Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-05-11
KNOCKED DOWN LOW
Heavy Sacrifice Of a Big Dry Goods
Stock.
WESTERN SHOE 6 DRY GOODS co.
Slaughtered Under Chattel Mortgages
w. S. Mccormick the
Buyer.

At ten O'Clock this morning group
ct dozen gentlemen stood 10 the
r ore OF The Western Shoe and Dry
Goods company, listening to the read
ing OF q notice by Clarence X. Nc
Cornick, trustee under certain chattel
mortgages That were given In connee'
ton of the failure OF that co ncern o
thort time ngo. The notice announce d
that q sale OF the stock under those
ehattel mortgages would then and
there be made.
When the reading was finiuned the
trustee began calling for bids. The first
offer was $1,000, and was made by an
individual understood to represent a
house which makes specially OF deal
ing In bankrupt stocks. A. E. Hyde
raised the bid $500, and Mr.. Grsy OF
the legal firm OF Booth, Lee and Gray
raised the latter bid SlUO. There wss
Lively bidding between these persons
until Mr.. Gray offered IS, $50, when
the other two gentlemen retired from
the field. The trustee called the last
bid few times ana then declared the
etock cold to W. s. Mccormick, VINO
was represented by Mr.. Gray.
Precisely what the stipulations OF the
chattel mortgages are was not
learned; but il those instruments
are in the usual form, w. 3. McCOr.
lick is the cole and legsl owner OF the
entire stock OF merchandise In the
establishment. 1t was to be expt cteu
that the stock wouli 70 al sacrifice,
but II 1t is really worth the amount
which a gentleman apparently well
acquainted with 1t says II is, the sac
Ihce ia unprecedented. He places lis
value at fully $4,000. nearly SIX times
the price 1t brought.
This circumstance leads to the sur
mise that there 10 an understanding
to the effect that when the amounts
due under the ohattel mort.
cages, with aecruing costs anu
expenses, amounting in all TO some
thing lees than MI. Gray's bid, are
real zed. the stock holders, or the ore
uituts oil the concern, will receive the
balance. This, however, is a matter
to which outsiders were not allowed 10
penetrate, and conjectures only can be
given respt ct ny II.
MIR. Hyde remarked jocosely to Mr..
Gray when the sale had been declared:
"Gray, L believe you'd make II better
dry goods man than lawyer,lanyway."
"Thaps all right" retorteu Mr..
Gray. "Just come around here In
Jay or two ana III sell you some dry
goods cheap"
From what Mr.. Gray said 1t Is In
ferred that slsug inter- sale OF the
stock at retail will shortly be inaugu.
rated. From remarks made by other
gentlemen the inference was conveyed
that there might be litigation to pre-.
vent the ruinous sacrifice OF the In
terests OF stockholders and creditors.
1t WAS urged that the assignee should
have taken steps TO protect his trust
but hsJ not done No, though what
there 10 In all this the NEWS 10 not
able to say.
A gentleman conversant with the
affairs Of the concern states that 1t has
made no money for the last three
years, and that its prosperity was much
retarded by dissensions among the
stockholders.
The retail dry goods business in this
city, which has not been any too
profitable for long time, will be
seriously injured II this large stock
shall DO suddenly put on slaughter
salt; but one man's misfortune Is an
others opportu nifty in this world.