New-York tribune., 1902-12-21
GUSTAVE A. JAIN & co. ASSIGN.
Son Helped His Father to Tide Over Diff
culties.

Gustave A. jain and his son. Frederic L.
jain, doing business under the firm name of
Gustave A. jain Co. at No 9S Wall-st. made
an assignment to Gustav W. Schimmel yester-
day for the benefit of creditors. without pref
erence. The assignment filed by the firm s
attorneys Wingate & Cullen, at No. 20 Nassau
st. T. z. Hodgskin, OF the law firm. said that
the liabilities of Gustave A. jain e. Co. would
amount to about $4,000 and that the assets
would exceed that amount
Gustave A Jahn started the business at No.
9S WalI-st. thirty years ago. For many
years until last year. his partner in the firm
was w J. Grifiiths. The firm were wholesale
jobbers in rice, sugar and coffee. Disagree
ment between Mr.. jain and Mr.. Griflths last
year led TO a demand by the latter for disso-
luton of partnership. Mr. Griflths threatening
to make an assignment and place the firm In
the hands Of a receiver then II the partnership
was not dissolved. Statements made yesterday
by Mr. jain and an attorney for Mr.. Griihths
differed as TO the responsibility for the firms
failure and IN the settlement or the hrfn
affairs rival claims may be presented. MI jain
said yesterday afternoon:
The making Of this sssgnmsnt is T one bSSneas o tns
peer m ne1ne how nearly forty-three years
ago and have been In business for myself over
During this time my commercial credit has stood
high and it has orly been during the ast ygay yI
that there has been any question in regard 70 MY
ability TO pay all my debts on demanp ne aa losses ee
Of the drm were mainly the result Of our hasing
made contracts for large importatlons oI Io'ecS &
tinuous decline in the coffee market during the
business year of 1901, which resulted In making
During the year 1901 Obliged to BE- be frs e,
quently away from New-York for long PERIODS AZ
a time locking after the rice and milling interests
CT the firm in Louisiana and Texas and conso or
the business TO others, and was not thereIots a.
suficisntly familiar with the details to know ITS
While / knew that the rrm embarrassed 81 /
was not willing 10 make an assignment, as @ Iei.
confident that it had more than sufficient to pay
its debts and that, with little time G9miG % ,s Pal
ent year have done everything that was p1sslpie p
1 to 90 ,5d 5dS INV spn Pn' Fredere to my
with additional capital found however; rn Ihat And
oSeresimated my ability to meet these obligations
from my creditors extension of time which VIC A. s IN
turn, curtailed my credit SO tha5 my n conct OF
s Ssness 6ecas on paying basis The firm
number of valuable assets, which believe to pe pc
order fA to preserve them have. after very run
consideration come 70 fhe and qudae
everything. 1 confident that this WIZ T-|sIte SUI
IN the the Payiagns Hytia surplus. ri als '-i'
The thing which / most regret is that ,- should I
misfortunes mis- He is entirely fnnocen, IN the mat
ter and Il IN m no Which Was se is placed the oapa
which ne accumulated has been lost In the attempt
to help me.
Mr.. Hodgskin contradicted a report that the
Sugar Trust had ruined Mr.. Jahn by dropping
the prices of sugar when it knew he was
large holder He said the Atlantic Rice Mills.
of which Mr.. jain president until few
deys ago could not be affected by the failure.
The warehousing of a large consignment OF beet
sugar from California. consigned to GustaVe A.
Jahn & Co.. was said not to be a contributing
cause of the failure. and ii was added that the
interests of the American Beet Sugar Company
would not be affected.
In addition to being large stockholder in the
Atlantic Rice Mills Mr.. Jahn has been vice
president and director of the Flatbush Trust
Company, a trustee of the Germania Savings
Bank of Kings County. vice-president and
director of the Moore Cortes Canal Company,
president and director of the San Bernardo
Rice Company and a director of the Trinity
Rice Land and Irrigation Company
Mr.. jain has fine home in Flatbush on
Albemarle Road. He is member of the 18th
Regiment Veteran Association, of Lafayette
Post C. A. r., Of the Hamilton Germania, Mid
wood Knickerbocker. Manufacturers, Riding
and Driving clubs and of the New-York Cham
Der of Commerce, the NewYork Board of Trade
and Transportation and the German Society of
New-YOrk.