The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1882-02-22
A CHICAGO sESsarloN.
William c. Clarke, Of the Wholesale Paper
House of Clarke, Friend, Fox & Co, Gets
Away With Over s1Oo, 900 and FIees the
CIV.

William G. Clarke, Of the Wholesale Paper
House of Clarke, Friend, Fox & Co, Gets
Away With Over 100000 and FIees the
City.
CHICAGO, Feb. 1s.-wm. c. Clarke. formerly at
the head of the wholesale paper house of Clarke,
Friend Fox q Co, has fed from Chicago and Is
known to be in New York. Il appears that he not
long since bought out the other interests Of the
firm with prom.ssoTy notes, and speedily trans
ferred the stock 30 riyal GealeT for Sl7jo09. of
which $1,000 was IN cash or good commercial
paper Complaints by the original creditors Of
the house caused an investigation by Friend and
Fox. which showed that SilS.000 Of the 1rla'S
paper still atiosf. OF this amount $40. COO
promptly paid. and The liabilities viii be honestly
The history Of Clarke's transactions, according
to the Chicago Times, IS that about December l
turned from conference at Cincinnati of resi-
dent members there OF his firm, opened negoua-
lions with the ). w Butler Paper Company. Of
Chicago, for the disposal of the stock of Clarke
Friend, Fox y Co. He represented that he had
purchased the interest OF the junior members of
The firm The Butler Company closed negotia,
good will of the irm at a consideration
OF $4,000, Of which s1l2,COO was
paid over to Clarke In cash and notes. Then
Clarke retired from business. and some five weeks
ago took an abrupt departure for New York.
where he Is now employed BY the firm OF C0lburD.
Day & Field, IL New street. 1t seems that Clarke
years agc, had been given charge of the Chicago
branch Of the house with a working capital Of
$4,000. When he determined to wind things
up he represented to his partner that good
deal of the firm paper was afioat among Chicago
hanks. but he proposed TO return To the
Friend d Fox Paper Mill Company
It's go. 600 working capital in the Chicago firm,
with additional bonus Of s. 600, provided the
Company would stand by him in the event OF a
"cramp." This was agreed TO, and soon after the
dissolution OF partnership was announced. Later
events showed that Clark misrepreSented the facts
20 the Cincinnati partners, for instead of only a
| few thousand dollars OF the firms notes being
held by Chicago banks, the firm responsible
to bankers and paper manufacturers 10 the
amount OF nearly 5000
This was not known TIL Wednesday last, when
q meeting of the creditors was held here. Friend
| d Fox have signihed their intention to meet all
claims. Some of the pressing Claims amounting
| TO $40 000 were Immediately settled. Among the
claims presented were Campbell & Smith. New
| York, $1,000: Rochester Paper Company SIC, eco:
Hampshire Paper Company, South HGdiey lalls,
| Mass, S. coo; Whitney Paper Company. H0yOke.
| Mass, 81 0O0 Potter Mills, Neenah. Wis, SL0o0;
]. II. Wren & Co.. bankers, Chicago. 81. 900; Bata-
] via. Illinois, Paper Company, $50 600. Among the
local banks said 10 be yiciimiZed are the CONNER
| cial National Bank. National Bank of Illinois,
/ Fifth National and three others There also a
| large number Of paper mills. in various parts of
the country, whose claims range from 500 TO
| SocU0.