Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-04-10
another BIG COMBINE
Big Dry Goods Houses Said to.
Have Formed a Syndi-
cate.
Will Attempt to Control the
Trade in That Line in
the East.
J. Pierpont Morgan & Company
One Of the Chief Promoters
Of the Plan.

New York. April 10.-J Pierpont Nor
gan & Co. is expected to make public
today the prospectus of the combination
of dry goods and department store in
terests, which was forecasted yesterday.
The new corporation, which is TO be
known as the Associated Merchants
Company, is capitalized at 10000, 900.
and al the outset takes oN,ar the bust
ness Of the III. B. Clanin Company, the
largest dry goods jobbing house in the
world: that of the Adams Dry Goods
Company, doing a retail business in
Sixth avenue. and that 81 The Twenty
third street establishment Of James Nc
creary & Co. Reports We're current to-
day that the capital Of the corporation
Would soon be Increased several fold
and that other large emporiums in this
|city and elsewhere would be absorbed
within a short time. the ultimate pur-
pose of the company being to establish
chain of stores from Boston TO Chica-
go.
Mr. Claflin's new company exists UNI
der special charter granted by the
state OF Connecticut. OF the authorized
|capita of s20,o0oG00 there viii be issued
slo,oOo,oO0 in first preferred cumulative
. per cent stock, convertible at the
pleasure of the holder into second pre-
ferred cumulative stock, or into com
mon stock. There Will be s5.0o0000 Sec
ond preferred cumulative 6 per cent
stock and s5,0oo.ooo common stock.
OF the first preferred stock ]. p Nor
gan x Co., in a circular issued yester-
day offer s5,000,o00 at par, The terms of
Subscription prescribe that 10 per cent
be paid on acceptance and the remain
ling Go per cent9o July 10 next.
| Althostfe circular announce that app
| nlication for subscription will be re-
Isceived until April Is 1t is understood
that the underwriting syndicate has
bean already largely oversubscribed
In an open letter from John Ciafin
| president Of the H. r. Claiiin Company
TOD. ~ Morgan q Co.. which is append
lsed to the prospectus and circular issued
| by them. Mr.. Glatlin explains in detail
that the purpose of the company is sto
lacquire various dry goods businesses Oh
| interests in the city Of New York and
| in several Of the other large cities Of tht
| United States. In pursuance of this
purpose he says the corporation has al
\ ready acquired from himself and his as
I sociates 4o,00l shares, or majority OF
The II. b. Clafin Company. which is
row paving dividend of Per cert pei
4 annum on its common stock. i; has
4 also acquired $4,000 OF the total SO 0ot
shares of the stock of the Adams DIR,
Goods Company and the entire business
l.of James McC'reery & Co
Negotiations are said to be pending
/ already with one large Brooklyn cor.
Icern and with anotherin Cincinnati anc
the head Of one OF the large department,
stores in this city said yesterday that
the new company would also acquire
both the Broadway establishment and
/ the Grand street store of the old firm OF
Lord & Taylor
Dry goods jobbers have been some.
what alarmed by the prospects OF /
union Of such powerful interests which
they fear viii affect their interests witt
4 the retailers.
4 Members Of the siegel. Cooper Com
lpany. r. III. Macy & Co. and Simpson
4 Crawford O. Simpson state that none o
4 them contemplate entering into an ALI
ance ,r combination with any othe
4 company and that they have not beel
approached by representatives OF tn
Il Claflin- Morgan SYNDICATE