New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-18
BIG GLOVE TRADE FAILURE.
WERTHEIMER & CO.. IMPORTERS, ASslGN
WITH LIABILITIES OF SS00OOO

THE CREDITORS SAID TO RE FEW IN NUMBER
THE LARGEST BEING EUROPEAN FIRM
ASSETS ESTIMATED At FROM 100000 TO
100000 DULL TRADE AND LOW
PRICES AscRIBED AS THE
CAUSES OF THE COLLAPSE.
vor.,e,ner & Co.. importers of kid gloves at No.
s1o TO GA Broadway ana also at Johnsiown' ~ L.
,,ra.r tho s,vIc of the Wcrthelmcr Glove Company
mazda an assignment yesterday TO Bruno fich'ei'
without preference. The partners are Mau',oe
Wertheimer Herman S;cinbeTSer ana jacob o.e"
berger The total liabilities are reported 10 DC 'oO'
0Co The assets not definitely known ou' a.c es
timated at from 100000 TO 100000. Horwl'~ q
Hershneld the attorneys for the assignee. sara yes
,erdav that the liabilities were about SsooVv' pu' 'neS
could give no definite figures yet as 10 assets i"o
assets they said were large. consisting OF STOCK
and outstanding accounts.
The company's failure is ascribed TO dull 'raue
low prices and inability obtain further bank ac
comn,odotions The largest creditor Is a European
firm. which has cabed for a settlement or us nc
count The concern has a large stock or grove" Oh
hand which II could sell at satisfactory prices
4 higher tariff was put on gloves. which makes the
cost more TO import while prices mere the pt'I'o'
pals Of tho company say are no higher than pcio'e
the change OF tariff The creditors are few. In num-
Der They will be called together as soon as Po''i
bic and the hrn will be guided by their ACTON as
10 the disposition of the assets. There Is no DOUBT
that a substantial settlement; VIII he oHeIeu' pu'
the business is such large one that 1t VIII require
some time for tho assignee TO get up his schedules
Werthemer d CO.'S business was started In fep-
ruary 1871 by Maurice and Max Werthemer. VINO
came here from Milwaukee, with cialihu c"p'''
% $4,000 Since then a number of changes have oc-
CURED In the composition OF the firm. In July IN"
VI. j. StelnoerEer. tho father-in-law OF Maurice
Wertheimer became partner. year later Max
Wcrthciner withdrew. the other two partners con-
;ruing together until December 1875, when an as
s!enmen was made to Herman Steinber6er. The
liabilities were $4,000. and SCI element was ei-
fec,cd with the creditors various terms. varying
from q to - cents on ;he dollar. In January. 1919
new firm was formed composed Of Max and Eman-
/ ucl Werthcimor but In March. 1880 Max withdrew
and Herman Sielnbergcr took MS place. Emanuel
withdrew in 1881 ami Maurice again became a part
ner. The business continued without change Until
January 1SsG when Jacob Steinberger was admitted
10 the FIRM which at that time claimed capital OF
100000. The three par,ners-Maugice Wer-heimer.
and Herman and Jacob S;cnbergcr-have since con-
tinucd the business without any change. The firm
has no capital rating In "Bradsireets" and next 10
the lowest grade OF credit: In 1894 Il purchased the
| business OF l.. ". x u. G. Schultz. at JohnstO"n'
y. l.. and has since continued it as the Werthc'mer
! Glove Company. The firms statement Of January
showed: Assets. sC9l 600; liabilities $4,000. and
capital s29l 900 The assets consisted OF stock. S5'-
OOc and outstanding accounts, 100000
| Since 1894 the firm OF J. WARMER e =. David. OF
| Paris has acted AS tho banker Of Wertheimer ~
! Co. advancing money TO pay FOR the purchases ana
taking lien the stock and accounts as collateral
security l. is understood IN tho trade that the
! agreement: with these bankers Will end on Fe6ru-
! airy l. and that Mr.. WARMER Is now on his way here
from Europe look into the affairs II Is also cur
| rcnty reported that the amount owed 10 J. war
| n,r * L. David from Wcrthelmer * GO. Is between
! $4,000 and 100000. ana the knowledge that NJ
! WARMER coming here prccipiiated the assign
| mont. Some lively litigation Is expected TO begin
over he account between tho firms. 50 II IS alleged,
| WARMER q David asserting that all the stock and
accounts of the firm belong 10 them, while on the
| other hand Werthci!ncr {: co. dispute the claim.
As an outlet Tor the goods Of Wertheimer (; CO..
| there formed in 1889 the Louvre Glove Company,
which established branch storeS IL Baltimore. Wash
| ngton. Providence and Kansas City Wertheimer
| & Co. ga ded In the trade the principal
stockholders In this concern 1t is said that they
| practically owned Il. Horwitz & Hershfield said
! yesterday that the Louvre Glove Company was not
| affected in any way by tho failure OF Wertheimer
| d CO.