New-York tribune., 1907-10-31
KESSLER s co. ASSIGN.
international Bankers Unable to
Sell Foreign Drafts.

Kessler & Co.. bankers and brokers. of No. "a
Wall street, regarded Of the most COnserva-
tive Of the prominent international banking houses
in this city, assigned for the benefit of their cred
itors shortly after tho close of business on the
Stock Exchange yesterday. The assignment was TO
William Williams. OF No. 35 Wall street. formerly
United States Commissioner OF Immigration at
Ellis Island The firms liabilities estimated at
s. 2OO0C0O. No statement of the could be oh
tained last night beyond the fact that they consist
principally OF unsold bills of exchange and various
securities. including about twelve thousand shares
of Cripple Creek Central Railway stock The mme-
diate cause Of the failure said be the firms
inability to sell its bills of exchange TO meet ma
turing paper in London to the amount of 10000
due yesterday
Kessler & Co. have been we'll and favorably
known in Wall street for more than twenty years.
Prior to 1900 they confined themselves strictly
banking business. largely in foreign exchange and
investments. On April T. 1900. Alfred Kessler the
senior member OF the house was admitted to the
Stock Exchange, but ho not active men,
ber. and 1t said yesterday that the firm did
practically Stock Exchange business and that
its failure had nothing to do with the Stock Ex-
change.
Mr.. Williams said last night that he had not
had time make examination of tho firms
affairs. and could not make any statement TO
it's condition ut present
Alfred Kessler the only member of the house
who at the office yesterday, authorized the
following statement:
the stock market. with which have had very
little 20 do. II IS due to inability to sell
foreign drafts have been accustomed TO
do for many years. and the failure OF one of our
partners. who is very i'll. to furnish us the imme-
date cash which expected and which was nee
essary to meet our maturing bills"
Shortly after issuing this statement Mr.. Kessler
collapsed owing It was said, to the strain he had
been under during the last few days In trying TO
brpg the firm through it's difficulties and had TO
be removed to his home. The other members OF
the concern Rudolph T.. f. Fllnsch who is
now his way home from Europe. and William
X. Giett. The latter has been i'll for more than
year and has taken little active part in the bust
ness 1t was learned from an interest associated
with the firm that Mr.. Gillett the partner who
had been appealed to to furnish cash to enable the
firm to meet it's obligations. A final urgent
quest for funds was made TO him on Tuesday
night. II added, but without success. although
II was pointed out that unless the cash forth
coming the firm would be forced to suspend.
Kessler & Co. are agents for various corpora
tons and connected with many prominent for
eign houses particularly In London. Both Mr..
Kesser and Mr. Flinsch directors In the Darn-
Ter Manufacturing Company. and the latter is also
a director of the United Breweries Company. vice.
president and director OF the United States Re-
duction and Refining Company and vice-president
and director of the Cripple Creek Central Railway
COMPANY