New-York tribune., 1907-08-29
J. S. H4LPRIN BANKRUPT
He Files Petition FollOuing Failure
of Br0nr Building Firm.

Jacob S. Haprn. OF the firm OF Sax. Sussnan
& Halprin. builders. which filed petition in bank
ruptcy on August T. and who formerly mem
Der Of the firm Of Halprin & Haperin. furniture
dealers, filed personal petition in bankruptcy yes
terday with the clerk OF the United States Dis
trict Court showing liabilities OF G.l54,S2 His
nominal assets $50 which exempt The
petitioner also asks that he De relieved from all liza
bilities OF the firms with which he
nected
According TO the papers filed. Haprin gave his
address No. 297 Broorne street. He part
for two years in the firm OF Halp-in & Halperin
which gave up business In May. 1904. and was sub
sequently connected with the firm of Sax. sussman
& Halprin. OF No IS West 1I4th He
held out a partner, and is considered by all
creditors. he states. Of the firm as partner by
estoppel.
His schedules give s. 007 as debts Of Sax Suss-
man & Halorin. and 50 s05 debts of Halprin &
Halpern. OF the liabilities of Sax. Sussman & Hal
prn however. s6oi.51o are duplicated on mortgages
and then or the bonds which accompany the mort
cages. so that deducting this amount leaves $3.50.
2I2 as the actual liabilities
Charles Haperin, his former partner, of No go
Seventh avenue. also filed a petition yesterday
showing liabilities Of $50 and no assets. All Of the
debts contracted as partner in the firm of
Haiprin & HaIperin, furniture dealers. in 1904.
When the firm of Sax SussInan Halprin filed
its petition. the schedules showed liabilities Of
81 l3 as but large part OF the liabilities appeared
trice-once on the mortgage and then on the bond
which accompanied the mortgage. so that the actual
liabilities amounted to about s5ls.Sn The firm
began business in December. 1904 alleging II had
600 cash capital built several large apartment
houses and then gave up business
Jacob s. TIalprin, who is son of Abraham
Halprfn real estate operator, with offices at No
l32 Nassau street lived in West l08th street until
q week ago but his present address could not be
obtained last night neither could he be found AT
Nc G7 Broorle street man. who refused to say
whether he was Halprin not. said that owing
TO the stringency in the money market Halprn
could not get enough permanent mortgages TO
meet the loans that due HIS buildings and
az a result those who had lent him money fore
closed their holdings
,b-ae wears Of building operations small mar
gins in The Bronx Buildings have been going up
ar a rapid rate in thai part of the city. There IS
NOW an overproducrioE OF houses, and as the
e,,n-y is greater than the demand. many operators
,era facing a crisis, he said Halprin was caught
IN a building market that was overworked In
two wears his building debts were about
81 o,o 600 and with only &36o,00 in mortgages
against thi. sum and no demand for rentals 10 help
meet the large loans that were fast becoming que
he was forced to suspend operations
t4e huit three six story apartment houses. each
with a 40 foot front in 13Sth street. near LeIoh
sye,ue end they became a dead loss on his hands.
tbts man asserted There no offers TO lease
Them In the face similar conditions that threat
on "a continue in The Bronx building market and
with the future promising no change HalpTlA Sd"
no way TO meet his debts. and failed~