The sun., 1907-08-23
BLAME CANFIELD FOR FAILURE
WILLS BROS. & CO., FORCED TO As
SIGN, SAY HE WELCRED.

His Lawyers Say the Firm Sold for Hts Ac-
count without Authorization AT Any
Rate He Loaf. and the street ls Glad
some NJ Its Money Came Back TO M.
Mills Bros. 4 Co.. bankers and brokers,
of Il Wall street, made a general assign
nent yesterday morning for the benefit
II creditors. with liabilities OF between
800 900 and 500, ZOO. and seat on the New
\ ork Stock Exchange worth about s72, 900.
~ the principal asset. The failure was
considered Of no Importance in the Street
from financial point Of view. but it was the
all absorbing subject Of conversation there
when IL became known. shortly after the
announcement Of the suspension on the
door of the Exchange at II o'clock. that the
trouble was largely due to Richard Can
FIELD OF Forty-fourth street. Saratoga and
other places Wall Street ssid he WEIGHED.
The firm is composed OF young men and
vas formed only two years ago. s. Frederic
Mills, J. Harry Mason, Jr.. and Philip C.
Mills are the three partners. s. F. Mills.
The senior member. is in the early thirties,
and his brother. Philip o. Mills. who is
the board member, has only been out OF
college two years. he was in the class OF
1905 st Harvard and was very we'll known
and liked there. He was secretary Of his
class ana played on the varsity football
team for three years
It was suggested that the youth Of the
n.mbers accounted na,tlv for thu fact
,L.. ,... -. p.pI, C..s-,s
'"'o lse. su'. '1'u "
aHo"eu 10 open an account. AT nrst ne
was on the bear stde and made big profits.
There was no trouble between him and his
brokers then. That did not berin to de-
,.o,o, un,;, M. t,,rn.d n, tho hill I'D. ...,,
his y.sr and his nrot,,. hegsn 20 srr swsv
-I an, Io.ir. rnor. ,,,onev down IN W.u
s,r.., be aid 10 = c,o.. fr,end ~ nj. =,
nat time than I can max. IN ,sgitim.,a
h,sinsssS
When tbi. r,mark v.a r,,..ted in the
s,r.e, vss,.rd.v the broLar. .esnoad vsrv
van sst;sfed ~ hear th.t the roon.v xh;cb
sor,s ~ ,h.r, bsd ;nv.~t.d n Csna.,d,.
~bpsiness- without rucb return ercent in
the form Of sxper;ence vas finding its vsv
hscx 20 the s,raet
what b.nn.c.d .st.r IN. til. ,,,v,.d
tho stor;es nr.s.n,.d hv C.nne,d and hv
Mills Rro. disysr y.~v vr.t.~;.Iv tn.
onlv noint thew srrnsd an "a. that the
whole matter would be brought 10 the
courts Garfield claims that MuIs BRO.
owe him .evera, thousand dollars On
Thursday Mills Bros. offered 20 nav Can
field the amount tbev considered dine him
which in said TO be soi .oOo. on condition
that he would apree 10 oive nm HIS otber
claims. The offer was refused and Mills
Bros. decided that in that event, with
the difficulty thew had along other lines
ia making collections on accounts due
them, il was best TO suspend. The ASST IN
rnent was made TO Edward Harding OF the
law firm OF Campbell, Harding 4 Pratt,
and Mr.. Campbell Of the same Arm became
his attorney.
Garfield is in Saratoga and refused yes
terday to Discuss the matter. II. Snowden
Marshall of Battle 4 Marshall, his counsel,
presented his side of tho case.
MIR. CsniieId.' he said. has at all times
kept his margin at Mills Bros. intact, and
has always responded to notices from
them for an increase Of funds on deposit.
He charges that the brokers have made
transactions involving the los Of several
hundred thousand dollars without getting
any authority from him. He has done no
Ia - -N--n