The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-02-07
ANOTHER JEwELRY FAILURE
ANDREWS & DOTY EMBARRlssED BT
DESsAU'S ASSIGNMENT
mr. Arsr.r. h.. Rs,lr.a rcos ne rr..l.

DESSAD'N ASSI0NhkNT
Mr. Andrews has Retired reou the rrssi-
dency OF the American Tnrqnoise Cou,-
pany - The Carbon Kings Liabnitles
WIN Be Lnrser Than was supposed.
Andrews & Doty. commission merchants In
precious stones and diamond brokers at 2O7
Broadway. corner OF Fulton street. made an
assignment yesterday TO George W. Glaze.
The partners are John H. Andrews and Joseph
q. Doty. Mr. Andrews became President OF
the American Turquoise Company. which was
organized in Chicago. in April. 1892 with q
capital stock OF 81 900 900. and which expect
ed to have monopoly OF the turquoise
business OF this country The mine IL
IN New Mexico. Last November an at
tachment for $1,000 was issued against
tho company hero. Andrews Doty
acted as tho selling agents uf the American
Turquoise Company. and IL was understood In
the trade that they handled the entire product
Several wealthy jewellers OF this city were
also interested in the COMPANY Andrews n
Doty were reported to have an active ca Dital
Of $4,000. and Mr.. Andrews was supposed to
have large outside means. For many years
he was connected with TIFFANY Co. and
years ago he was said to lie large stakeholder
in that company. lie was then reported to be
worth S25O. 900 lie went into Wall street. and
from 1882 to 1885 was II partner In the firm ut
A. lie CordovA 4 Co. stock brokers. lie Is IA
club man and formerly kept yacht. George
". Glaze the assignee said yesterday that
Andrews 4 Doty had been dragged down by
the failure OF Simon Dcssau the carbon
They nre perfectly solvent" he said. but
through ombinatipn ot circumstances x was
deemed best to make an assignment Their
liabilities all told are about SlBOOO. while
their actual assets on the hard-pan cash basis
available. Dessuu owes them Sl2.25O on
notes. Andrews poiy negotiated the paper
llorsee Andrews \ Doty's paper Tor sll.OUO.
Andrews ( Doty taii due four DAYS before those
Of Dessau. The first two notes. for S2.3uO.
fall due on the 18th inst. and Andrews poty
being n9n.residents. an attachment could tie
tie up all their assets. This might AFFECT
large stock Of gems " the American Tur.
company il indebted TO Andrews 4 Doty to
the "Stent on S2SQ9o but the firm is f"lly So
Mr Glaze further said that Mr. Andrews had
resigned the Presidency OF the American Tuf;
auoise ,ompany about week ago and hnd
PRESIDENT. Mr. Glaze wished 1t TO De distinctly
understood that the notes above mentioned
notes. and that the total liabilities Sl5,nOu Of
Andrews \ noty. included the notes, lie ielt
to ARA ngs their affairs in n few days.
The Dussau failure. II is thought in the trade.
Viii turn out worse than was at ilrst supposed.
pean credtuts. The real cause OF the failure.
Attorney Gallnger says was putting too much
money In real estate. Leon levin. tho as
signee said that he had been unable to pro-
coed yet with a thorough examination OF the
assets. lie had seen some stock OF carbon
and horts in the safcs. but he had no idea Of
It's value. When asked what truth there was
IN n report current that the stock on hand
was only $4,000 or $1,000 he said lie could
not say until an inventory had hecn made:
Concerning Mr.. Dessaus real estate. he said
he understood the mortgages IN IL aggregated
about S2OO.OOO. How much equity there
would 10 remained TO be seen. lie did not
think Mr. Dessau's entire liabilities. including
mortgages would reach SIUuOOO. Dessuu
bad endorsed $50 OuO worth of paper Of NJ. i.
Iichtenberg. manufacturer of diamond Jew
Sheriff last week Mr.. levin said that MIR.
considerable real estate to brother, and that
he as assignee. intended to attack this trans
fer. IL is said n the trade that Lichtenberg is
Tho loss OF $4,000 worth OF black
diamonds" by Dessaus salesman. {. ". Bill-
ings between ST. Louis and Cine Innat last
August. had nothing to do with DessRu's fail
urr. All but about $4,000 OF the stun was re-
turned anonymously. Mr. Dessau is the man
purchased the big diamond called tho "Cleys-
land Gem
Julia Hess dealer In jewelry watches. and
diamonds at "a Grand street. made nn assign
mert Yesterday to Henry q. Marshall.
David VI. Ripley has been appointed re ceiver
for the firm Of one and Bacon. manufactur-
ers OF hosting machinery at Liberty street who |
hpd branches in Philadelphia and Chicago.
Tho proceeding is to dissolve the partnership.