The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-29
BUSINESS TROUBLES.

HEAVY FAILURE IN THE FURNITURE AND Uf-
HoLsrERY LINE-B. L. SOLOMON SONS GO
DOWN UNDER TIM PRESSURE OF BAD REAL
ESTATE INV sIMENTs
Barnet L. Solomon, Solomon B. Solomon, judah d.
Solomon Simeon B. Solomon, comprising the nrm
OF b. L. Solomon Sous importers and dealers IN iur-
nlture and upholstery, at Nos 657 aud 659 Broadway
ade an assign yesterday Tor the benefit Of theft
creditors to David James King, OF the hrm VI May
& King bankers. The assignment includes all the
trim assets individual property OF each OF the
partners. The failure was entirely unexpected,
as the firm believed 10 DO doing
profitable business. The hrm is the Oldest IN
that line in this country, having beon established
forty-ave years, with branches IN Philadelphia ana
San Francisco. Mr. L. Solomon, II Is said. invested
the pre- tts OF the business IN uptown rear es'a'ss
carrying q large amount heavily encumbered Win
mortgages Tho depreciation, taxes aud assessments
were great drain on his resources, ana no hAd %
take part OF capital IN the business to pay the e.
his real estate Investments Ins ~ - salo
precpitated the failure. ! he large hve story IRON
building. extending through from Broadway 70 Mer.
Ger street, occupied by The hrm, IL the individual
property OF MT. Il. L. Solomon and was at QUO tims
valued at $500 600. TINS he has been endeavoring "a
sell Tor some lme past, but could not obtain
. purchaser. II was hrs desire, over yeas
ago to give uP the retail portion Of tho business
and 10 coufne the house 20 the wholesale trade by
forming lew nrm with him NJ special partn,r, and
moving iuto smaller quarters TINS ioea was gwen
~. h TO- o,,n s,,Iacsorv Rumors as TO lns stana.
49, -, ~ n,m var. ,hsn in c,rculatou but they did
moi nurt credit They discounted most Of thsii
PURCHASES Kept good stragn bauk account and got
hue discounts. AT shat time Tho hrm claimed %
nave stock San Franc,sc0 valued Ut $500, 900 and
in New York at $l0OU0 with liabilities amounting
10 only $l9s 0oo hey mad capital OF $500 ooo sne
me , ao es.ma.ea sae ~ ~ Am han, ~
Solomon
LIABILITIES AND ASSETS
man ,.,a"ce ,ney deems ed n NOT ADVISABLE
70 borrow from friends, and DECIDED that II was better
for the interests OF ali concerned 70 stop onoo
.nan - n nsa cona,,on tho amount OF the ab.
tiles Is not with any degree OF accuracy, 0ut
they are estimated a. up~Ala y. soov,voo. ~ n,1
-, ,,, cS an. IN Enrone The frm,s assets cor sisI
of merchanuse STOCK ana book accoun Is The value OF
xhlch oannot be determined until the inventory Il
made. when viii REQUIRE several weeks.
Mr. b. l.. solomon was out tue city yesterday,
hat Ole OF tbe partners stated That they had placed
everything in Tue hands OF their crcditors relying
mon mem TO act Justly in tho matter. A siatemen
would Dc prepared as soon as poss,Dle Ee said, and
wouid be supmltted to q meeting OF tho credilorx Hs
ni,avas mar Ihe l,ab,,t,es would exceed $500 600
a oa no ave es.ms,e OF the gross
Mr. Knp the assignee, took possess Ton OF tbs slose
Yesterday AFTERNOON ana proceeded TO acquaint hum
OF the stock 10 be ANA the accounts
to De written 10, but had IDEA whatever OF the
liabilities or assets.
The firm WIS formerly Solomon x Hart, which
dissolved by the death OF Mr. Hart IN January, 1864,
hc 10 in-ia
Tbey were ut one time located al No. 243 Broadway,
opnos,te The CITY Hail Park Mr. Isaac solomon re-.
tired from the firm about a year ago
- - m.,n ,arnrro,s
DASAAoFiS AND
A meeting OF the creditors OF Hamann Koch,
wh.l...,. dealcrs IN iewelrv MI No o Maiden lana
~ 4 I. ,.-.- r, '
was held yesterday al the once OF heSis'er layton
schedules were presented showing the firms labili.
go ssa css an ana real asse,s s37 SOC Of. indi
'es' so' - ' ~. -
vdual DEBTS ol Jonh a HamAnn, % zoo os. NJ.
Ashpel r. Fi,ch submitted a proposition for q com.
,,oo :, tart, c.n,s =. tha aolar IN fonr ,ns,aL
pS "
meuts-twenty cents cash, hve cents IN SIX montnss
ton ants In eight months aud Ave cents In Twelve
mon,ns ,na.rsed notes Tne compos,t,on was mani
a'
mousV accepted. Among Inc CLAIMS proved Wers
tue following Louis Strasburgcr Co., 81, l73 Il,
uusnudcr AZ Co 81 800 49, Gustaye Braune x5.O1S rs:
G. Rcnncr So S45 49, EDWARD A. Joan merit 81 o5I 81;
hodenpyL IuuIsou a. %. 81 $40 %; Carrow Crutncrs
CO.. 81 ITO W: Hesses * Luaickc, 81 lUl va; kunn
* Dorainger 81, 200, and Cox Il 5edgwick, 81, oi2
A second meeting OF the creditors Juiius Bern
hail mn oil hers nj q