The evening world., 1894-04-27
NEWMAN g. co. FAIL.
Make an Assignment To-Day to
Lawyer Nathaniel Myers.
Largest TaiIors' Supplies Firm in
the Trade.
Liabilities Given as 81 800, 900 and
Assets 81, 1000, 900

Henry Newman & Co.. wholesale deal
ers In tailors' supplies, at 62s and go
Broadway. made an assignment to-day
to Nathaniel Myers. a lawyer. OF IS
Wall street.
AS soon as the papers were iled
Assignee Myers FASTENED to the store
and under his direction the place was
closed, doors were locked and a notice to
the effect that business was suspended
was posted on the windows.
1t is known that the failure involves
extremely large liabilities, although the
members of the firm would say abso-
lutely nothing
They refused to give the amount Of
their liabilities or assets. and contented
themselves with saying that Assignee
Myers would give out a statement for
publication later The firm Is the largest
in the trade.
Henry Newman & Co. on Sept. /, 1893.
on account Of the financial stringency.
were forced to ask the indulgence OF
their creditors The firm asked that
from eight to fifteen months time be
granted It,
Newman & CSC. called together some
of their biggest creditors on April ~
and stated to them that the Arm was
solvent and had about 81 900 surplus.
Including swma5s the outside surplus of Henry ny
Central National Bank. 800 broadway;
Edward A. Price. OF Fred Butterfeld &
Co. representing the Importers and
Of the Fourth National Bank, trustees
OF Newman & Co, were appointed to ex-
anime the condition Of the Arm.
sote eon snsats t n Msfs sassn M
ss.&5; accounts receivable. $3.50;
stocks SS bonds MORTGAGES and real estate.
$500 COS; bills receivable, ssS 49, cash sas 70, on
3 surplus Of $3.50, 536.
In addition to this surplus, Henry New
At that time Newman & Co. gave
three extension notes, payable in one.
two and three months respectively. The
The frm has paid part of the nrst
The cause OF the failure is said to be
the recent general depression In bust
The Central National. Importers and
Traders and Fourth National banks are
Bradstreets at the time of the trouble
last Fall reported that the firm con-
sisted Of Henry Newman. August MIL
Inns, Uriah =. Hecht, Seymour 9. .Gug-
b. Newman and Sanford Friedberger.
M. B. Newman is son Of the senior
partner.
Henry Newman has been connected
gan as an office-boy in a William street
house. He worked his way up until he
became partner in the firm then
which continued to exist until 1872. Mr..
Newman then carried on the business
alone until February, 1885. In January
last the firm opened branch store in
Mervin Ash and Carrie Dayidsburg,
who carry on a business in tailors' trim
mings at 62S Broadway. under the name
to-day to Samuel Hirsch without prefer
The firm is in the same building as
tse' Of 2 soo&ln eG ana
Co. is involved in that of the other firm.
Both firms have the same attorney.
This firm has no connection with, f.
Bros. Of Fifty-ninth street and Third
avenue.
Assignee Myers gave out the following
and liabilities late this afternoon:
I'm round numbers the liabilities OF
the firm are $500, 900. The assets are
100000. The present liabilities of the
sion by the creditors on Sept. 10. 1898.
at which time the firm agreed TO pay
the 81, 100000 In three equal instnlments,
at dates eight months. twelve months
| that time.
''They had already anticipated the
| first instalment to the extent OF s250, 900,
but now find themselves unable to meet
| the rest of II. due May 10.
"They have concluded that the fairest
way to men selling their goods was to
| assign Fifteen thousand dollars Is Sc
cured to certain parties.
1.-THE assets consist OF 5000 900 worth OF
| stock at cost price; $500. 900 in good out
| standing accounts. 5000 in cash. and
enough real estate to make the total as
sets about $4,000. 0o0."