New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-09-02
LOCAL MISCELLANY.
Ol, SHIRT MANUFACTURERS.
& GUrMANN & SONS sUsfE\D WITH L'An'iiii
,vorXriy3 10 NEARLY $500, 900.

~
. ctru,xv & SONS sUSrE>D WITH LIABILITIES
AMOUNTING 10 NEARLY 100000.
S.ucon Gu,inann & Sons manufacturers OF SHIRTS
st No S,ii broadway. tailed Yesterday anu anu iI.'
an ASSIGNMENT to Marx RothSchid. brothcf-ui
law ot = cut mann. The firm had excellent oIuu,,.
transacted a large business disposed G. tneii PAP
reality at good rates. had good facities i'r ut1
couut at the banks, and were estimates w onn
CO. GOO The liabilities are about $500 uuo'
Whit tn assets probably will not realize nan Una.
snn Their business done largely 10y means
81 notaS and they had paper out 10 the extent OF
about Si75.OOO, one firm alone Hess brotners N
20 having sold : 600 worth OF thelr p4ptit 'nc
last he;nr sold only two weeks ago. Hess ,ioinHrs
c.. aIe creditors for $1,000 nesi n"S VIC
above amount of notes the firm owes NIVooo S MI
fdeuti,l and about SO .OOe for melchaiinIsc nv
hanks are the largest crCdltoIs nut tI'N cidIh NY
ara ,,D rally secured The asset consist Oh S'och on
hand debts outstanding. aud the real tS'dt 1Wh'u
Lv IN senior partner. The cause OF the failure Is
oScrlhed To the illness OF :. Gutnahh, WHO Has
hen sick for the past two months ana - not eA-
n.ctcd f. live: he managed the finances oil the con
Germ the other partners were unable TO onlilh
su itici ent funds t. meet the obligations and the
.,isn uSion followed. Henry {. Frank. o. the uin'
said yesterday that ON account OF Mr, uut'' l
illness bad reports ha been circulated "iiIOh h"
,,r.,ruted The sale of their paper IN the market
mud tn,y could not meet the necessary pay mehiI
they had also Fought heavy sto,N lor t"t t ina,
trade al of which had been PAID Tor. hu' thCIc
hal been great smnkagc IN the vaiHr OF 'ne
goods lie did not think the hahiltl'S wOulu quIle
reach 100000. A. far as he knew tlc hotScs
amounted to $lG".Coo or $4,000. the conn
dentl,ls about $4,000, and Tor merShandlse
5000 making total of $2'a.ooV lheN were
making au inventory OF the assets, ana Ho C".'!"
give n, estimate OF their value hut was OF Inc
on,ninn that thcy would realize over 90 cents on
The dollar TO the creditors. ..,., ,;.,
rho preferences amount TO Sa2,SI4 : /, OF Wiilcn
there are for notes ~i7.251 30. and for losses
SY35q9 81. The Central National BanK leid pre-
ferrcd notes TO the amount oil TSO,StS 80, anu Iic
ImrortrrS and Traders National Bank Tlo3!3.
Tho uoics were all made for the accommodation
Of ill., firm were Endorsed hY them. and discounted
by the banks. Inc preferences are as lonoTS
Nj. of s,J.4S6 -, made by Simon, Mack q Co,
held by the Central National Bank note OF
S5Stl 81 made by Samuel StenWeg, held 10y t!e
Central National Bank; note OF TlO,OUO' maie ~,
Joseph Frank. OF Chicago held by me Cehru
National Bank: note of -5.lll 81. made by the
Gr,n jntorsed bv Joseph Frank, held by the I'm
portcrs' and Traders National Bank; note OF
= Dol 10 male by Simon. Mack Il Co., lniorSed
hv Jos. ph Frank held by the importers and
Traders Ma onal Bank; note OF %G,22o MADE ny
t;onoi Rank Max Goldfrauk $4,000 loans; isaac ;.
Younr - u 600 loans samuel Goodman $G.3al IL
loans The President OF the Central National Bank
sad ycscr lay the bank was amply secured o} Soou
collateral and would not lose ANYTHING.
The recent fra OF Simeon Gutmann ~ sons was
established in October. 1877, with the addition Oh
Iugcnc Gntmann. who retired in Oct"beI. iS|".
simeon Gutmann had been IN the shilt business
tlirtv-tWo wears He was formerly OF the nrlh Oh
Hothschil Brothers y Gutmann. but they sep
arted three wears ago in order TO continue me OuS-
mess vii their Sons. The capital was UNDERSTOOD
10 be SlOO.OUD. Henry c. Frank a soh-in-Iaw ot
the senior partner, was admitted 10 the him 10
Venbcr l. 1879. but put in no capital; he was ior-
mcrly of the firm of Frank Brothers, Of Chicago:
MI : Gutmann had private property consisting Oh
stocks and real estate, at casn NaluatIOn VI
100000. mortgaged for $2S.0Oo.
Charles kahns schedule, under ms aIIangeihtri,t
to Albert Sickel. filed yesterday lie ma
bilitics are S79927 .; nominal assets
SJ9,UOi 50 I; real assets. S1oSlG O4.