, 1874-05-29
THE CHICAGO
hAmLIN, DAvEY & co.
Their Business Transnctiong with
III. B. Clnflin Il Co.


For fav days pant readers Of tho papsrs
have probably noticed IN Advertisement that
Hanlin, Davoy l. Co. we're Belling out their
Wholesale stock Of dry goods at a grcat roduc-
tion, 80 aB to oloao their buBinsBs by Juno !.
An explanation OF tho notice, and q full esato-
mont OF their troubles, wan mado known by d
bill filed yoatorday In tho Superior Court by
+. N. Hamlln and John II. Davoy, against tho
woll-knovn dry goods house OF II. D. Ola1in &
Co., OF Nov York, and Cyrus Dontlcy, a lawyer
hero.
THE cosrrLArNANrB,
who arc tho successors to tho firm Of Hnmlin,
Halo Il Co., state TINT, on tho 25th Of Noyom-
bor Inst, the latter firm found themselves in
great financial ditflcultfcs, partly owing to Oh,
partly for subsequent purchases from Olafiin /
Co., to tho amount Of nearly 81 .0oo, 900: On tho
abovo-mentionod date, Hamlin, Halo Il Co.. be-
ing unablo u - to pay such iudebtednosS, wore oon-
An EXTENSION OF TIME
Dnt, unhappily, Olaltn d 90. found It necessary
70 rcalixa largo amount at onoo from
TO givo any furthor time. Undos thees
tho firm Of Hamlin, Halo & Co. was to DO dis
solved and now firm formed Of the complain
ants they purchasing all tho old FIRMS Btook and
assuming nll Its dobtH. Clatfin i Go. agreed to
koGcpt toousUuV III l4ll OF tUGE ClQf0 OF 81 1UUu,-
600, apd tho complAlnanta gave notes for that
amount. $4,000 payable in Afteon days after the
dhte OF tho agreomont, S50, 600 moro IN thirty
days, a100, 900 in forty-flve days, 810000o ii
SIXTY days, 91oo, 900 in four months. 100000 in
six months, making In all 1850. 900.
TO pEounE THEBE NOTES
Aamlin Davoy Co. agreed to give note Of
H. A. Dnyoy for 100000, secured by trust decd
On property worth s17b, 600; q note by H. A.
truHt dood on $40 Wabash avenue worth SO, 200.
Also aomo other notes Of Haulin or Dayey,
mostly secured by renl ostate, and $50. 900 Of tho
stock Of tho Burlington, Cedar Rapida l. Min
neHoth Railroad Company, worth 99E oonts OIL
so5, ,98o, mud various other aeouritos, Including
M assignment OF the ground lease to tho land
on which oomp1ainants' atoro stands. Tho &c.
curitios 80 given amounted to about a517, 200,
and the peonsrty lpe 6 covered by them wan worth up
or this total indebtedness Of s65o,oo0, tho
only 9l60, 900, which became payable yesterday.
IT WAS ALSO AGREED
that, upon payment Of tho various notes., n
should bo released to onablo oomplainants
to reallze on them In ttmo to moot tho later pay
ncnts. Hamlin d Dayey now allego TINT Bont-
10y, who wns made tho Trustee and agent Of
C1afin & Co., haa not released to them 4 proper
ttonate amount Of tho securities rs promised
that Olatiin & Co. have given said Trustee atrlos
orders not to roleasa dollar's worth OF security
until tho uttermost farthing WAS paid, although
they had expressly agreed to tho contrary in the
contract. Owing, to this failure, tho complain
xxHAuBrEp THEIR OUTSIDE RESOURCES,
haye boon unable to meet their last installment
Of 3160, 600. BY the terms of tho contract. it
was agreed that Bentley should sell II tho notos
wore not paid at maturity, and Han,ln aud d.
pnrv fARH tft1uf friJ1 I'm f4rpo 1nN{ T. To