New-York tribune., 1894-04-28
LIABILITIES OF 81, 100000.
.
FAILURE OF HENRY NEWMAN Co.
DEALERS IN CLOTHIERs' SUPPLIES.

DEALERS IN CLOTHIERS' SUPPLIES.
UNABLE TO MEET EXTENSION NOTES OK Ac-
co,-vr or DILL, BUSINESS - NOMINAL As
SETS SAID TO BE slscOooo AN
AUXILIARY FIRM FORCED
ALSO TO ASSIGN.
r1arrv Newman e. Co. wholesale dealers in
o,oth,ers. sunnlies and tailors' trimmings at Nos:
s98 and $50 Broadway, made an assignment yes
terday. being unable to meet the fuh payihen'
of their extension notes coming due on May 10
next under an arrangement which they maue
with their creditors last September Bad ous'-
rass since then is ascribed as the main cause
Of their trouble The firm made an assignment
m Nathaniel Myers lawyer. OF Myers & AnabIe'
of M A. Wall-st without preference Inc
fai,ure Of the firm also caused the assignment
oP w Rloomingdale & Co, dealers In taliors
trimmings I'm the same building, on account Oh
accommodation paper between the two firms.
Tho liabilities Of Henry Newman d CO. are
about 81 500 900; nominal assets from SlSooooo u
81 900 OOO The partners are Henry NeWI"dii
Mortimer r. Newman. August Milus' Criah
lanes Hecht Sanford Simons. Sandiord frieu-
berger and Seymour S. Guggenheimer' Di"u-
streets reports say that Henry Newman" i''
been identified with the trade for over ioi ~
wears From an office boy he worked hi'hSeii
mn 10 a partnership in the firm he began Will -
and WAS of Bernheimer * Newman uHul i''-'
since which time the firm Of Henry NeWi'd" '
20 has continued the business. lie au'i'i'''U
Nessrs Milius Hecht. Simons ana DuSS IS Lis
hoi,,ao,. as mariners in February, I>>'' an" ~. ~
NJ Niortiuner on January l. 1893. at whch 'ili'V
q branch house was opened in Cmcdso'
WHAT THE ASSIGNEE SAYS
>-.,sor,a, Nvers the assignee, said yesterdays
.11o,r,, Newman & Co. have been under an OK
.ons,on which was granted by the credi'orS
on sentenber 10 last. at eight twelve anu "i''''
,,,ortbs in three equal payments, with h'e'e'''
tho total liabilities then being about Si''0o'V0V'
M, e-st instalnent of one third comes que ABOUT
tho middle of May. The firm anticipates 'nr
Nrst instalment to the extent OF ohen" - tho,.
about S2JO000. which theN pdlI "'.' % .ta,1 conld
have been acCumuating as Wu'h a. my ,rh',.
FOR the nurpose of paying the remainder,
accumulated $4,000 cash. which mas p'tm rfairs
over to me An examination Ul u',r ,Iioof -haf
showed that they could not posslpl! iiVvO 1 '.'H.
nayrnant and they conceded That IL was "I',N
fFai. n those who have been selling them soouS
on credit since the extension 10 HI"N1 ." So
signment and let all come in toSethei .. -oo ooo
..The liabilities approximately are $l,3oo'ooV'
Tho assets consist Of stock Of merchandlse on
hand at actual cost price. $oooov EooN ".'
collectib'e outstanding accounts, $9VV"V0' '"1"'
500 600. real estate and other miscellaneous as
sets make up the balance.
LIFE INSURANCE ONE OF THE ASSETS
r AT the time the firm obtained the extension
there was placed with the committee u creiitoIS'
as security to the creditors, real estate STOCKS
bonds and insurance, worth probably altogether
over sl5OOOO one item was 100000 endow-
nent life insurance on the life of Henry New
man. which natures in about Two years am,
which he has been carrying a great huihpe' oi
r. wears Mrs Henry Newman, VINO Il oi lHe
Bernheirner family has had on deposit WIN '"l
firm for bout nine years the sum oI HlVo'VVV'
This has been well known - The creditors
~ "A statement Will be prepared Tor the cre'i."lS
b which Will be ready in about ten days. ana 'heS
will be invited to select an expert 10 N"TlIN ''
figures and to take such action as they deem
best for the continuance of the business.
Nervin Ash and Carrie DaVidsburg composing
the firm doing business as f.. w. Boomingdale
e Co. dealers in tailors' trimmings at Nos. 6-S
and $50 Broadway. made an assignment NcslcI-
daY.to Samuel Hirsh without preference Inc
business was started on ANrl J. lS92' by NJ
.Davidsburg and Mr. Blo)mingdale. but ne re-
fired on December 81. 1892 and has hai abso-
lutely no connection with the firm since. Mrs.
Davidsburg is sister Of Henry Newman. and
the concern was virtually controlled by Mt
Newman The liabilities Of l.. ". Boomingdae
a. Co. outside Of the accommodation paper
which Henry Newman & Co. indorsed. are aboul
s2S 900 OF which $1,000 is 10 Henry Newman %
Co for merchandise and $1,000 10 Dther crtdi-
tors The assets are nOminally S29O0O. "I Wnch
there is $50 600 worth Of merchandise ana $-''VVV
in outstanding accounts.