New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-19
FAILURE OF A. DE- b. WALLACH.
LIABILITIES OVER S325Ooo.
DEALERS IN NOTIONS AND LEATHER GOODS FORCED
TO MAKE AN ASSIGNMENT.

DEALERS IN NOTIONS AND LEATHER GOODS fof'NHD
TO MAKE AN ASSIGNMENT.
Abraham and Edward Wallach, composing the
firm of A. & E. Wallach, importers OF no. dods
at No. 452 Broadway and at Grand:st: ana
South FIfth-ave.. made q genera asslgnine orc
YESTERDAY TO FREDERICK dsws ena Which are
the following: Gilmore Walach, ST. 462 80; "a %
ward Wallach administrator 1898; Sos ona 40 a.
Plant S14,275 81: Joseph Waiincn, %1,|V Vonn
the National PahquiOqGe Bank of Danbury' Oohn',
s. 600. All The New-York creditors with one or
two exceptions next preferred among 70 ne1 ~
Meyer s. EFs 3D. h chsreT OAK Liz
Insurance COMPANY So 500; other smaller accounts
Amounting to about $11 900. Tho failure was
not generally known in trade circles as inc assfR r,
ment was not made until late in the day. Inc nrm
had numerous offers of money assistance TON I
friends to bridge over its difficulties Du,
this aid The business started IN small way ny
Abraham Walach in Maiden lane, about tnlrty.t"so
wears ago, after retIrng from the hrm OF Amson az
Wallach H removed In 1860 TO NO. 34L D,oaa"aN .
Edward Wallach his brother. who bad falieG I'D ING
retail business Joined him in 1851 as CLERK ana
IN 1866 became partner under the present styie
of the firm. After the panic OF 1873 the nilh sus
of stock In March. 1877 il estimated ITS means at
$3.50 900, including real estate In o1th-aVe' ri Ln
December, 1881. fire occurred IN the STORE. Ino
firm was insured for Sl79 $50. and claimed stock
worth 81 95 900 The insurance companies setted
by paying the firm $1Os. 900 A..
r. s. NewcOmbe, the firms attorney, SAID that u
TOO carly yet 10 slulc tuo tAdCt
and liabilities the latter being principally foreign
Indebtedness but the assignee would Immediately
begin TO take stock and prepare sta ement OF the
true condition OF the firm. Frederick Lewis tne
assignee said that the principal causes OF the lall
ure were depression IN trade. tho firm not pelng
able to sell goods readily as 1t should nave uone
and beng under heavy expenses In conducting tne
fancy goods business; depreciation IN STOCK, ahI
the effect of the losses sustained by the hrn wnch
were actually nearly 100000. Another cause was
losses in establishing the fancy leather branch OF
the business. The firm started large factory AT
Grand-st. ana South Fitth-ave. for the manulac-
ture of fancy leather goods 1t invested largely III
machinery, tools ETC.. employed a great many
hands, and expected to make great deal oI money
in the enterprise but it bad turned out differently
and had cost large amount; The total liaoiiIty,
Mr.. Lewis thought, would amount TO ABOUT
1928 600 OF which about S2OO,00O was IN
Europe, the balance being nearly all preferred:
The assets he could not give any estimate OF at
present They consist of q large stock Of fancy
goods book accounts some real estate, and notes
Tor a large amount from firm in Boston, to which
the Wallachs granted q long extension. NO one
could tell he said. what the assets would realize,
as 1t would depend altogether upon how they were
disposed of, bong holiday goods principally