New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-14
4 ,JEWELRY FIRM SUSPENDS
DISSOLUTION PROCEEDINGS FOR s. f.
MYERS co.

RESULT OF THE FREE-SlLNEK AblIAliON <NNC
THE CONSEQUENT REFUSAL OF THE BANKS
TO GRANT ACCOMMODATIONS.
$ f Myers & Co. wholesale dealers in jew
ery diamonds, etc, at Nos. AZ and 90 Maiden
Lane suspended yesterday, and Louis Clarke
IT, was appointed receiver for the firm by JUS
tice Slower of the Supreme Court. on the apph-
cation of Einstein 81 Townsend. in proceedings
for dissolution Of the firm brought by Samuel
F. Myers against the other partners, Marcus A.
Myers and Simon Biumauer. The bond was
fixed at 100000. 1t announced that the
liabilities were S517 900, and the nominal assets
$4,000.
Their embarrassment is attributed to the free
silver agitation, which killed the firms trade
and caused the banks to shut down on accom-
modations The receivership was precptated
by the demand for payment Of SIO4O9 by the
New-york Life Insurance and Trust Company
for customers paper. Endorsed by the firm An
attachment was obtained for this amount, and
Deputy Sheriff Mulvaney closed up the store on
It. There is question as to whether the re-
ceiver or the attaching creditor is in first. and
the matter hinges on a difference OF two ana
half minutes Einstein & Townsend assert that
the receiver was in first. as he was appointed
considerably ahead of the granting of the at
ceiver was also filed ahead of the attachment.
The attachment was obtained on the strength
Of a statement made 10y the firm to Goldman
Sachs & Co. their note brokers, in July, based
upon the inventory of January ! last. which, 1t
Is alleged did not give the true condition of the
firm The claim is on forty-four notes. made 10y
various persons to the order Of the firm. and in
dnrsed by the firm in blank. which were pur-
chased by the New York Life Insurance and
Trust Company on July > and which fall due
between September and November -. A lis
pendens was also filed on the real estate belong
ing to the firm at Nos. - and % Maiden Lane
In the application for the receivershlp' Mr.
MYERS averred that while the assets were nomi-
nallv SS19 900. il impossible to state the
actual value The assets consist Of a stock of
watches. jewery. clocks silverware. watch ma
terials diamonds, optical goods. musical mer-
chandise bicycles. bicycle sundries, trademarks
fixtures. electro-pates, wood cuts. printing plant
outstanding accounts and bills receivable.
Nv the terms of the partnership 5. f. Myers
WAS 10 receive one-half of the profits and the
o,her two partners one-fourth each, and in the
case of dissolution inventory was to be made
on a basis by which the stock was to be taken at
cash or market value, and the accounts were TO
be divided into three classes-good. at face value
less interest and discounts; doubtful, at % per
cent OF face value and bad. of no value. Fixt-
ures and electro-plates were 10 he reckoned az 70
per less than the last inventory Value. me
partners could not agree as to the manner OF
Iuuidatlon and so a receiver was called in. Some
Of the FIRMS liabilities have fallen due, and nave
not been paid others falling due from day to
day and the firm has not sufficient cash 10 meet
them Besides their jewelry business, the hrm
sold bicycles and largely interested IN the
Olympic cycle Manufacturing COMPANY; OF NO %
Maiden Lane in the firms building The bicycle
business il Is said has been good, while the
jewelry trade poor
was started in 1880. and that on January ., lS9b
the Arm claimed net worth OF S'b5,'Iip. Whllt
the liabilities were less than S3JuuVO Elnsieln *
Townsend, their attorneys said Yesterday mat
the failure due To bad times. maDulty 10 get
further accommodations from the banks on their
own paper and receivables Of customers, ana
the demand of a creditor for a large amount on
receivables which the creditor had bought and
which are not yet due. The silver craze is direct
IL responsible for the embarrassment, as that
caused the banks to shut down on the Hrtns
paper. An inventory of the assets VIII he taken
at once and il is believed that satisfactory ar
d rangement Will be speedily made with creditors.
While these dissolution proceedings were in
progress transfer of the property Nos ~ and %
Maiden Lane executed last Tuesday, was led
Yesterday in the Registers uthee samuel r:
Myers makes the transfer TO nus slster-ln.iaW'
Adelaide =. Myers, for consideration OF S"o.l,-
.cG with q mortgage inclmbrance of S2io.ooo
This property extends through the block TO IN
olude Nos 80 ard - Liberry-st.
Henry A. Casperfeld. deaHr in iewelry and dla-
monds at No IA Bowery and No. SOB Broadway
and at Saratoga Springs. made an assignment
yesterday 10 Morris j. Hirsch. Of Blumenstel
Hirsch without preference. The assignment was
hurriedly made an hour after the receVership for
S r Myers & CO.. and was on account Of the lat
ter failure as the concerns were closely connect
ed in business Mr. Casperfeld has been in Dusi-
ness about fifteen years. and succeeded Casper
field & Cleveland in March. 1880. lie did large
trade and claimed capital Of S2Ooso The
store at No so Broadway was carried on under
The STYLE OF Clarke & CO. Mr. Hirsch said that
the failure precipitated by that Of > r
Myers AZ Co for whom Mr. Casperfeld is liable
as indorser on exchange paper TO a large extent
while he also owes the firm for merchandise. Ills
assets Independent OF his contingent liabilities as
indorser. more than sufficient TO pay MS d.
rect liabilities but until an inventory Is taken 1t IS
impossible TO say whether the excess VIII be SUM-
cient to pay all the liabilities in full 1t IS est
mated that the assets are about SooooVo Mt
Casperfelds two large stores in this cry ana one
at Saratoga Springs all we'll stocked with
merchantable assets. consisting of JeWelry, pre-
cious stones watches etc His direct nabliltes
not yet ascertaned accurately he hopes 10
make a satisfactory arrangement with creditors
and with holders of the Myers paper which rep
Yesents a double liability.
Yesterday confessed judgment for SlO32S in favor
OF Louis Adler his uncle, for money lent. lie mas
his oIice with S +. Myers e. Co. being brother
in-aw Of s. F. Myers. and 1t is supposed IN the
trade that he is mixed up on their paper
CLOSED FOR LACK OF ORDERS.
St Louis, Aug 13-The American Steel Foundry
Company's plant at Granite City closed to-day on
account Of lack OF orders. About four hundred
workmen thrown out Of employment The foun-
dry is expected to be in operation again until
after November /.
BANIGAN ATTACHMENTS RAISED.
Providence, Aug l3-Through an arrangement
effected this morning between the treasurer Of the
Woonsocket Rubber Company and James Tilling
hast. attorney for Joseph Hanigan the funds OF the
rubber company and those of Mr. Hanigan In the
Rhode Island Hospital Trust Company have been