The evening world. [volume] (New York, N.Y.) 1887-1931, 1894-08-07
zEIMER & co. FAIL.
Sixth Avenue Dry-Goods Firm
Makes an Assignment
Liabilities will Reach 100000
and Assets About One Halt
Father of One Of the Members q
Preferred Creditor.

Considerable surprise was manifested
in dry-goods circles to-day when II be-
came known that the big retail firm OF
Xeimcr a. Co.. at 225 and 227 Sixth ave-
nue., had failed. The surprise was made
greater by the fact that the father OF
one OF the members OF the firm had been
named In the assignment as Il preferred
creditor for over $4,000
At present no one seems to know the
amount of the failure, but II Is estimated
at being pretty close to 500, 900. The
firm has II large stock OF goods on hand,
but when this IL sold Off. as 1t must
be, at ruinous prices, 1t Is not thought
that the amount realized will be suf-
ncient to pay the creditors in fun.
Everything at present is In a chaotic
condition.
The firm started in business on Sep
TENDER. 1852. and was then supposed to
have large capital. Their prospects
were excellent. and the establishment
was soon classed with the largest on the
avenue. They advertised prominently
through NJ Heimerdlnger, Of the Pulitzer
Building. The hrm consisted OF Albert
c. Yves ,heimer. Of 2JS West One Hundred
aud Twenty eighth street; Israel Zeimer
AMI Jacob Ii. Flashner. both of 100 East
Seventy-nlnth street, and Noel Field
stein. who lives al 500 Lexington avenue.
Their rating Was set down at 100000.
Israel Zeimer is a son OF Samuel Eel
mer, a member OF the millinery firm OF
Zeimer d Feldstein. OF this city Samuel
Zeimer, when the new venture was sug-
gested two years ago, promised TO help
his son out by paying the rent OF the
Sixth avenue premises. The latter are
owned by the Copgan estate but Mr..
Hemer. senior. had q lease OF the build
ing He also supplied the new rrm with
most OF their millinery goods.
Teimer ~ 90. apparently prospered I'M
Ill about siN months ago, when on &C
count OF the business depression they
little of any money In the business, but
sales began running down, and 1t has
beea steadily going from bad TO worse.
They also carried a big stock
Recently II was decided that the best
thing 10 DO for the benefit Of their cred.
itors was to make an assignment, and
Simon schwartz, OF this city. was Sc
Iected to take charge The general as:
Frankenhelmer, Of is Wall street, yester-
day, and al o'clock this morning 1t was
recorded in the County Clerks office.
The assignment as nled states that the
firm has number Of creditors and that
II is absolutely impossible to pay them
all off without the appointment of an
assignee and the sale of the stock.
Neither the names or the creditors nor
the amount due Is given. Afteh the sale
OF the stock the assignee is directed to
pay the salaries OF all employees In full
and then to pay Samuel Ieimer SA, III 81,
This amount The assignment states is
due for rent of the sixth avenue prem
ises and for merchandise sold to the
firm 10y Zeimer q Feldstein, for which
due bills were given with interest on the
amount.
As soon as the assignment was filed
Mr.. Schwartz, accompanied by one OF
the lawyers, Mr.. Frankenhelmer. rode
up TO the store and resumed charge. An
inventory of everything in the place is
being made to-day.
At the office OF the lawyers u was
liabilities had been filed. nor would any
thing he definitely known for a few
days, All they did know was that slow
sales and business depression generally
had been responsible for the failure.