New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-09
A HEAVY CLOTHING FAILURE.
SUSPENSION OF SIMON MACK & co.

Whon r. MaYeT LBVN
failed about two weeks ago, well.iuformed persons
did not hesitate to say that Simon Mack 20.
would be forced to stop payment. he senior mem
Ter of that firm admitted that unless his irlends
came to his aid the outlook for hts firm was not
cheerful IL WAS Ksown that some OF ms relatives
who were possessed of large amount OF reauy cssn
had come to ii is city from the West immeulately
after the Mayer Levy failures with the lntenon OF
investigating the affairs of Mack Il Co. aud II they
found them to be satisfactory, OF anordihg such
assistance was necessary.
noon representative of the legal advisers OF SIMON
Mack x Co catered the office of the Count Clerk
and nj mt on record the assignment of Simon aud
Henri S Mack, who are the members OF that hrm,
o sS ts are TeaSUrs Mack $ls2s4 a. Isaac Rau
$4,000 Z. 8 l. s. Mack; SS22, Oh; q Gha ane'
& Co. 81, 1862 SO S. NJ. & b. Cohen, $4,000, and
notes of Simon Mack a. Co. amounting to
$24ao6s 81, the name of the holders OF which are
preferences 1902 $50 7e. 90
r. G. Dun q Co.'s reports show that Simon Mack
began business for himself IN CINCINNATI abous
IS4p. Until 1867 he wa~ of Mack * Brothers
there firm which before the war was one of tile
most prominent clothing houses IN mat Guy;
About the close of the war purchasing Drancn OF
the firm was openel in College place this CITY, and
Simon Mack took charge of il. The firm dissolved
on t ss S the firm Of Msck CHASER Co.. which
did wholesale clothing business mere Snu a's'
operated wOollen mill in Covlngton, NY IN May.
1868 that firm dissolved and Mr. MACK took isaac
8 Mack one OF his sons as partner under the
STYLE of Simon Mack x Co., and started OUT 10 40
an extensive wholesale clothing business business, nme
able opinion Of the senior Mack. as he mad separ-
ated from his former partn.rs because OF untaVoT-
able comments on their action in connection with
TIE fali ure of relatives. Up to the summer of 1871
The firm was in high credit. In the preceding spring
large ouantitles of wooliens had been bought by 1t
on a rising market and the firm had large amount
of paper out the demand for when by bankers and
capitalists Suddenly ceased and as the notes were
coming due Ia rapid succession the firm deemed II
IN m ga an
1871 They owed about S57O,CO0 and mad assets
of about $256.000. The creditors did not accept
the offers OF COMPROMISE made and the hrn was put
in bankruptcy For time Simon Mack w IS en-
ploypd 10 a commission dry goods house, then he
returned to Cincinnati and became u partner IN
Mack Stadler * Co. of thar city. In January
1877, he with his son and former partner l>aac -
Mack recommended the manufacturing clothing
business in this clty under the OLD hrn stvle OIL
Simon Mack * Co From February, 1874. 10 DC.
tober, 1915. Henry s and Isaac ;. Mack were OF
Cohen. Mack & Co., wholesale clothing dealers IN
This clty On the latter date that firm wab sue
ceedec by Isaac ). Mack Co.. the lim beng com
posed of the two junior Macks, and IN December,
ls76 that firm went into liquidation III order that
Isaac 5. Mack could associate himself IN business
with his father, with whom he remained until rep
ruary, 1882. when he retired to tsSe an interest III
the business of the London anc LlVerpool GlOthihg
Conlnany which occupied Il. building at HesteIst.
ana the BoweIy. erected by Simon Mack ana
Ferdinand MAYER. the latter beng the senior
partner i'm the recently suspended firm of f. Mayer
a Co Soon after the retirement OF isaac - Mack
his place in Simon MacL n Go. was taken Oy one OF
ms hrotners Henry 5. Mack who has remained in that
firm no to the present. Last July the credit rating
of the firm was reduced by r. e. Dun u Co. and
the rating was entirely Withdrawn on the failure
OF Mayer & Co. and Levy BROS \ Co. with when
they were C Osely connected IN business sense
Mr. Lewis the assignee. was at the store ye'ter,
day and took possession. lie SAID; lhb Eews OF
the failure Of F. Mayer & Co. came upon Simon
Mack * Co without any warning two weeks ago
md since that time they have put their shoulders
10 the wheel and met every single note ana dollar
of IL fell due pay ng 0ut aDout 99UOO
on the paper loaned to F. Mayer a Co. and which IL
ell farta
Ing tue situation rom all sides with friends IN
wnom they had full confidence. the hrln anticipated
that they wonld he ape TO meet a iS1neles as
assignee of +. MAYER x Co. they were unable 10
learn the names of all the holders OF their accom-
inr 10 about SlS5. 900 70 $4,000, with view TO
obtain an extension of lime on this paper Under
this state of AFFAIRS they concluded upon the ADVICE
of friends that il would be a matter OF only cRm-
mon Justice TO them not to accept tho generous aud
liberal offers OF aid EXTENDED 10 them oy numerous
friends and decided that for the pro ectlou OF their
general creditors the only safe and honorable
course for them was &c make an assignment. MS
they did, both partners surTendering alT9er lhoi-
yldual property well as firm assets. They anti
cipate from the favorable condition or inc real
estate market that they Will be abe to realize upon
their real estate and also upon other valuable assets
sufficient to cover all creditors. The liabilities in
Gliding the paper lOaued to Mayer Co., are over
500. 900 but MAYER Co. having preferred the
firm for a large amount of this liability, u VIII OF
course reduce the actual liabilities OF SIMON MACK
a. Co. From what IN formation can gather and
that ps direct cleditOr of Mr.. Mack or the firm will
lose one dollar. The LIABILITIES Of $4OO0OO DO not
do not know the amount oil the mortgages but there
is large equity the property. lie owns one
half interest," IN the block at tho Bowery and
Hester aud Elizabeth SITS valued 1t S23O,OoO to
S24O.OO0 This is consider q valuable pieces of
property and there are number oil o,her pieces
which he owns but cannot state the valuation"
Do YOU think this will affect The standing of
the London and Liverpool Clothing Company. car
ried on by lsdor Rosenhelln & Cor was asked.
A. Il. Nvh a htVa lalR
Isidor Rosenhein IL Co. ara indebted TO Mack d
Go for merchandise bought and manufactured for
them They are two separate concerns, Mack IL
70 having no connection with them, other than
manufacturing and selling them goods"
Simon Mask was so prostraSrd oy the dow wnlcn
has fallen OH him that he had to retire to ms room
and could not be seen when TRIBUNE reporer
called at the house. My father" SAID Hugo MACK
~, an old man and the struggle he has made for the
last two weeks to tide his difficult es has worn
him ont IL great shock, or IL ali had gone
veil he woud ma retired from all active business
in SIX mont he. he is large real esiate0wner Inc
failure Is due to one cause ana one cause alone II
we had been able 10 obtain from the assignee OF +.
MAYER & Co. the names of the holders OF the
$50 900 of accommodation paper bearing our 10
dorsemeDt which they hold. we could nave MADE
angements and tded over all our embaraSs
meuts But we could not, and II my father had
paid 81 60 900 to Mayors credl Ors his own genuine
creditors would have suffered AS 1t Is they will be
raid in full tut we saw good III paying out such
n vast sum 20 another firms creditors. II is this
system of mutual accommodation when seems
necessary part of the cloth trade that mas WORKED
our min During the last ten DAYS my father bas
received many offers of help and has resoutely de-
chned them all. as he felt 1t was no use inyolv-
ing others with himself"
FAILURE OF SASH AND DOOR MAKERS.
X. G.. Dun & Co. report that William II: and
Theodore r. jenkins composing the firm of William
H. jenkins * Son, dealers IN sasbes, ollnds, doors
stc az No. 247 Canai-st, made an assignment yes
ferdav to Charles o. lie Count, with preferences
amounting to 5,0S2 o. The senior has been IN
business in this city since 1851 when he came from
Springfield Mass, where he had been In be same
line OF business He took his a partner in JAN
nary 1875. They bought from out-of-town manu-
sale MANY of the leading builders bought largely
from them, and they also exported a considerable
quantity of goods to Europe. They owe about $oo'-
600.