New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-27
THE GALVESTON DRYGOODS FAILURE.
MUCH SYMPATHY FOR LEON II. B1uM-HfMAN
B1I,M's LETTER TO CREDITORS.

MUCH SYMPATHY FOR LEON & II. BLuM-HYMAN
B1uM's LETTER TO CREDITORS.
tn. news Of the failure OF Leon & H. Blurn' OF
Galveston. Tex. the largest drygoods mouse III '''
Southwest, which printed In yes'erua! ira"
une was widely discussed among merchants III "',
city Yesterday and deep sympathy was eNpreSs'u
roy the members Of the firm. In the forty-three
wears during which the firm has been IN existence
4 has become most favorably kno En all over the
country The New-York offices OF the hrn Are NJ
No l4 Duane-st. and for upward OF thr'S 'ea''
Hvman Blum has represented II In this CITY, ne
was at his Office yesterday and received many CALI
ers representing creditors OF the hrn ana ot''
uho came ~ express their sorrow for the hrh
present trouble and their desire 10 give all possie
aid toward arranging matters. SO mat IL ca" ies
business at an early date large force OF c'e'hS
was kept busy opening tho letters when poured III
in which the writers all expressed the same generous
sentiments. NJ,
x1rn.r Plum when seen by a reporter FOR The
rr.hune said that the dispatch from Galveston in
relation TO the failure was substantially correct
Although something Ike 100000 is involved IN ne
,o,Iu,e Mr. Blum was that the assets would
fully protect al creditors.
~ know nothing as yet Of the details" continued
NJ Plum land the assignee Is waiting for the ac-
count of our late sales ] am preparing circular
letter TO the local creditors to-day. ana to-hieht
shall start for Galveston know tina; We nav" the
good will of all our creditors The assignment u
general one, and TO the best OF my
ara no nrelerrsd creditors. that Is all the creditors
will share alike The cause OF our failure was The
hard tlnes causing a general depression In bust
ness a tghtness II the money market and above
ALL bad collections. business In the Southwest has
never recovered from the panic OF two years ago
and this coupled with the low price or cotton, the
s,ane CROP has caused much distress in business.
our trade was entirely wholesale. and In the
| length of time we have been In business we have
| made many friends The standing of our house.
| NAV venture to say. has caused our friends in the
| trade 10 rally around us now. shall return from
Galveston as soon as possible. and do not expect to
| no gone more than a few days | feel sufficiently
encoui aged to hope that shall be on our feet and
| resume business In short time.
The following is a copy Of the circular letter which
Hvman Blum sent to firms creditors IN this city
| last night
| New-York March g. 1896
| Dear S.rs: The suspension Of our firm was an
| nounced TO by q telegram received late Tuesday
| night the 23d inst. Though aware OF our strained
| condition funds account OF poor collections
| i was and am now. entirely unaware of the i'm
| mediate causes which led to the assignment In
order TO ascertain the present condition OF the af-
fairs OF our firm shall leave for Galveston to In
| vestigate same and shall communicate the result
| to you Immediately after my return Very re-
| specially yours. HfMAN BLUM
| Lyman Blum has not only always stood well In
trade circles here but has been connected for many
| wears with leading Hebrew charitable organizations.
He has been for several years the president of the
Mount Sinai Hospital