MT. Trow- bridge remained with the concern for a couple of months and left their employ last week.
 The firm had had 8 continued in- crease of business and was apparently prospering. The news of the collapse of the firm, therefore, came as a great surprise to MT. Clark. He received no word here until about half-past one o'clock yesterday afternoon. He inn mediately stopped business here and re- paired to the head office of the firm in New York in accordance with their summons. He is not expected back un- til tomorrow.
 At the time of the opening of busi- ness here the firm announced in the various papers that 1t had twenty-five branch offices in as many different places all over the country. In every way it seemed to be in f1ourishing state. A few months later, however, MT. William Euclid Young, the board member of the firm, was suspended from the exchange for alleged irregular dealings by the house. That left the firm without representation on the Wall street stock exchange, and the exchange refused to reinstate him, which was a severe blow to the com- pany's interests. Since then their op- erations have been limited somewhat to the consolidated exchange, and the pro- duce, cotton and wheat exchanges. Notwithstanding this the firm has been apparently doing good business, but as stated above in our dispatches 1t was caught in the present tremendous bull rise.
 The firm received no deposits of money on which to pay interest, so that the failure does not heavily in- volve many New Haveners. Neverthe- less the twenty or thirty New Havenera who had outstanding dealings with the firm will find their deposits for mar gins subject to the legal proceedings in bankruptcy and they will be paid pro | rata out of the assets. One gentleman is authority for the statement that the number of deposits is between twenty five and forty, but that the deposits for margins were mostly for small amounts.
 Besides MT. Clark, the manager, the office force comprised MT. William | Lafayette, clerk, whose home was for merly in Boston, and MT. Oliver Young, the telegraph operator, who was for- merly of Springfield, Mass.