New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-14

HENRY NEWMAN & co. IMPORTERS FORCED
TO ASK FOR AN EXTENSION.
THE LIABILITIES ESTIMATED At slGee,' 49, AND
THE ASSETS AT ~ Alb. -STRINGENiY OF
THE MARKET AND THE INABHITY
TO MIKE COLLECTIONS CAUSE
THE DIFFICULTY.

TO MAKE COLLECTIONS CAUSE
THE DIFFICULTY.
Henry Newman & Co.. importers and wholesale
dealers in cothiers supplies at Nos. CPS ana $50
Broadway with branch in Chicago, one OF the
oldest and largest houses in their line In the
United States. have been forced By the Hnahcal
strngency TO ask the Indulgence Of their creditors
They have formally requested an extension on
their obligations Of eight. twelve and fifteen
months.
The members OF the firm called together some
OF their largest creditors on Tuesday. and made
known to them the condition Of affairs They
declared that they are perfectly solvent, ana had
about 100000 surplus in the business mciuding
the outside means Of Henry Newman.
The creditors present. who represented CLAIMS
10 the amount Of 100000 unanimously decided
to give the firm an extension. and to recommend
the general creditors 10 do the same fwad
FIeitrnan was appointed chairman OF the creditors
and a circular issued yesterday to all the
creditors describing in detail the condition OF
the firms AFFAIRS.
The statement sent ont represents the firms
condition on September l. and made by an
expert selected by the Importers and 1ridrrs
National Bank. The total assets are '2'H"'l"'
consisting Of merchandise. s0ss,Oi5; accounts re-
cevable, Ss4l.j10; stocks, bonds mortgages ana
real estate $}vOGs; bills receivable. s'~.4ls' caSh
on hand SiO6j and loans receivable. s%'" The
In addition TO this surplus. Henry Newman
showed individual assets OF 2l1VO The $s+l''O
in accounts receivable IL the balance after deduct
ing per cent discount. $1,000 for possible future
bad debts, and s24 for doubtful debts
The experts report showed that FOR number OF
wears with one exception. the business had
steadily increased. that the volume of business
WAS substantially in excess Of any previous year
and that the heavy purchases for the present year
were probably the result OF an anticipation Oh q
still further increase in 1893. Extraordinary COM
mercial occurrences OF the year. however us
apponted that expectation. The firm has an I'M
mense stock on hand. and collections have been
slow.
Bradstreet's reports say that the firm consists
OF Henry Newman. August Milius. uriah d. hech''
Seymour :. Guggenheimer Sanford Simons. Moru-
mer T. Newman and Sanford Friedberger VI. r..
Newman is a son OF the senior partner ana MI
Friadberger nephew. They were admitted TO
the firm on January l last Henry Newman mas
been identified with the trade for nearly iof'y
vears He began as an Office boy in the employ OF
a house in Wiliam-st.. and worked his way up
until he became a partner In the concern WHICH,
as Bernheimer Newman. continued uhtii TO-
Mr. Newman carried on the business alone from
1872 until February 1855. when he took IN IA part
ners Messrs Milius. Hecht. Gugsenheimer ana
Snons all OF whom had been In his employ TOT
wears either as buyers statesmen. The business
largely increased. extending all over the country
selling chiefly TO clothing manufactures In Janu-
AIRY last the firm opened branch In Chicago at
Nos 276 and rs Franklin-st
Henry Newman has for years been an Investor
IN city real estate. IL Ia said he owns the stoi"
buiIding Nos c2S and $50 Broadway. known as the
New-York Mercantile Exchange building
Al the Office OF the firm II was said Yesterday
that a majority OF the creditors had agreed 10
grant the extension and that the others "oull
Undoubtedly do the same thing. tn" troubi" was
an. solely to the stringrnCy of the money market
and inability TO make collections. there being about
SsOGsl in outstanding accounts. IN" citcuihr en-
ndied about all the firm had 10 say on the subject
I'm th. trade IL was said that tn" mrfchandls"
debts amount to about N"D."1 ana mat about
t7,uUJ is due the banks for loans and discounts