New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-25
MIR. BATES HOPES TO REGAIN HIS GROUND
THE LARGE STORE CLOSED DURING AN INVENTORY
OF STOCKHOLDERS OF AID.

THE LARGE STORE CLOSED pUHiNu AN iN'E''NA@N
OF STOCKHOLDERS OF AID.
A nlacard bearing the words Closed during stock
taking was posted on each door of the dry goods
store Of Levi NJ Bates Co., at siAth-aVe. anu
Twenty thirdst. yesterday. On the Twenty-'nru-s
side an iron grating separated the Interior Vi tn0
store from outsiders but 1t apparent that scoes
of men and women were busily engaged IN counting
pieces of goods of the various descriptions na"uieu
nv the firm Deputy Sheriff Kaufman, with TWO
watchmen as assistants guarded the door Mr. Bates
was there until the middle of the afternoon, ana gave
all the assistance in his power to get AZ INC cAdo'
status of affairs He declared that he was Hluoh eA
couraged by letters received from many business
friends offering assistance, and expressed inc wei
founded hope that settlement would be arrived at'
and that he would be enabled thereby 10 resuho
husiness MANY of the creditors Of the firm he said'
appeared willing TO grant an extension, ana IL ar
rangemens could be made, he would reopen the soio
in few days. ,
In addition to former judgments, the firm yesterday
confessed a claim of the Garfield National BANK, az
Twenty thirds and Sxth-ave., OF S'3olo w. LUIS
amount was the balance Of discounts OF notes amoun|
ing TO 500 900, and the judgment was received py
lewis A. Waehrng attorneys for the plaintiu' inc
certifcaton being by Justice Z. Ii. van Drum.
The total amount of judgments nied no" Is ao
81 80 600 The failure was, naturally enough seA
surprise to the small army Of employees, Dut none "
them have been allowed TO quit work. Ihey arc
employed by the county " "s' "
ventory ..
I s F. Kneeland Mr.. Bates's attorney, was seen
! vssterdav afternoon He said The claims think,
are now all confessed, with exception OF some small
liabilities amounting 10 some 100000 tne STOCK
will nrove TO be worth far above S2OO,ooo, ahd III
| addition Mr. Bates owns the bills receivable oi
| Rates Reed a. Cooley, worth probably between
$40 600 and 100000 The book accounts OF uo
Arm are very good, and will bring nearly S2o,ooo'
That means total Of 100000 at the lowest hsure
and that ia a good showing. The whole failure was
nrecipitated by that ridiculous judgment OF S24o,
which Mr.. Bates refused to pay until the TACT Oh
| assignment had been proven
The lease for the building occupied oy MI ba'eS
! e-n,res next May the rental being S2o,ooo year
In case an adjustment is made, MI Baes VIII coniiu'
at the same place and hopes 10 regain lost grounu-
Under date of July %, the day Of the iailure' MI
Rates has issued the following letter:
Gentlemen: 1t Is my painful duty, after suecessiu
record OF over hirtyfve years, TO be compeHeu 70 an
nounce TO nv creditors suspension OF business An "
,achment has been levied which, though small IN amount
md entirely urcalled for fCar coming AFTER the aS
rumors that have been circulated would fatally aneet MY
credit have confessed judgments in favor OF some o.
the largest creditors and expect 10 be able very soon
nrotect the rights Of all in full and have surplus le
over Just a. soon as make fuller statement
will do so by letter 1 have paid over one-han OF my
merchandise Indebtedness during the last six weeks an
expeced TO have entered upon the fall trade clear OF al
Indebtedness merchandise out by the act OF re" I'M
rights OF all have been imperilled Respectfully yours
LEVI NJ BATES.