The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-26

oOIl
The H. B. Claim Company has been
the barometer OF the dry goods trade
of the country. The name OF Clafin-it
was II. b. Claim first. and then 1t was
John Clanin--was rated as the leading
symbol OF dry goods activities. What II.
Il. Claim said concerning the conditions
of his special lines OF business was re-
garded as authoritative.
John Claim. the son. proved to be
greater genius in the dry goods business
than his father. He added to the won
derful knowledge of his own line OF bus
mess the talent OF an organizer. and II
was through him that the United Dry
Goods Companies. taking In the whole
sale Arm OF the II. b. Claiin Company
and a number OF retail houses through
out the country. was organized.
SO for years Mr.. Clahln has been the
leading dry goods merchant of the coun-
try. The II. h. Clafiin Company. how
ever. is only a part OF the tremendous
dry goods business of the United Dry
Goods Companies.
So great was the confidence Of the
banks in the commercial strength OF the
II. Il. Clafin concern that on four differ
ent occasions In the last fifty years the
nrm was helped in times of financial
stress. The first was during the civil
war. the next in the panic of 1873. the
| third In the SOS, and again In the panic
year OF 1907 extension OF credit was
given. But this year the bankers began
TO withdraw their support and the result
was the crash.
Firm Founded I'm the '4Os.
Though there have been various changes
| in the form OF the business OF the II. Ii.
Clafiin Company the concern dates back
TO the '40s. II was founded by Horace
b. Claim. who was born in Milford Mass,
| in 1911. In 1891 he succeeded to his
in lS43 he opened a store at Worcester.
Mass The same year Mr.. Clafin moved
to this city and organized the wholesale
dry goods house OF Buckley & Clahin.
That firm was reorganized In 1851 as
! Clafiin, Mellin Il Co. and occupied the
basement OF the old Trinity Building. at
III Broadway. then the centre OF the
dry goods Jobbing business. The war
checked somewhat the development of the
business, but the banks came to the aid
OF Mr. Clafin. and In 1854. as IL. b.
Clafin & Co, the concern moved to the
structure which II still occupies at Church
and Worth streets and West Broadway.
Under the management OF Mr.. Clafiin,
Sr.. the business grew rapidly and at
one time Its gross annual sales exceeded
those OF any other mercantile house In
the world. The failure OF Jay Cooke 4
Co, causing the great panic OF 1873, and
the bankruptcy Of Hoyt, Sprague & Co.
Of Rhode Island brought about another
period OF stringency for II. b. Clafiin
Co., but again the banks helped out the
company.
Son Assumes Entire, Control.
II. Il. Clafiln died on November H.
1895, and under the terms OF his will his
estate managed the company for Ave
years. Prior to the death of his father
John Ciahin. who was born In 1850 In
Brooklyn. had been thoroughly trained to
take up the business He was college
bred; he had travelled widely to different
parts OF the world studying business con-
ditions After five years OF this proba'
tionary work following the death OF his
father John Claim In 1890 came into
control OF II. b. Claim Co., copart'
nership. Then the present H. Il. Clafir
Company was Incorporated to take over
the business Of the old partnership Mr.
Claim Immediately arranged that his
employees should be put on profit shar-
ing basis. and many OF them have some
Of the shares OF the 100000 corpora
ton.
| The new concern was continued upoI
very much the same policy as In the days
OF II. b.. Claim. Edward f. Eames
George Il. Armstrong and Dexter y
Force were Mr.. Claims chief associates.
Factor in Banking world.
Mr.. Claim also became a factor II
the banking business, and in recent year
has been a director IN number OF tn
most important banking institutions II
New York He was striving steadily ant
ambitiousiy TO build up not only whole
sale but also a retail dry goods business
He was director or trustee OF IN
American Exchange National Bank. tn
Astor Trust Company, the National Ban
OF Commerce and tho United States Trus
Company, He also was a director OF IN
New York Life Insurance Company. tn
Home Insurance Company. the Atlanti
Mutual Insurance and many other larg
Insurance companies and banking institu
tons.
From 1890 to 1898 Mr. Clanln devote
his energies to strengthening and buildin
up the II. b. Claim Company In 1s9
he began to branch out by incorporatin
the Columbian Construction Company. tn
parent OF the Associated Merchants Con-
pany. which controlled the retail end q
his tremendous business. That compan
bought up numerous retail dry good
stores In this city and throughout III
country.
Up to 1898 the II. b. Claim Compan.
which had n capitalization OF $4,000 90
was paying per cent on the commo
stock Of $S,se9.l0o. as well as dividend
on the 32.800,3o0 first preferred an
and S2.570.600 second preferred. I'll
Columbian Construction Company SOC
after Its incorporation began to buy u
retail department stores, and In 1901 Il
charter was amended and the nan
ehanRed thu Asaoriafed Mercha n
Company. Of which Mr.. Claim was pres
dent In the next eight years that cor