New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-04
PIANO-MAKERS FAIL.
HARDSIAN, PECK & co: AND ALLIED FIRMS
MAKE ASSIGNMENTS

TIE TROUBLE CAUSED By THE FINANCIAL
srRIYGENCY LIABILITIES or TIE
PARENT HOUSE 100000. NoMI.
yAL ASSETS $50 coo.
| Hartman Peck G. Co. manufacturers OF pianos
whose saesroons are at No. 1873 Fifth-ave. with
a factory at No. els to ga West Forty -ninth-st'
extending through to Nos. J3S and C1 west FORTY
eighth-st, between Eleventh and Twelith aFeS',
have failed with liabilities of $4,000 and nominal
assets placed at s7J0ep. The partners. Leopod
Peek and Henry =. Sondheim. made general az
sisnment yesterday to Joseph Uman, OF the law
firm OF Wolf. Kohn & Uflman, No. 2o3 Broadway.
They gave three preferences-to the Mercantile ana
Second National banks and William krdus-for what
| ever may become due them. the amounts not behg
mentioned in the deed. The preferences, 1t ~ I'M
derstood to secure the banks Tor notes anu
bills receivable under discount, reported 10 DE
100000 and to secure Mr. Kraus for money lent
the firm recently. said to have been 5000" Mt.
Kraus is the father-in-law Of Mr.. Sondheim. ana
H. OF the firm OF Naumberg. Kraus, Lauer IL Co
The failure OF the firm Is attributed 10 the erect
OF the financial strngency throughout the country
The business Is old one their hrm
cards bearing the date of 1872 when the
Hardman piano first manufactured. Brad
streets reports state that Hugh Hartman carried
on the business for many years. and sold 1t TO
his son. John IIardman. In 1876 For many years
the style Hardman & Co. afteT"ard HARD
man Bowling & Peck Mr.. Bowling died in 1882.
and from 1885 to the present time II has been Hard
man. Peck & CO. John Hardman died In Novem-
ber 1859 and the present partners bought his IN
terest in the firm from the estate. Mr.. Sondhem
became a partner In 1879 up to January. 1890. he
was a special partner for $4,000. and after that time
he became n general partner. Messrs Peek ana
Sondhelm as individuals and partners in Hard
man. Peck & Co.. filed mortgage yesterday IN
the factory property and plant to William Kraus
a,,1 6ladt tyn
mortgages in the form of deeds TO Lehman Broth
ers. cotton merchants. the factory property,
subject to a mortgage Of 5000, and on house
and lot in West Eighty-sixth-st. near Ninth-aye..
subject a mortgage of $500
Speaking OF the causes OF the failure Myers &
Anable counsel for the assignee. said that the
business of the firm was. to large extent, on
credit They consigned their pianos agents all
over the country who sold them generally on the
instament plan so that the money came in to
Harlman. Peck & Co. in small sums. When the
panic began agents could not collect from their
customers, and In turn the firm found collecting
Impossible. The firm became short OF ready money,
their bank line full and they kept going only
by the assistance OF friends When they shut down
the firm had TO assign.
+. c. Harrington Co. piano manu-
facturcrs at No c53 West Forty-eghth-
ST. have been placed In the hands of receiver
on the application of Leopold Peck, the president.
with Hardman. Peck & CO.. and occupied portion
OF the latters factory. Joseph Ullman. the assignee
Of Hartman Peck & CO.. appointed receiver
Of T. c. Harrington & 60. by Judge Gildcrsleeve
Of tho Superior Court. the bond being fixed at
sos Ooo Application had previously been made in
New-Jerscy for a receiver. rs the concern Is
Jersey corporation. and Chancellor McGill had
named October . as the date for hearing. The
business was started In 1880 by l.. c. Harrington "
CO. and was Incorporated July %. 1880. with
said bought Il controlling interest in the concern
about two years ago Leopold Peek becoming presi-
dent The company manufactured n cheap grade
of nIanos and Iiardman. Peck Il Co. 1t Is said
foated their paper. the company name being on
considerable Of TIardman. Peck n co. $ paper Inc
assets OF f. g. Harrington & Co. In this state are
mentioned In the application Tor receiver aS
So $50. ,, +. .,,a,o, ord
William D. button & Co. dealers in pianos anu
organs AT Philadelphia VINO are reported 10 nave
assigned with liabilities of 100000. were agents OF
Hartman peck x Go. The business was established
many wears ago. the partners now pellS Nlliiain
H. button and Charles f.. Peck; The latter -
nephew of Leopold Peck. OF Hartman. Peck x Co.
and became a partner in the Philadelphia hrin III
April. 1870. - +, ,,,
Henry T. Sondhem. the junior partner IN Hard-
man Peck a Co., has also been a general partner
I'm the firm of Snndhem l'rOthers, cotton brokers'
in the Cotton Exchange Building. He became
partner In that firm In 1919. several years before
he went into the Hardman concern.
The firm of Sondhem brothers Is not. the lawyers
say involved In any way by the failure Of Peek ~
co The firm has dissolved partnership Henry T.
retiring and Samuel $. continuing the business.