King's Downfall

When he was 13, Benjamin Balish had saved $5,300 from peddling spoiled pineapples to slum dwellers on Manhattan's lower East Side. Then he turned to onions, at one time was making about $175,000 a year as active partner in Dingfelder & Balish, Manhattan onion and potato jobbing firm. Claiming he was U. S. "Onion King," Ben Balish last year bought out his partner, quiet, wealthy Carl I. Dingfelder (TIME, Oct. 18). Last fortnight, the 42-year-old Onion King declared himself broke, asked permission to reorganize Benjamin Balish Co., Inc. under Section 776 of the Federal Bankruptcy Act.

Explanations of the King's downfall were as numerous as his enemies. The trade believed, however, that King Balish had been living too lavishly, had extended himself too far last year in buying Partner Dingfelder's interest, had plunged too heavily on several bad deals since 1929. In filing for bankruptcy, the Onion King listed liabilities of $150,970, assets of $414,576. Among the latter were $160,000 representing goodwill and value of the firm's brand, $42,000 listed as "advance to Ben Balish."

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