New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-03-28
BUSINESS TROUBLES.
AN ASSIGNMENT FOR S3Oo 600

FAILURE OF e. G. wIECHMANN & Co.-sURPRIsE AND
SYMPATHY OF THEIR COLLEAGUES
The failure of f. G.. Wechmapn Sc Co., wholesale
iobbers in woolens at Broadway and Grand-st,
one of the oldest and largest houses in their line.
announced yesterday. The members of the firm,
Ernest G. Wiechmann and Ernest w. Gloeckner,
made a general assignment to Claus Frederick
Huck giving preferences to August w. Muller,
SIS 800; Charles NJ. Harms. $500; c. Harms,
ST. 400; Louis Hemke. 5000; salaries, $1,000;
total, $780, 200. The assignment was not generally
known in the trade until late in the afternoon and
was entirely unexpected as the firm had made all
its payments promptly up TO Yesterday. 1t was re-
garded as doing careful, safe and profitable busi-
ness had excellent credit and its paper was readily
SOLD at the lowest rates, being regarded as gilt
edged.
Mr.. Wechmann stated yesterday that the liabil-
tiles were about $4,000 or 100000 due TO
creditors both in this city and III Europe. lie could
not place any estimate the amount of assets, as
no inventory had been made yet; there would be
good showing for their creditors, who would proba-
bly, be called together next Saturday but the debts
coud not be paid in full The failure had been
brought about by q combination OF adverse clreum-
stances, partly Of q private nature; by depreca-
tlons n woollens agitation of the tariff. and new
methods OF doing business also by selling through
travelling statesmen and the expenses necessary for
| their store.
| Concerning the reports circulation OF losses by
speculation In Wall Street. he emDhaticay asserted
that neither he his partner mad speculated IN
! Wall Street, there had been no gambling or defal-
cation. The affair came about legltlmately IN the
Of regular business, and the hooks were opeu
to the creditors who might see that there had been
| no specuatOus. OF course the hrm had sold their
| paper in Wall Street. as every ether hrm had, but
that had been done IN the regular way they could
! sell their paper easily, and he thought they mad
about $50 900 of paper out, the rest OF the Iabl-
| Ities being mainly for merchandise. lie remarked
further that the Circumstance OF private nature
| alluded to above was that he expected 10 receive
! permanent help from frend-capltal from Europe
| but was disappointed in obtaining IT, and at once
| decided &C make assignment 10 prevent any one
| creditor from getting an al vantage. No one had
| pressed him. but no wanted TO treat all alike lie
| had come t. that conclusion only on Monday and
| then informed his partner OF his decision. ie had
pau a note of 81. 800 which tell due ON Monday as
there money then IN the bank TO meet It, lie
had visited many of his creditors and they all eX-
| pressed the kindest feelings toward the hrm. ana
| he had been freely offered TO allow It TO resume.
| Tne business was established about thirty years
| ago an was formerly under the name OF Harms ~
| Wechmann. Mr.. Harms died and MIR. Gloeck
| bacan,e a mariner .bout twslva Years ago A large
CREDITOR said Yesterday that this WAS tbs greatest
surprise the trade had received Ia several years.
The firm stood very high. lie felt very sorry Tor
| the misort nne of his friends, ana hoped speedy
| arrangement would no made for the nrm TO con-
| tinue business. They had always been honest,
straghtfor ward careful merchants aud had the
! sympathy of the trade. -
| Elias Apfelbanm. manufacturer OF gloves at No
| 4J7 Broadway, ana ut GloYersVllie' N L. mas
asked his creditors grant him an extension OF one
wear on his own notes. He has given chattel
mortgage aud bill of sale OF all his property at
| Gloyersyille for $40. 900. to John McNab.as Sc
| curty for Endorsements. etc. Ia me trade III was
stated yesterday that his liabilities were about
| $4,000.
! Patrick II. Fleming. dealer In poultry in Fulton
Market made an assignment yesterday 20 Richard
Wilson. giving preferences for 100, the largest
! beng to AnelIa NJ. West, $500 lie suceeeded
| LAWS A. Fleming who dissolved In June, 1877.
LUMBERMEN TO MAKE ASSIGNMENTS.
| Fox DU LAC, Wis, March characterization
into the affairs Of the lumber nrm OF Paige Brothers. Of
Davenport Iowa ono partner In which recently com
nitted suicide causes unexpected develoDmcnts and
the liabilities OF tho hrn declared 10 exceed
| 100000.
| OsHKosH Wis, March 27.-Ata meeting OF bankers
today statement OF the Liabilities and assets OF s. Is *
/ Paige and tho Paige-Se xsmlth Lumber Company, In
which the Pages the chief stockholders ana indor
ser. WAS laid before tho meeting Although the dfor-
ent Ananciers present figured somewhat differently on
| tho assets they reached result about rs follows;
Liabilities OF Paige Dixon CO. of Davenport $230000
II ia estimated thai the business closed out there would
| involve q loss of from $4,000 to $4,000. The abi
tics of the PageSexsmh Lumber Company at superior
CITY for which the Paiyes responsible, are about
S32I OOO The estimated In that direction on pine
| lands lumber on hand, logs. mill, etc, are about
800 600 but are claimed by Paige and Sexsmth to be
| one-third greater The firm owe SlO2,OOO TO banks
in Oshkosh some az ST. Paul, Green BAY and Neenah
| They were unable to negotiate n loan Of 100000
from the banks here TO pay tne amount Low Te e o
assignment. They now looking Tor proper man Ipr
assignee senator sawyer was asked to serve III that
| capacity but declined