New-York tribune., 1900-11-14
RECEIVER FOR STRONG & co.
COMPLICATIONS CAUSED BY DEATH
OF SENIOR PARTNER.

E A TREAT. NOW IN CHARGE OF BUSINESS.
CANT ANSWER AS TO soLvENcY-s,oo.ooo
OF PAPER MATURING TOMORROW.
Justice Andrews. OF the Supreme Court, late
yesterday afternoon appointed Edward A. Treat
receiver Of the assets OF the firm OF William L.
Strong & Co. drygoods commission merchants.
OF No. 40 Worth-st, in a suit brought by AL
bert B. Shattuck and Putnam Bradlee Strong as
executors OF the estate OF William L. Strong
against the several partners IN the firm tndi-
vidually and surviving partners. The de-
PENDANTS are Frank L. Stott. Francis H Cabot
Charles B. Yardley. Charles w. Jones. Frank NJ.
Kelley and John w Doson. The suit is in con-
sequence Of the death of Mr.. Strong and is for
dissolution Of the partnership and the deter
mination OF the interests Of Mr. Strong and the
several partners, as the firm had written
articles Of partnership. The bend OF the re-
cetver was fixed at S250OO0 Mr. Treat is Of the
firm OF Treat & Converse. drygoods commission
merchants. at No 20 Worth-st The receiver is
appointed during the pendenCy Of this action,
and is empowered 10 take charge OF the business
property and assets of every description Of the
firm, TO collect the debts Of the firm. liqudate
and wind up the business and affairs of the part
nership to operate and carry the business in
so far as il may be proper and advantageous TO
The liquidation Of the partnership affairs and
with the usua! powers of receivers.
in the summons and complaint it is recited
that MT. Strong died on November .. and that
Mary L. Strong the widow. has not qualified as
executrix. The firm was general partnership
but had no written articles of agreement Of
partnership, and was dissolved November
by the death of Mr.. Strong. The firm has
sets aggregating many thousands Of dollars,
consisting largely Of cash in bank stock
hand. bills receivable. office furniture and fxt-
ures. The firm is indebted TO various persons.
many Of whom are non-residents of the State
but great part Of the Indebtedness is not now
due or payable. The interest of Mr.. Strong at
the time Of his death, by reason of his will. is
vested in the plaintiffs. Since his death the
other partners have been in full charge of the
business. but, being surviving partners and
having the right to administer the assets. de-
cline further to administer the assets. The
Plaintiffs demand an accounting of the assets
belonging to the firm. TO determine the right of
the various partners and for dissolution of the
partnership.
COMPLICATIONS CAUSED BY DEATH
"Bradstreet's' reports state that MI Strong
began business about 1866, and succeeded SUIT
ton. Smith & Co. in 1872. The firm was then
composed Of William L. Strong. Spencer w. Coe
and William B. Symmes. In 1881 Charles B.
Tardley became a partner and retired in 1885.
Francis H. Cabot was admitted as a partner
January /. 1889. Mr.. Coe retired on Decem-
Der 81, 1891 and Charles B. Yardley. Charles
". Jones. Frank NJ. Kelley and John W. Dolson
we're admitted partners During the term of
chce Of Mr.. Strong Mayor the business was
managed by the other partners. The business of
the firm largely In cotton goods. ffannels
and woolens In 1897 the capital of the firm
was represented by Mr.. Strong to be about
S75o.Oeo. and in July. 1900 he said that they
we're worth over S1ooo0Oo including his per-
sonal means outside of the business, and the
business cleared about 100000 a year. The
business Of the firm largely unguara nteed.
in the last two three years they have taken
some new woolIen accounts whose sales they
cashed at the end Of each month. This took
good deal of money, as they have to sell the
goods at about six months credit. They issued
some single name paper, seldom having more
than $4,000 a year. and their paper found
a ready market at low rates.
Mr.. Treat the receiver. issued the following
statement last evening:
y The I'd death Of " 1 Strong and the death Of F
WooIlcn Mills located at stoftsviIie. \. y in
which the firm Of ". L. Strong & Co was largely
notes that We're maturing. as both concerns
creditors the remaining members Of the firm and
the ITen6s C, OF W l. Strong together with the ex
reeeSeF ought 70 be APPOINTED for he speedy
The day before Colonel strong was buried His
death naturally complicated the situation, and it
was thought that the relations between the two
could be worked out more speedily and better by
The process Of a recevership than they could have
been cleared up by the remaining partners. Colonel
Strongs son. Putnam Bradlee Strong, is not
member of the firm. and. therefore there is
direct family interest now actively represented I'm
that old house
i IS due 10 Mr.. Strong's memory that every effort
he bent toward speedy settlement The receiver
VIII take hold Of this matter for the sake of MI
Strong and those he left behind him No in the
cTygOods business stood higher than ne did in the
estimation Of a large number Of people in all walks
help his friends Now that he is dead all that his
friends can DO in return is 10 settle up his affairs
IN the speediest way possible.
CAN'T ANSWER AS TO SOLVENCY
Nj Treat was asked the amount or the llapll-
tiles and assets. but said he could not give an
estimate Of them He did not know, and would
not give out any figures until the books had been
examined Asked if the firm was solvent he
said he could not answer that question, as SO
many complications had arisen from the death OF
MI Strong and Mr. Stott, both being indorsers
on paper coming due, of which natures on
NgYember IL for SI01OOo
Lieutenant-ColoneI Strong when he was seen
last night, said that the action was purely
formal and friendly proceeding, and was broughI
for the purpose Of facilitating the adjustment oI
the affairs Of the f N. He said further that ne
had comment 20 make on Mr.. Treats state
ment
DECTED