Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1899-07-30
BUSINESS WOUND Up.
The ampls-Llngaman Dry Goods
Store Closed Last Night,
ON A DECREE OF THE CIRCUIT
COURT, ORDERING A SALE OF
THE STOCK ON HAND-THE RE-
PORT OF RECEIVER ]. A. MIL
LER IN FULL.


the Boston Dry Goods Company. Judge
/ PAUL ordered the Sample Lingaman
Company store closed last night, and a
sale of the stock on hand and fixtures.
/ The report of the receiver, ]. A. Mil
| Ter, is as follows:
THE undersigned. heretofore APP
| pointed special receiver in the above
entitled suit. respectfully reports that
| on the evening of the 18th of July, 1899,
ne took charge as receiver, of the assets
| and business of the Sample ingaman
| Company, under the order of your hon
orable court, and Immediately proceed
| ed, in obedience to the directions con-
! tanned in the decree Of his appointment,
| TO take an account OF stock and ac-
quaint himself. as well as possible,
| with the debts and assets of the BUSH
ness Of the company.
| LAS soon as your receiver could make
! a statement of the condition of the said
! company, he filed such statement with
| the clerk Of your honorable court on
| the 22d day of July, 1899, in the above
| entitled suit. While this statement
shows S1,1S0.60 more assets than liza
I bilities, the assets were reported at
| their appraised value, but they will not
| by any means bring anything like such
! amount. II cannot be expected that
| the stock. which was valued within
| S1,969.33 of its actual cost, will bring
| anything like the amount of the APP
praisement when sold. The stock was
! entirely destitute of many kinds or
| saleable goods necessary for the con-
| duct of a dry goods business. The
| millinery is out of season and rapidly
| depreciating in value from that cause.
! And the same is true OF the majority
| of the dry goods in the stock. IL the
millinery and the summer dry goods,
! which is the bulk of the stock, are not
| disposed of in the next thirty days, it
| would entail a great sacrifice TO the
| interests of the creditors. Among other
| articles in the stock are a large GUAM
| tity of ready made ladies' suits, which
are either out of style or rapidly going
out of style and decreasing in value
| daily, and should be disposed OF at an
early date.
"As to the furniture and fixtures,
which were appraised at s1,s4S.0S. it
has since been estimated and stated by
a number of competent experienced
1
that they would not bring over $500.
| "As. to. the bills receivable, there
| seems to be little or no prospect Of
realizing much if anything from them.
| The claim against E. c. Sample is, in
the Judgment of your receiver, worth
| less. 1t will thus be seen that there
is no prospect of their being anything
left from these assets for the stockhold-
/ 1~ft hn nj no
| pie apparently interested are the cred
itors.
THE business of the Sampled inga-
| man Company was Of three kinds; a
| dry goods business, a millinery bust
ness, and a candy, ice cream and soda
water business or confectionery bust
ness. The business is conducted in a
| large three story brick building 'front.'
ing on the west side Of Market street.
between Twelfth and Fourteenth
streets, in fine location for retail bus
mess. There is large basement be-
meath, in which, as well as in other
| parts of the building, are stored parts
of the dry goods stock, and In which
| basement is conducted the manufacture
of candy in limited way and the max
| ing of ice cream.
! 4 nc odLlpit-I <lllSdludH 3DlupduS
were in business about four months,
and only made cash sales of about
| ST 500 in that time and credit sales OF
&,10S.64, as near as can be ascertained
in the absence of book accounts for the
major part Of the time they were con-
| Quoting their business.
| Your receiver il informed that they
have lease for five years on the prem
I ir1y ted 10
rental of $500 per year for the current
! tenant year expiring March 81, 1900,
and at rate of 81 800 per annum for
the remaining four years. such rent BE-
ing payable in equal monthly install
| ments.
THE conduct Of the business has
| been and is necessarily very expensive,
as it combines three separate business
| es, as heretofore stated The conduct
| OF the confectionery department in
wolves the employment Of four persons
| at least; the millinery department re-
/ quires, even out of season, two persons
constantly, and in season half dozen,
the dry goods department requires at
| least five persons. ana the business de-
mands manager on hand at all times
as well as a book keeper TO keep the
L d@LOuALS. he tAptucSS VIII amount
at a conservative estimate, to $500 per
month. The sales amounted. during
the last thirteen days the business has
been in the hands Of your receiver, 10
about $500, and the collections Of old
accounts from $50 TO 500
Your receiver has notified all the
debtors requesting payment OF their ac-
| counts.
This statement would indicate that
it would be better policy and for the
benefit of the creditors to close the
stock out as a whole. rather than at
tempt to continne with the hope Of re-
alizing anything like what could be
done by selling it as whole.
The business as conducted before
the receivership was conducted at a
loss, and since the reeeiyership your re-
ceiver finds that II cannot be conducted
without loss Of at least $50 per day.
THE foregoing statements indicate
that the business cannot be conducted
as IL has been and Is being conducted.
| under the orders Of the Court, without
| serious loss 70 the creditors OF the
company, and that the sale of the dry
goods and millinery business az 4
whole would probably result 20 the adj
vantage OF the creditors and be prefer
able 10 the continuance Of the business