The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-09-27
BUSINESS TROUBLES.

The firm OF Bennett, Schenck & Earle. manufactur.
Of dne cigars at Nos Is aud 20 Astor place, No.
620 East Ninth street, No. 422 East Tenth street and
No. 716 East Ninth street, have suspended payment
The lrm formerly engaged in the tea business at
Park place and Church street, the original Arm, Bon
nett, SChenck Co., having been In business Tor up
ward OF orty years About two years ago the drm
went extensively into the manufacture OF cigars, and
in June last gave up the tea business and devoted
elusive attention TO cigar manufacturing Their cred
tors state that The suspension manly due to
dertaKing new business with which they were not
familiar The assigned by the drm is deprec,a
ton in stock which they had made up to large
amount and on which they could realize. They
expected be able to ply IN iu snort time ago II
they could obtain an extension from their creditors.
Some OF the more unfortunate creditors obta ned at
documents against the property Of the firm. Ar.
Bennett was nonresident and The property Was
zed by the sheriff The attachments recorded are
IN favor OF W. W. Erich tor $l,273 10 and W.
Mickey for S104 81. The firm DECIDED TO place
themselves In the hands OF Their creditors and an IN.
formal meeting was held yesterday Mr. Schenck,
one OF The partners, was present. and IN response to
inquiries Tor u statement said he was unprcpured 10
give any, as the safe locked by order Of the Sheriff
md he had been refused PERMISSION TO see the ac-
counts AS II was useless 10 proceed iurthcr without
statement OF tue liabilities ana assets the meeting
appointed committee OF investigation and then ad
Journed Tho committee consists Of James Havcmeyer,
% Esys vceus mr. asger
Lane Co.; Mr.. Wilson, OF The Marine Bank, and
Peter Bennett Mr.. Wilson represented tho country
creditors and Mr. Bonuett the family claims, winch
amount to about $35, 000 The total liabilities Will
amount to $l40 O00 but the value of the assets
known. The committee OF creditors immed lately went
to york aud expect 10 submit a dot allied statement
w.ihin week. Mr. Schenck said yesterday that he
coulu estimate to the assets until the clerks
had competed their inventory. All his accounts bad
been IN possession OF the Sheriff and had Just OBJ
Aained TO tGem. He dad been business forty
three years and had never asked favor before in the
way OF q settlement from his creditors.
A rumor WAS current yesterday that the firm OF 7.
Hiyer Co., jobbers Ia nne wooliens at No. 67S
Broadway, had suspended. Upon INQUIRY az their
office 1t was stated that the firm hnancla ally
barrasse0, but they diu not call 1t exactly pen
Ion he liabilities are large and Viii amount TO
100000 but the value OF their assets Is not vet
known They consist 0i large amount OF STOCK and
book accounts An inventory was being made III order
TO prepare statement Tor their creditors. The
We placed Their Affairs IN the hands OF their credit
OILS, Hh0 have appOnt ed committee to examine int
lha assets and report upon basis Tor settlements, The
committee were busy yesterday taking account of
The stock and Is expected their report Will be reaay
~ Saturday. Mr.. Theodore hlllyer was for Ioag
wooien importers and about years ago succeeded
TO the business OF the latter frm
lhc AFFAIRS Of Lehman h Levi Samuels exporters Of
beet and live cattle, are in lar way for Speedy set
Element. The firm oilers 10 pay twenty 1--WE cents on
The dollar cash and i've cents IN time notes Creditors
whose claims amount to nearly $780, 900 have signed
paper acc ptng these terms unu II Is expected that all
the cre ors vi agree to the compromise II they do
The usual Will be taken for composition in
bankruptcy, bu; tho irm are confident they Will not
have TO take such action.