New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-26
TWO HEAVY FAILURES.
LIABILITIES OVER THREE MILLIONS.


Wbite-st., one Of the leading firms IN the trade,
failed yesterday, and made an assignment to Simon
Danzg, of the firm of Danzig Brothers. cloak
manufacturers of No. 326 Broadway Preferences
were given amounting to $S10,513 81. They are
nearly all for money loaned to the firm, or on notes
and Endorsements of the firm. and accommodation
paper made by various persons for the firms bene-
fit, little being on open account and for merchan-
disc. Among the preferences are the following
Lewis Brothers, $55.612 32, accommodation notes
and money loaned; NJ. Feuohtwanger 81 Co.,
,147 As, on checks 1ndorsed and promissory
notes; Pomeroy & Plummer, $l79.934 33. on
promissory notes. cash loaned and checks; w. l..
Pomeroy. 500, 529 so. money loaned; IsidOr Rosen-
helm & Co.. S56,37S 20, on promissory notes and
accommodation paper: Leopold Mayer, S47 692 Il,
promissory notes and money loaned Mack &
Co.. of St. Louis. S47s42 60 accommodation
notes; Simon Mack dS Co., $685. 800 96 on accom-
modatlon notes James T. Swift & Co., $25, 900,
money loaned 4, Van Vokenburgh g. Leavitt,
$780, money loaned; Martin Clay burgh $l1, 900,
money loaned Rindskopf 81 Brothers, $4,000,
promissory notes loaned David Mayer. $15,17O "a
on promssory notes Einstein, Longini & Co..
S12 129 81 on promissory notes S. Jacobs, S.. 1905
Joseph L. Louchhem, $4,000; Rosenberg q Co..
$12,4G 81; l.. Manzesheimcr. $l6,574 80; Levy
Brothers & Co., $31, $50 ~, money loaned and
notes indorsed Van Dosen & Arnott, $4,000 on
promlssory notes; Mark Samter & Sons $4,000 "a
on checks and promissory notes. Provision Is also
made I'm the preferences for checks paid by the
various banks upon which they wero drawn.
THE STANDING OF MAYER & co.
The firm was considered at the head of the He
brew cloth trade of the country. Its credit was
high, and its means were estimated az upward of
81, 600 900. both in and out Of the business. The
house was established IN 1857. Ferdinand Mayer
started the business and hs son, Benjamin. has
been partner for many years Leopold Mayer
former partner withdrew on December 81. 1872. and
$. Hirsch withdrew on February 2. 1874. The
business was large and we'll conducted and was
supposed to have been profitable Mayer & Co.
were heavy buyers at times, and have bought goods
worth 5000 600 al n time from single house, and
they have goods paid for now which arc still IN the
commission houses Their paper sold at
low rate. was considered gilt edge" and was
readily bought by the best banks and
private bankers in the city. Ferdinand
MAYER was a large investor In real estate, and his
operations on an extensive SCALE tie owns
the big flats known as the Newport Interlaken,
Strathlnore and Adephi, and also Adelphl HAL,
which are estimated TO be worth IN the ag Tegate
about 81 $50 900. The ONLY mortgage against them
amounts TO $4,000 lie owns other real estate.
In connection with Levy Brothers ~ Co.,
Mr MAYER erected the large building
at Broadway and Houslon,st. do & occupied 9y brGn-
terest In II about year ago. lie also owns the
building at Bowery and Hester-st, occupied by
the London aud Liverpool Clothing Company, ana
various other properties IN Harlem IN Thrd-ave.
and elsewhere. All of the real estate is Included IN
tie assignment, as 1t was all IN bis own
nl1i0 nr1v T.. 10 stated TO DO $4,000 month.
He was widely known and respected Tor
the iberality OF his charitable glits. lie IS
about nfty five years of age, aud has four children.
II ) home Is at No. 13 West FIity-slxth-st
ESTIMATES OF THEIR LIABILITIES.
An APPROXIMATE statement of the firms liabilities
places them between $3.50 900 aud 80 100000.
The assets, 1t is said. are nomioaly Larger. being
about 81 600; they consist OF real estate valued
at 81. go 900; STOCK 500 900, and outstandings.
S5OO0O0.
Richard s. Newcombe Of NJ. 4 Warren-st, tho
firms attorney said yesterday that tho suspension
WA, due To the assignment Of Sicdenbach, Schwab
g. Co.. the firm beng involved with them. Calls
vere Immediately made by financial institutions
and private persons upon the firm for loans as Sc
curlty for which Mayer & Co. had deposited other
firms paper as collateral. "Mr Mayer" SAID Mr..
Newcomoe. made all his money in his business
and not IN real estate. His assets more than bal
ance his liabilities The present ldea Is for MS
creditors TO wIndup the affairs with hls ASSISTANCE
and Mr. Mayer will take the surplus
number of banks hold the paper of the hrn
which ia ndorsed, which u Is sad there WIN DO
no loss. as most OF the lndOrSers are Amply re-
sponsbe large part of these notes are preferred
IN tho assignment. but not directly In tho name OF
the banks Among the banks said to be creditors
are the Importers and Traders National tho
Fourth National the Metropolitan National and the
Lincoln National. 1t was learned among the cred
tors that meeting OF nc pahss anu mss SO niooe
for ne pur 1ose OF efiecting an arrangement WIN
the general creditors by which business may be con-
tinucd by the firm for the benefit OF the creditors.
Co = afaire SAID that the creditors were satsned
that they would he paid In full. The assets were
heavy and the firm had assigned eyerything ~
was his opinion that II things were properly man
aged he thought they would be- the estate wouid
pay In full. , -, II, l.. - rn,nr~p
renorter that it was imposs bic as yet TO form any
idea of the affairs of the firm. lie had large iorce
busliy engaged in taking an inventory OF the stock
and classifying the book accounts anu e1peoleu 70
La We a iull statement TO submit to the creditors III
the course of week. Any statement OF tue ia-
bilities of +. Mayer d co 6would De mere eness-
work. said Mr. Danzig. lhey may oe any "nore
between one and two millions OF dollars. tnlnK
now that the will be sufficient TO pay iarge
dividend, If not to pay all the credtM3Is M in Iu. MI
MAYER has made full surrender OF all his property
both real and personal, and has eVlnced every as
position to act with the utmost honesty ana
straiobtforwardness A large number OF merchants
with whom the firm has had dealings have called III
during the day and offered sympathy ana ava. 1
don't doubt that an arrangement VIII DC nlao9 oy
which Mayer & Co. will be allowed 10 go on latc
trbute tho failure to the grad ual shrinkage OF
values in woollen goods which has been gong on
for "a year or two past o., A., i.. g.,
creator said that the failure was the largest IN
the woollen trade in many years, but he regarded
H. a. onIv temporary as the banks would undoubt-
edIy take measures to have the firm resume busi.
ness The firm bad such excellent credit tnat ~
conld easily have owed 1000, 900 instead oil halt
that sum. which was believed 10 be the amount Oh
the total liability.
LEVY BROTHERS co.'s ASSIGNMENTS.
Samuel Levy, julius Levy and Augustus IL. Levy
comprising the firm of Levy Brothers * Co.. whole
sale dealers in clothing at No. 472 Broadway, MADE
an assignment late yesterday afternoon to solomon
II. Kohn, giving preferences for about Sooo,ooo'
They were largely involved in the failure oil mayer