New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-04
BIG DRYGOODS Failure.
THE LIEBMANN BROTHERS COMPANY IN
THE HANDS OF THE SHERIFF.
A SURPRISE TO BROOKLYN PEoPLE-LACK OF
CAPITAL AND PRESSURE Ply CREDITORS TIE
CAUsE-AssETs SAID TO E\CEED LA
BIIITIEs WHICH ARE ESTIMATED
AT $4,000.


4 sensation was caused in Brooklyn yesterday by
tho announcement that one OF the big drygoods
firms of the CITY, Lehman Brothers Company, had
been forced to suspend owing TO the hnahcai strih-
pency There 36S persons employed in the store
at Fulton and Hoyt SITS. and business was zone
as usual until shortly after noon. At that h'ur
Sheriff Buttling served attachments that had been
issued by Judge Lawrence in Ncw-No 10 llile-
teen Of the creditors for the sum OF $lo"""
Among the creditors whose names inquired IN the
papers in the hands Of the Sheriff were NJ Becher
4 Co. glove manufacturers; ]" Grau " CO.. HI
porters and Martin & Lipser. dealers in underwear
Lis pendens We're filed in six suits TO recover moneJ
from the firm against property in brooklyn !es'er-
day. They were in the suits of the following per
song. Joseph Koch $4,000; Isaac G. Einsiom "
Emil Wolff 1886 80: Joseph &. Hacker. $fol 90
Max Beeber and Jacob Lehman. S2.1f5 81; Ndoiph
ewvn & Henry BASH $2.26S "a; Louis Schieu "
Selig1nan Gutman. $l.25l 81. The property ash"S.
which the lis pendens is filed includes Inc l'"'
estate at Washington and Hillary SITS known as the
Universal, a piece Of property at Adams anu III
larry SITS, and the property at Hoyt ana Livingston
SITS.
The liabilities of the Lehman Brothers company
are estimated at 100000. and the assets al S"V'p'
The company Incorporated on August - 1857
with a capital of 100000 Louis Liebmann IS presi-
dent and Hermann Lehman secretary anu H'dS-
urer The company succeeded 10 the business o.
Lehman Brothers a firm composed OF LOUIS ana
Hermann Lehman. They have been known III '"'
drvroods business in Brooklyn for the last quarter
Of a century When they first came 10 'hls oo'''
try from Germany they entered the ehploS %
Frederick Loeser in his drysooIs slGre Lore "o,,onjon
10 business they to partners IN me ,'ti'' ga
about ten years ago bought out me lN' w.
Mr. Loeser. He organized new nm d r, =,
81 near Dekalb ave, ana CCIoh'l I,"' ~.
PTn,r,v VAS purchased at Washington ana I'll
lary' SITS and after the new foS'" I'i. ~ ,,,,
cur iIr n tn sore on the plan Of the sra,
marts in London and Paris. Only one 20 ,s p.r-
erai drygoods and notions store Tor s"N,i.ai -.
But the tide of trade had carrel AL tir ON, '@ a.,
er,ns 10 the norton Of FutOn-st. above W-. ~.
II Hail and Lehman Brothers finally had - i@,In"
the tide The building begun for HerTina1 ms, ~ y,
Wechsier & Abraham. was secured by ne iliiii
and turned into drysooas x s.Drg ON u,yt and
Livingston sts giving large amount "l ,'' rs
~ the time the new corporation was f0iHri t'"'
nied its resources and LEFT the nrrn handicsppri
as the site OF the Columbia Theatre. but u
his propertv was transferred by Louis ana Her
mann man Lehman to the Lehman Brothers C9mpany
a mortgage for $4,000 the property
When the Sheriff took possession or 'h" S,,it
me customers Some OF the latter who had or
dered and paid for goods. feared that they wou.d
NOT he delivered The hundreds OF employees wci'
~. 10 60 home Charles Putzel attorney foi
the company. said that he woul summon u it
OF the creditors Tuesday ana n" hai ~ r'uu
that an arrangement would be mae W.!r'"Dy ''.S
ness could be resumed. The mc"Tpoia'9ih ". ''
nov company took place. he said. AZ = time "h.i
the panic began and there was no chahc' 10 a.
business. The direct cause q the SUSPENSION "a'
inability 10 renew notes Tor borrowed money an'
The fact that creditors were pressing IN" mem
bers OF the firm said that they thought the 'I'up'
/ would be only OF Il temporary character. ana ina
business could be resumed In week or two. !
IS thought that the resources are sufficient TO anpIN
cover all liabilities and that II Will be IN the IN
terest OF the creditors to permit a resumption OF
| business.