New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-24
TBOUBLE.S or BUSINESS MEN.
AN OLD COFFEE FIRM EMBARRASSED.
PECULIAR CIRCUMSTANCES ABOUT MARCUS
BROWNS ASST GNMENT.

| PECULIAR CIRCU INSTANCES ABOUT MhHoos
BRowN's AssIGNMENT.
No little surprise was caused ycs'su'y ~ 'n'
coffee merchants Of this city by the announcement
that Sanger a. Wells dealers in coffee at NO. eo
Frontst were I'm financial difficulties. Abraham
Sanger the senior member Of tho firm, said YESTERDAY
| To Tribune reporter that while the house wa, ON
barrassed its creditors would arrange to give u an
| extension so that assignment would nave !" 20
made. Mr.. Sanger declined to give any ue'h te,
statement of the firms condition, saying hat ITO "
been asked not TO do by the Creditors Sansor ="
Wells IS an old firm, and has always hsd INC WY
hdence OF business mon. Mr.. Sanger has been IN
the coffee business for thirty years, ami ha' never
before had 10 ask his creditors for an eAtonsoh'
The firm deals mainly In Java coffee ana does htlle
business in that grown I'm Brazil, so the brazilian
revolution had nothing To do with its troubles This
scarcity of money Is said TO be the cause OF the
barrassment
Their troubles are also attributed to loans made 10
the Anchor Manufacturing Company of Detroit, In
which Mr. Sanger was interested. The amount of
these loans Is said TO be S3OO0O0 some OF the firms
paper was allowed to go to protest some days ago,
and an of creditor began suit against them
The principal creditors exppss full confidence IN
the firm and believe they VIII eventually pay in
full. The amount of their liabilities IS reported to
be about $500 900, and it IS said they can show a
good surplus If they recover the money lent 70
the Anchor Company. The business has been Is.
tabShed many years and the present firm succeeded
sanger Il Fish IN september 1882, and claimed
capital of over 300 900. They had large trade I'm
mild conccs. selling TO roasters ana out oil town
dealers. . $780,
Marcus Brown shirt manufactures. at No: 40 White
ST. made an assignment yesterday TO dawn :. Ritter
band lawyer, No. 2O6 broadway, giving preferences
for So52SO as follows: Mamlock IL Green, 5000
Rachel Samuels $1,000: H. Richter & sons, S4,l41
Wolf Boroschek $1,000; J. lbcrnan, T2,ooO Max
: Never 81 SD: Isaac Roscnstcn IL Co., 81 900
The preferences are all for borrowed MONEY ana are
the debts of the late firm Of NJ. Brown a Co.. AS
sumed by the assgnor This firm was dissolved on
the LIST met, the partners being Marcus Brown,
Harry Brown and Samuel Brown Marcus brown
his and nephew as partners IN November, lSof.
The senior partner has always stood wei IN trade had
an unblcmished reputation, and never faed before.
His personal trouble Is rcporel 10 have been caused
by niSappruprlatiOn of the firms funds by one OF
lis own members The amount IS not generally
known but is reported TO be large. Little lniorna-
ton could be obtained Yesterday concerning the
matter as those interested did not carC TO say any
thing about H. Mr.. Ritterhand said he had not yet
had an opportunity to examine the books. and was
unable TO maoe any statement now, N.Y. BIown
Doubt thew would grant him favorable settlement
as he had the sympathy Of them all
Al Mr. Browns home. No. 215 East SiXtlethst..
II said last night that " Harry brown suddenly
where he is gone was added. or how much has been
aiken. bnt We are preparing a sta'emrlt OF finances
and VIII present It to The cIedtor1 when ,hey lnect
ON Tuesday al the Metropolitan Hotel We are at
a loss 10 account for Harrys actions
Adophus II. Coruin and Louis X. Cation. doing
business as \. II. Corwln. grocerS at 1,23l Broad
rhcv carried large stock business has been dun and
,rciitors pressed them. Tho business was established
many yeArs ago by william :. COrwn. who took his
on AdOlphus into partnership IN October. 1850, and
irm The liabilities are S5I .O31 normal assets $50
so actual assets 100000
A PRESIDENTS RESIGYATION DEMANDED.