New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-05-17
N'LAUGHLIN'.S FRIEND FAILS.
WlLLoCGHBY STREET LEADERS SAID
TO HAVE SUFFERED BY AS
SEGMENT OF G. EDWARD
GRAFT & co.

The firm OF @. Edward Graft & Co. stock
brokers on the Consolidated Exchange with
Offices at No. G6 Broadway. Manhattan and az
Nos. les and 10 Montague-st BROOKLYN made
an assignment yesterday afternoon to Robert
F. Farnum. Of No. 13I East Thirty third-st.
The assignment, which was filed by John b.
houVler Jr'' OF NO. 81 Nassau-st. places the
Iiablhtes at S3OOOOO. and the assets at S166 COO
The failure resulted from the recent slump in
the stock market Special interest in the as
slSnment will be taken by BROOKLYN people be-
cause Thomas f. Nevins the junior partner is
prominent member of the Wilioughby Street
democratic machine. 1t is on his Indian River
estate IN Florida. that Hugh Mclaughlin spends
ms winters Many Of the Democratic leaders
have within the last month been credited with
making large profits in Wall Street speculation.
ana IL Is believed they have been pnched In
this failure
In addition to the firm assignment individual
assignments were made by the members OF the
firn' Gustave Edward Graft and Mr.. Nevins
Both declined last night TO state the details OF
their personal schedules
When Mr.. Nevins was seen in his Brooklyn
office last night he said:
our failure was brought about through the
recent Generalization IN the stock market. 1t
did not come through any one stock for we
dealt in the market generally. We hope 10 pay
30 cents on the dollar, and things may be so
arranged with our creditors that We can resume
business. Some firms would have made money
under the circumstances but we believed It more
honorable TO assign at and turn over all
our assets to the assignee"
Asked as to how much money was lost by his
friends. the Willoughby Street leaders he ex-
oused himself from answering the ground that
his customers names were confidential. From
what Is considered a trustworthy source 1t was
learned that tine firm OF G. Edward Graft & Co.
held a large line of stocks on a u per cent
margin When the crash came last week the
firm lost heavily and had been the point Of
going under ever since. From the same source
1t was learned that whereas Boss Mclaughlin
mad been specializing To some extent through the
winter he had closed out mis- account before the
recent panic. James Shevlin ex-senator John
McCarty and Senator McCarren are not believed
10 nave been so fortunate. MIR. SheVlin init
mated that he haG lost some money when seen
az his home, No 80 Eighth-ave.. BROOKLYN.
When asked how much he had lost he replied:
Well guess YOU Will have 10 see Mr.. Nevns
about that"
Senator McCarren could not be found and ex-
Senator McCarty is out of town. Bridge Com
missioner Shea said that he was not speculat-
ing in stocks.
Thomas F. Nevins has the reputation OF being
wealthy. Formerly he was chief of the BROOKLYN
Fire Department. and now gets a pension of
several thousand dollars year. For years he
has been the intimate friend of Hugh Mclaughlin
and has been "in on all the good things that
have turned up. He is heavily interested in the
New-fork and New-Jersey Telephone Company
and several other corporations. He owns a large
estate on the Indian River Florida, including
MerTtt's Island. thirteen miles long upon
which he has hotel called Nevinss River View
this property was In the name OF John Nevins
a brother.