New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-07
F IT, AMM1DOWN'S ASSIGNMENT.
A PERSONAL ONE TO HIS PARTNER N THE FIRM |
OLE AMMInnNN & SMITH,

A PERSONAL ONE TO HIS PARTNER N THE FIRM
OF AMMIDowN & SMITH.
Edward II. Ammidown. the well-lInown dry
goods manufacturer made an assignment yestcr-
day morning to Albert ID. Smith, of Orange, his
-Hartrer in tho dry-.inAs- business Of Snmldown
& Smith. in this city. Mr.. Ammdown was the
head Of the Rittenhouse Manufacturing Company
Of Passaic " j.. which went into the hands al
rccsivcr on Wednesday lie owned about nlre-
tenths of the stool, of that company. The habih-
lies of the company were estimated 10 he III the
nriChborhood Of 100000. The assets are as ye,
uncertain. but il is generally believed that the
affairs of the company will be wound up rs quick
X as possible and at considerable loss 10 the
stockholders
When il was decided 10 place the mills ~
Passaic in the hands Of a receiver, the company
G,opccs had then reached such point that this
or an assignment was inevitable, and ms was
then thought to he the most Advantageous way vi
reaching the same end.
Mr.. Ammilowns assignment Yesterday was a
ncrsoual one. resulting from the Rlurnhonsc
,roubc and was made the advice Of ms coun-
Co, Albert H. Ammidown, ard Tor various f'a-
eors The main one 10 prevent any IN
diyidual creditor OF the Rittenhouse company
from gaining an unfair advantage over the otheiS
Whom the news that Mr. AmmidoVn had made
an assignment became Known II eNclted cohS'ifi-
.blc stir in drygoods circles where he mas ben
known for many years. 1t was Of course known
that the manufacturing company OF which nc IS
tho head was in financial straits, and many were
,od to relieve that the drygoods firm
If which he the head had gone
updcr as well The firm of Ammdown 4 Smith,
dryQoods merchants, are i'll no wise affected ~
this assignment MIR Ammidown was found III
,I,o firm "A W Ortn-k'.
Yesterday afternoon, by a Tribune reporter 10
whom he said
This is an assignment of my personal property
70 my partner, Albert ID. Smith, without perier-
cnceS II is a personal measure and was advised
bv nv counsel to prevent any selfish creator oil
tho Rittnnhouse Company from taking advantage
OF the others II does not In any way AFFECT
,he standing Of Ammidown q smith Their Dust
ness will 90 on as before and their obligations VIII
re paid when demanded.
Mr.. Ammidown said further that his persona
assignment was also made for the purpose of and
inc and simplifying the settlement of the affairs
of the manufacturing company.
TIC SUSPENSION of this company was mainly
,auscd il is SAID, by the large Investments wfici
il made in American wocls Immediately after thu
Mckinley bill became "a law. Following this wa
a flooding Of the market with manufactured goods
of this material, which were sold at extremely
cnenD rates. Previous u lDls Duslnt>h VIII
manufacturing company had Teen poor and TIT
mills had been run at a loss. 80, when the tight
ness In the money market came, the company hat
either TO make an assignment or 80 into the hand
of a receiver The mills will bc run for time
but il is said that the business will lie closed OH
as quickly as possible. meeting Of the creator
will be held some time this week wien IT VII
probably be decided what the Immediate futur
Of the concern will he.
In is not known what the amount Of Mr.. Amni
downs private fortune il and he would give ~
figures yesterday regarding il or his liabilities
He was positive in saying however. that the firm
Of Ammidown N Smith would not be compelled
TO make assignment and would continue II
business paying its creditors when their bill
were presented. Ammidown * Smith are Tin
agents for the Rittenbousr Company, the Lewis
ton Mills Company, the Progress Mills, the Orienta
Mills, the BoylcstOn Mills and the Avon Manu-
featuring Company This firm organized OF
January ], 1888, and before that Mr.. Ammidow
the head Of the firm OF Ammidown, Lane
Co. Mr.. Lane retired and Mr.. Smith took hi
Mr.. Ammidown did not seem to he at all broke
down on account ~ the assignment. but was a
cheerful as he usually is.
From people familiar with Mr.. AmmidOwhs al
fairs il learned yesterday that some tim
ago Mr.. Ammdown wanted the Endorsement O
Ammidown N Smith to 20 on the paper of th
Rittcnhouse Company, but Mr.. Smith strenuousl
objected to IL. Mr.. AmmidOwn had Accordingly
Endorsed the paper personally. Mr.. Ammldown
personal estate is liable for his personal indorse
nents As the authorized capital stock OF IN
down is liable for his proportion Of the 5000, 90
not paid up. IL is said that according TO tn
New-Jersey laws, under which the Rittenhous