Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1882-02-18
GENERAL NEWS.
Extensive Fire in HaverhiIl,
Massachusetts.
A Crooked Dealer Who Does No,
Belong to Oskots.
This Time 1t is Chicago Paper
Dealer and He Plays n
Sharp Game Upon h
His Partners.
Abscsntlo.i.

Chlcago, Tebruary lo-Wm. Clafk.
formerly at the head of the Wholesale
paper house Of Clark. Friend, Fox & Co.,
has fed from Chicago and is known to
be in New York. 1t appears that he not
long since bought out the other interests
Of the firm with promissory notes
and speedily transferred the stock to the
company's rival dealers for $l75,0O0. Of
which $4,000 was in cash or good COM
.mercial paper. Complaints by creditors
of the original house caused an investi-
CATION by Friend and Fox, which
showed that $1sO.OOO OF the firms paper
was still atioat, of which $4,000 was
promptly paid and the liabilities will be
honestly met. The history Of Clark's
transactions. according to the Chicago
Times, is that about Dec. LIST Mr.. Clark,
xho q few days previously
bud returned from conference at Gin
cinnatl with the resident members there
of his firm, opened negotiations with the
J. w. Butler Paper Co., of Chicago, for
disposal of the stock of Clark, Friend
Fox & Co., und lie represented that he
had purchased the interests Of the junior
members of the firm. The Butler com.
pany closed negotiations, by taking the
stock and goodwill Of the firm at con.
sideratlon Of $4,000, Of which $4,000
was paid over to Clark in cash and notes
Then Clark retired from business; came
home about five weeks ago. and soon of.
ter took an abrupt departure tor New
YORK, where he is now employed by the
firm Of Colburr, Bay Il Field, No. IL
State street. 1t seems that Clark had
five years ago been given charge Of the
Chicago branch of the house with q
working capital OF $4,000. When he de.
terminedto wind things up he represent.
ed to his partners that good deal OF the
firms paper was atloat among
Chicago banks, but lie pro.
posed to return to the Friend
& Fox paper mill company it's $4,000
working capitalin the Chicago firm with
an additional bonus OF $1,000 provided
che company would stand by him in case
Of o cramp. This was agreed to and
soou after the dissolution of partner
ships was announced. Later events
showed that CLARK. misrepresented the
facts to tho Cincinnati partner, for III
stead of only q few thousand dollars
for which he claimed the firms note was
acid by Chicago banks, the firm was res
oonslble to bankers, paper manufactur
ers and others to the amount of nearly
100000. This was not known unit
Wednesday when meeting of creditor
vas held here. Friend 4 Fox have sig
nified their intention of meeting oil
claims. Claims to the amount of $40,
700 were Immediately settled. Anon:
the claims presented were those of Camp
bell 6 Smith. of New York. $4,000
Rochester, n. Y, Paper Co. $4,000
dampshire Paper Co., South Hoddie
Falls, Mass, 5000; Whitney Paper Co.
Holyoke. Mass, $1,000; Paton's Mills
Neenah, Wis, $500; j. H. Wren & Co.
bankers, Chicago, $4,000; Batavia, Ills.
Paper Go. $1,000. Among the loca
banks said to be victims are tho Com
mercial National bank, Fifth Nationa
band and Others. There are larg,
number o5 paper mills in various part,
Of the country whose claims range from
$500 to $4,000. ~N