New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-24
MR.. BATESS STORE CLOSED
A MERCHANT CoNFEssEs JUDGMENTS.
THE LARGE DRYGooDs HOUSE IN TwENTY-rHIRD-
ST. IN TIE HANDS OF THE sHERIFF-A
TALK ABOUT TIE CACsEs or THE

EMBARRASSMENT.
The large retail dry-soods store Of Levi n.
Bates g. Co.. at Sixthave. and Twenty-thinl-st,
was taken possession of by the sheriff yesterday
and to-day its doors will remain closed. Judg-
ments by confession to the amount Of 81 26.264 50
were entered in the Supreme Court yesterday
against Mr.. Bates, who was formerly head Of the
firm Of Bates, Reed & Cooley and who eight
months ago purchased the business Of Conkng
& Chivvis. The plaintiffs in the suits in which
the judgments were entered are H. B. Clafiin &
Co.. whose claim is for sI9.7l2 54 principally
for goods sold; Daniel II. Mills for s50,016 22,
including interest and costs, for money loaned
on January %; and Martha A. Bates This wife)
on a note for s56,535 81, money loaned
Although the business has been conducted under
the title of Levi NJ. Bates & Co.. Mr.. Bates was
the sole proprietor. The Sheriffs officers took
possession of the store yesterday Afternoon, by vr-
tue of executions issued under the judgments, but
the business proceeded usual ntil o'clock.
For some time rumors have been in circulation to
the effect that the business was not paying and
that Mr. Bates was tightly pressed for ready money,
but as all maturing obligations were promptly
met, the trade looked upon the rumors as merely
idle gossip. Bradstreets however, withdrew his
rating The trade had supposed that Mr. Bates
was wealthy, and it was thought he could raise
whatever money was necessary to tide over tho
dull summer months.
Mr.. Batess lawyer s. F. Kneennd, was at the
store yesterday looking after matters. Mr. Knee
land said the liabilities were about s250 900. T.ie
nominal assets were much larger, and he thought
that the actual assets would equal the liabilities and
that there were enough assets to pay everything
Speaking of the causes of the failure, Mr.. Knee-
land said that Mr.. Bates had met with many losses
lately. lie lost $50, 900 by the failure Of Met
calf, Brothers and Co, of Detroit. Mich. he had
$50, 900 stock in that company and was an en-
dorscr Of their notes Trade had been Lad this
spring. He had lost money in the business tho
corner being an unldcly one. lie paid too much
for the business when he brought out Conlxling
& Chivvis. He paid them bonus Of $4,000
and improved the property by letting In more
light Many rumors had been in circulation
which hurt his credit. Matters were brought TO
a focus yesterday by little attachment, and
Mr. Bates gave judgment to III. b. Clafin e. Co.
and to two others Mr. Bates hopes to get
settlement and go on again.
at his home, No. 254 Madison-ave., last even
ing, he said: j. have sent out circular to
my creditors stating that am very sorry TO be
placed in this position after q successful business
career of thirty odd years: If let alone, should
have been able to pay all l owe IN the next six
months. l hope and expect to be able to pay
everybody and have a balance left lie added
that bad trade in the spring and summer had
caused the trouble
Mr. Bates stated on February 13 that he was
worth between S450,000 and 100000 and that
his wife was worth Sl50,O00 in her own right,
so that if the assets in the store are sufficient
to meet the liabilities he will still be a wealthy
man and will be able to go on with the business
if he wishes to He invested $500, 900 Of his own
in the business when he bought it, Mr.. Bates is
a prominent Republican and was at one timc
talked of as a candidate for Mayor. He has not
made an assignment, and now that the sheriff is
in possession, cannot do so. An inventory Of the
stock viii he made and the goods will be sold
to satisfy the claims Of creditors
ASSIGNMENTS AND SCHEDULES FILED.
Assignments made yesterday as follows: Jay
F. Butler, manufacturer OF childrens carriages doing
business under the OF the New-York Carriage
Company at No. 213 Grand.st. to Guslaye Huerstel.
giving preferences for s1s37i 49, Plowden Stevens.
manufacturer mouldings No 640 West Fortyeighth
ST. to Ira A. Allen without preferences and Charles g.
Iecuyer retail dealer in boots and shoes at No. 1888
Third ave-. w. I. L. Neely giving preferences for
s1,419 49,
Schedules in assignments were fled as fohowss
Emanuel Stransky eweer No ITS Secondst. TO Arnold
Kohn, with liabilities, &C. SO; nominal assets