The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-09-25
ANOTHER FAILURE.

LEHMAN LEVI sAMUELS BEEF EXPORTERS,
safs tlif" IN DIFFICULTIES
Lehman Levt Samuels, slaughterers shippers
Of beef on FIRST avenue, Of Foryfourth street.
and Lewis Samuels, wholesale butcher Forty-iourtn
street. near First avenue, have failed. Lehman Il
Levi samucls tho largest exporters of American
beef and cattle IN this country, and their fail
ue has caused the greatest surprise Ia the trade
was entirely unexpected. The firm had the highest
commercial standing and supposed 10 be very
sound The failure is due to the fact that large
portion OF their capital invested IN real estate
which, on account OF their business was unproduc.
tive aud not readily convertible. Heavy losses on
recent shipments oil beef and cattle, owing to ac-
cidents tempestu0us voy ages also led to their
suspension Their liabilities very heavy and Will
to at least $500 0U0 This is distributed among
a large number OF creditors Is lined entirely to
this city, there bong no creditors in the West They
considerable sum TO banks, but large part 1t
Is secured by good commercial paper. One of their
creditors the Fitt National Bank, but the amount is
not yet known, AS the irm received statements
yet the bank the amount their paper held
by The firm have outstanding promissory notes to he
extent OF over 500 900. but they DO not know who
holds them, they all gwen in the usual course
trade. Tho value OF Their assets ia not known, but
very large and consist real estate, incud-
ing cattle yards, slaughter houses business buildings.
aud several dwelling houses, Uook accounts and
mercal paper. The real estate cost about $500 900,
but estimate can he placed upon II at present. owing
the peculiar nature OF the real peng fitted
up Tor their special business and not marketable.
The tirm has transacted business during the past
Of over $500, 900, two-thrds Of which
port the balance city trade inc business
successfully Short as is not the custom 10 snip
cattle III the winter months The firm has been
stence about thirty years. large number OF clerks
were Dusy engaged last night with the Messrs.
Samuels and their counsel, Mr.. Quo Horwitz, in
ing up the books and acco ants in order TO prepare
statement OF their assets and liabilities as soon as pose
stole, Ue submitted to their creditors Mr.. Lehman
Sainucls SAID last night the failure wholly
expected aud due to losses the expectation Of
live cattle and beef and 10 the depreciation In real
estate He could not tell the exact amount OF the
liabilities, but he thought Lhey IN the
neigbborhood OF from 100000 to $780, AZ
to the assets he could place estimate what.
ever, they were mainly in real estate and
book accounts he thought, however. they
would rcaliZo good sum for the creditors. He cx-
peoted 70 have statement completed In few days.
and then he would know exactly how he stood. He
had made ofer yet to his creditors for settlement
would not until he knew the extent OF his ndebt.
and the value of his assets The firm Lad given
up every thing the creditors and all expressed the
greatest sympathy Tor them and werc wiling 10 assist
the irm with all their power.
Tho failure OF this firm has caused the failure Of
Lewis Samucis, brother, who transacted wholesale
butcher and in close business relations
with them. His liabilities estimated at from
$780, 900 $15OOO0, and entirely confined to cred
III this city. r.t