The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-04-12
UNABLE TO PAY IN FULL.
The j. Steinmetz Jewelry Company
Makes an Assignment for
Benefit of Creditors.
Various Reports as to the Cause
of the Failure of the Well
Known House.
The Head Of the Concern Said to lave
Lost Money by backing u Butte
Friend.

People who had business on Main street
near the foot of Broadway yesterday after
noon, were surprised to see on the door of
the j. Steinmetz Jewelry company's place a
piece of white paper with these words NV.
G. Bailey, assignee" The doors were open
and people were coming out and going in
a. usual, but the %well-known jswelry house
has stopped business. The visitors were
mostly customers who had come to look
after their personal iewelry which had been
left for repairs. Assignee Bailey was in
charge. The assignment was filed in the
Office of the county clerk yesterday. 1t
placed the total indebtedness at
SIS, 9o7. 10. Among other things the
paper says that at meeting
of stockholders yesterday a resolution was
mont to w. G. Bailey in trust of all the
property of the company, for the benefit of
the creditors. "By reason of sundry losses
and misfortunes, the company is unable to
pay at this time in FULL says the deed Of
assignment. 1t is provided that the as
signee will sell the property either at public
or private sale and divide the proceeds
equally among all the creditors according
to their respective claims. The creditors
named in the assignment number forty
eight and are all outside parties. They are:
G. G. Alpord & Co., $3.50: Krementz 4 Co.,
$645.25; Whiting Manufacturing company,
$3.50; Krober Clock company. $6OI. 10;
y Co., 1894: Theo. Crib, $2o.5G: G. +.
Wadsworth. $1l.70; BENZ. Allen d. Co.,
S199.44; California Optical company,
$77S.58; s. II. Clausin 4 Co., $1S2.S4; Carter,
Sloan & Co., $1S3.06; Chas. Leb Abry, S715.05;
Aurora Silver Plate company, 1924; Ernest Ad-
Ter, sss; Standard Optical company, sso: %;
f. j. Essie, $24.s SO; Meridcn Bronze com
psny, 1874; Frank Haviland. $40. 90;
Wheeler 4 Co., $14s.73: Kent 4 Stanley,
$221.4 3; O%ppenheimer u Veith, $270.1 10; p.
p. Boesen. $3.50; sussield, Lorsch q Co.,
$2oo.62; Sterling company, $7s7;57; j.. B.
Gunzberser Bros, s739.09; Hirschberg
Optical company. $366.94 Sjmons Bros,
$l41.O5 Spencer Manufacturing company,
$303.44; Weis d Oppenheimer; T;s}3o.G2; J.
Bernstein. $Go7.25; Block & Bergfels,
1857. 76; J.. Z. Fradley, S246.6 $751;. T.. Glaen-
yer. 1881. 10; Groeschil d BOSNIAN, $685. 0
Meriden Silver Plating company, $s325.43;
NJ. Meyers, $3.50. Myrick, Roller u Co.,
1926. 10; 3. Richardson, $70.75; L. II.
Keller g. Co.. 1876; Unzer Bros, $149.5 SO.
Most of these creditors are dealers in jew
elers' supplies in the east.
Assignee Bailey was seen at the store
shortly after the sign was put up. He was
busily engaged taking stock and going
over the books of the concern. MIR. Bailey
said he was not prepared to make any
t statement at this time, and would not be
thhat the assets are away ahead of the liza
oiiities,'' he said. 1t is thought that mr.
rangements will be made to continue the
business, and that the assignment was only
made to enable the company to realize fully
On its stock.
Numerous reports are around as to the
cause of the trouble. The one most fire.
quently spoken of WAS that tho company
was overstocked, having laid in a much
larger line of goods for the holidays than
could be worked off, 1t was also stated
that John Steinmetz lost 5000 by
at Butte recently, MI. Stein
metz is reported to have backed the
man who was running the place when it
was attached by H. L. Frank. A suit was
entered in the district court yesterday
against John Steinmetz by @. I. Walker to
bearing II per cent, payable to the Mon
tana National bank, and assigned to
Walker, who also asks $500 as reasonable
attorneys fees.
The stand of the J.. Steinmetz Jewelry
company is one of the oldest in the state.
w. q. Bailey started the business twenty
years ago. Morgan F.. Lewis WAS in his
employ. o Steinmetz WAS then with
George p. Reeves a. Co. Some three or
four years ago Mr.. Lewis and Mr.. Stein
metz started in business of themselves,
and a short time afterwards organized the
J. Stsinmetz Jewelry Co., of which Mr..
steinmetz was president and MIR. Lewis
secretary.