New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-16
EMBARRASSED IN BUSINESS.

NAVY rIuuRE IN THE TOBACCO TRADE-sEIDEN-
BERG 4 CO. SUSPEND BUSINESS WITH LABIu-
TIES OF $500 OO0--oTHER FAILURES
The announcement was made yesterday Oh tine
fallure of Sedenberg g. Co., manufacturers OF
cigars and importers of leaf tobacco ut Reade ana
Churchsts and of Key West, Fla. They were the
largest manufacturers of cigars in the country ana
their credit was unlimited. Joseph Siedenberg,
Samuel Seidenberg and Samuel Wolf. who comprise
the firms of Seidenberg d Co., and 5. Wolf ~ Gov
Of Key West, made an assignment yesterday 10
julius Bunzl, giving preferences amounting 10
$97, O55. including B. BALM. SO 2s3 55 S. Fuguet
g. Sons S16586 81; NJ. Seidenbergs Sons
$2G, 634 81 North River Bank, S9.25S 81 I'M
porters and Traders National Bank $1,000 90, and
Alonzo Fullett $4,000. The firm was established
i'm 1860 IL claimed capital of 100000 In 1870
which was somewhat increased since then. III liu-
ported all IT'S leaf directly from Havana and manu-
featured exclusively at Key West. ITS salesfoohls
beng IN this city. Eight hundred hands were EN-
ployed atthe Key West factory, Simon Wolf manag-
ingthe business there. Leopold Wolf was admitted to
an interest in the firm January !, 1878 Inc naolil-
ties are reported at 100000, the assets con-
sisting OF real estate. merchandise machinery, open
accounts and bills receivable. 1t is thought mat
the tbe gm raa as the 1s aS failure 10 Tas Surprise
as there was no intimation OF any speciai
trouble aud the firm bad paid everything up TO
Yesterday 1t was stated that MaTana ,eai do msu
prices and hurt the quality in consequence OF whcn
Connecticut and Ohio tobacco was purchased and
shipped to Key West. The competition III fha ing
good cigars here had deprecated Key West goods.
and no doubt hurt the trade. Seidenberg " Co.
had purchased whole years supplies ~ tobacco N
havana, aud the crop OF 1878 and 1879 had eacn
turned out badly. Their purchases OF the 1873
crop were considered excellent bargain, and IL 1s
said hat they could have sold ont the entire lot
Immediately afterward at an advance OF from
800 900 to $4,000. This lot, however, did not
turn out as well as was expected, and great many
cigars came back on their hands. They were undcr
heavy expenses for wages taxes, oic. Mr. Selden-
berg said Yesterday that slrlnkage III value, dcDre-
cation and other causes compelled the assignment
He could not state the amount of the liabilities
accurately until the accounts had been received
from Key West and Havana. but when questioned
he said that the trade estimate OF SoOo,OoO was
about correct. He cou.d give no estimate Of thc
assets until the inventory had been maze. lie
thought Il would be two weeks before full state
ment could be presented to the creditors.
Z. 81 A. Friedman, wholesale dealers IN lear TO-
bacco a. 81 Louis have been attached by creditors
for $4,000. Their liabilities are represented there
ar $70,0 900, and their assets are valued ut from
$40 600 TO S5OO0O In the trade here the llabill-
ties are estimated at over 100000.
G.. Folhu ~ sons, tobacco commission merchants
and cigar manufacturers at Charleston, :. e.. have
Jailed: with liabilities amounting 10 @fV'ooo'
principally due TO New-YOrk creditors.
Joseph Loewenstein q Co. jobbers in tobacco and
cigars at st. Joseph No.. have made an assignment
with liabilities OF about $4,000 and assets SI,JOo
The failure of Brown & Brother, wholesale dry
goods dealers at Vicksburg, Miss, and al No %
Walker-st. this city, Is announced. The firm IL
composed OF Isaac and Victor Brown. the latter
having charge of the business In newborn. ihey
have been IN business about ten years and carried
stock of from $40, 900 to 100000. The first intima-
ton the creditors here received of their embarrass
meut was about ten weeks ago; when acceptances
i'm favor of Bates, Reed d Cooley became due and
were not paid. Since then creditors attached their
nropeIty IN Vicksburg and the firm gave IA trust
deed on their property 10 4. Kuhn, of Vicksburg,
10 secure him for $4,000 of borrowed money.
Their failure attributed TO loss of business on &C
count of the heavy rains ~ the past two months III
Mississippi and the inability 10 make collections.
The liabilities are reported at $4,000. and the
nominal assets at about the same figure; 1t is
Thought that they will realize $4,000. Victor
Brown expects to place a full statement before the
| New-York creditors in few days. II. y. Claim d
Co. are probably the largest creditors mere thelr
claim being reported at $1,000
A. KING Chandler dealer III drygocds in Washing
ton. is reported ~ have failed with iabl lities
amounting to 500 00O nearly all OF winch is due to
creditors in New-Yofk.