The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1897-01-09
CREDITORS VOTE
FOR |NS0L VENCY
Now in Order for Levin
Brothers Assets to
Be Sold.
Some Bookkeeping Peculiarities
Explained by One of
the Firm.
A Large Meeting of Creditors in
Which Some Very Pointed
Questions Were Asked.

Nearly one hundred creditors of Levin
Brothers met at the City Board of Trade
yesterday afternoon to hear the report of
the com mittee appointed to investigate
the condition of the failure and firm.
Jacob Levi presided.
Chairman Levi made an opening state
ment to the effect that the staten
made by Front-street merchant that the
committee was "cooked and dried" was
false in every particular. He said he had
carried out his trust as a member of the
committee fully. He asked for vindica-
ton, in default of which he presented the
alternative OF declining to act further as
chairman.
Mr.. Lilienthal OF the Anglo California
Bank and Mr.. Schultz of Haas Bros. made
remarks in support OF the. chairs integ-
rity, the latter saying that Mr.. Levi had
certainly been wrongfully accused and
that the amounts given in by Levi q Co.
and all other large creditors had been
verified. Mr. Levi appeared satisfied and
continued to serve.
the committee. AS assets, he reported:
Total merchandise, $3l, 291 As; fixtures,
$689l SO; good outstanding accounts,
$3940 %; accounts doubtful and bad, $10,-
292 % Total assets. $40. 1913 "a.
Indebtedness: Total, $l57 ,675 OF; deficit
between assets and Liabilities, $115, SOL II !;
total deficit, SOL, sol 76. He stated and
on the outside as to the value of the assets,
amounting to about $50. 900. 1t was then
stated that Levin Brothers offered settle
ment of 1875 cents on the dollar, and that
If this was not accepted, insolvency pro-
ceedings would necessarily ensue, and that
this meant that the creditors would not
get more than one-half of the offer of
settlement from the firm. Mr.. Lilienthal
stated that the committee made no recon-
mendations, and had not considered street
rumors or resolutions of outside organiza-
tons.
Mr.. Whitney, prominent creditor and
member of the committee, stated that he
asked at the store for the cashbook, and
was told " the young lady there that they
money was dumped into common till (;
that the partners took what money they
wanted, sometimes putting in memo
randum and sometimes not.
AT this point of the proceedings a COM
mittee of the Retail Grocers' Association,
which had been waiting outside, was re-
ceived. Joseph Stulz being the chairman
and spokesman. He presented a resolu.
ton OF the association, protesting against
any settlement with Levin Brothers for
less than 100 cents on the dollar, on the
ground that the firm had bought goods of
certain wholesalers and sold them for less
than cost, which had precipitated t e
failure, and because settlement on any
other basis would be putting a premium
on 2 disastrous cutting of prices. The
resolution also stated that the association
would lend all its influence TO prevent a
settlement on any other basis.
Chairman Levi asked IL Stulz would
give guarantee that no settlement would
be made with Levin Bros. for less than
100 cents on the dollar.
This pointed question closed up the
spokesman for the Retail Grocers' Asso-
citation. He responded that he could not
give a guarantee for his netghbors.
On motion of Mr.. Lilienthal the Retail
Erocers' Association committee was then
rather brusquely excused, SO that the
creditors could proceed with business.
julius Levin, a member of the firm, was
outside. He was called in, and consented
to reply to any questions asked him. He
| said, in reply to questions, that the firm
| had never sold anything below cost, and
he defied any body to show facts to the
contrary. They had sold goods at cost
sometimes, but never below. He said
that whatever cuts in price were made
| were first made by Others, and they had to
| meet them. The one who made the
cashbook, he SAID the business had been
a mutual affair; that the brothers were
honest with each other. and had kept no
classified cash account for eighteen years.
What moneys they received were entered
in the dayhook, and what moneys paid
out were jotted on memorandum, which
was made for the benefit of the girl, and
torn up in the evening.
MIR. Vansicklen of the firm of Dodge,
Sweeney 81 Co. stated emphatically he did
not think it possible for Levin Brothers to
secure settlement with his firm even at
rs or 80 cents on the dollar.
The fact that there are TWO attachments
on the stock and that they would take
precedence was announced. Mr.. Johnson
proposed selling the stock at auction, but
this was strongly opposed by Chairman
Levi and others.
a motion to settle with the firm for 33311s s
cents on the dollar in notes good a. the
banks was rejected by large majority. 1t
was finally voted 10 be the sense of the
creditors present that Levin Brothers be
thrown into involuntary insolvency; that
the committee be continued, and that it
do the best it could with the assets.