The San Francisco call., 1895-12-18
WRECKED BY INTEREST,
The Latest Developments in the
Failure of Louis Braver.
man.
His Assets Said to More Than Cover
His Liabilities, but He Was
Land Poor.

There are some peculiar features in con-
nection with the failure of Louis Braver-
man that make it OF interest aside from
the large financial interests involved.
According to the relation of Reuben H.
Lloyd, the attorney for Mr.. Braverman, it
is case of interest, long and persistent,
eating into the vitals of once financially
healthy individual, whose wealth was at
one time estimated at half a million
dollars.
.'For the past ten years." said Mr.. Lloyd,
"Mr. Braverman has paid out no less than
100000 for interest. and the saddest part
of the affair was that there was no actual
need of his doing so. There were other
causes which aided to bring about the
financial downfall of this once prosperous
merchant; but it was the matter of inter
est that eventually wrecked him.
Up to fifteen years ago the firm OF Bray
erman & Levy was one of the most favor
ably known iewelry and diamond houses
in the City. At that time, for personal
reasons, a dissolution of partnership took
place. but the withdrawal of Levy was not
effected, it is stated till it had involved a
loss of 100000 on Mr.. Brayerman. For
five years he carried on the business alone
and with great success. Then his physi-
clan told him it was imperative that he
retire. owing to the poor condition of his
health.
He endeavored to sell out, but was un-
able to do SO without sustaining too great
a loss. He turned over the balance of his
stock to his son, Sigmund L. Braverman,
who took into partnership Rudolph
Bostleman, young man who represented
him mself as having an unlimited credit with
RI Hoal
firm of Braverman & Bostleman made a
speciality of diamonds, but matters did not
run as smoothly as was expected, and
about three years ago the firm was forced
into Insolvency.
Braverman senior took hold of matters,
effected settlement, indorsed about
$50, 600 worth of notes for the insolvent
firm and the remaining stock was trans
ferred to him as security. Since then the
business has been virtually the property
of the father of the senior member of the
unfortunate firm, and his efforts have been
directed toward realizing on the stock,
which is to-day valued at about $4,000,
but was unable to do so, owing to the slow
market for diamonds.
At the time Louis Braverman retired
from active business he invested his money
in real estate in and about Fresno, which at
the time was enjoying boom, and in City
property. Among his present holdings are
a 160-acre vineyard at Fresno in full bear
ing, valued at about $4S, 600; his home place
on Eddy street, near Cough, worth $685.,
900; 81 front feet on Polk street, near Sac
ramento, valued at $4,000; improved prop
erty on Davis street, near Sacramento,
valued at $45, 900. His other belongings,
it is estimated, will bring his assets up to
about $240 900 as against his liabilities of
$225, 600.
What has acted as an "old man of the
sea" to him and kept him from emerging
from his ocean of debts is loan Of $75, 900
he obtained some years ago from j. Cohn,
better known as "Oregon" Conn, to help
him out during the period of his largest
real estate deals, and it is to his efforts to
meet the heavy interest in connection with
this loan and his unwillingness to dispose
of any of his real holdings that his pres
ent unfortunate situation is attributed.
At one time he had an offer of $65, 900 for
his home property, but on asking the ad-
vice of Oregon" Cohn he was dissuaded
from turning it into cash and taking up
part of his note to Cohn. who, it is charged,
was governed in his counsel to Brayerman
by purely selfish interests. This property
is now estimated to be worth not more
than $50, 900. In the same way he was in
| fiuenced, it is asserted, not to dis
pose of his Davis-street property when
he was offered $4,000 cash for it by John
I. Doyle. 1t has since deprecated and is
to-day considered worth not more than
| $500
Oregon" Cohn has a mortgage for the
full amount of his $75, 900 loan on the City
real estate of BravermaI, but the instru-
ment has never been recorded, and it is
this fact that is said to be back of the
movement of some of Braverman's un-
secured creditors to have him declared in
solvent.
1t is the avowed purpose to have this
mortgage invalidated and place Cohn on a
level with the other creditors. All efforts,
it is understood will be concentrated 10
accomplish this object. Should it be
effected, it is believed a settlement will be
speedily arranged.
What brought the matter to climax
was the presentation of note for $4,000 by
! the London, Paris and American Bank on
behalf of one of the Eastern creditors of
the firm of Braverman & Bostleman, and
the inability of Braverman Sr., who had
indorsed the paper. to meet it.
In his desperate efforts to keep his head
above water a while longer he visited
every prominent raisin.broker in the City
during Friday and Saturday, in the en-
deavor to sell his crop of raisins from his
Fresno vineyard. The product had cost
him 3 cents pound to put in shape for
the market, but he was unable to get IL
cents for it. He would not sell for less,
and thus The crisis came. Summing up
the whole situation, Mr.. Lloyd SAID:
1.-The amount of real estate held by Mr..
Braverman shows that this old man, like
thousands of others, was living in the
hope that he could sell this property at
something like what it was actually worth,
which would leave him a good compe-
tency. But in the meanwhile the interest
he was compelled to pay ate him up"
The hearing on the petition to have Mr..
Braverman declared an insolvent will
take place Decem Der 30.
London bridge consists of twenty locks
or arches, whereof nineteen are open and
one filled up or obscured. 1t is 900 feet