White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1914-06-28
$4,000 900 FAILURE.

Wholesale house of II. B. Clafin Co,
and the announcement that nearly
thirty stores throughout the country
would be affected. The liabilities of
the firm are estimated at 49,, 000,-
900, the assets at more than $40
600, 200. Overextended credits
caused the failure, the largest of Its
kind in the history of the country.
Though affiliated with the bank
rupt firm through stock control, the
United Dry Goods company and the
Associated Merchants company. to-
gether with their stores in New
York and elsewhere, we're not in
their financial position was strong.
For the retail stores in the Claim
string auxiliary receivers will be
named and they will continue doing
business.
Two proceedings-friendly and IN
friendly-threw the firm into bank
ruptcy and two receivers were nam
ed under bonds of $500.000 each.
New York bankers are said to have
made large advances to the Claim
company recently, with the hope OF
ayerting financial endorsements.
New York banking interests it is un-
derstood, have agreed to offer such
assistance as may be necessary to
some Independent retail stores
affected.
Interested merchants were closet
ed with j. P. Morgan and other
prominent bankers day and night for
the last week. in an attempt to
avert the failure. 1t is understood
that $50, 000. 00o was necessary.
Mr.. Morgan and others were most
generous said one who participat-
ed in the conference. but it was not
question OF raising the whole amount
or none at all"
Joseph 3. Martindale, president of
the Chemical National bank. and
Frederick A. Juillard, a wholesale
dry goods merchant were. the re-
ceivers appointed. They were named
in the friendly proeeedings-to suits
in equity-one brought by John c.
Emes, president of the H. B. Claim
company. the other by William P.
Odell, -~
There were also involuntary pro-
ceeding which sought the appoint
ment of different receiyership, alleg-
ing that the company was insolvent.
These proceedings were instituted by
small creditors.
Receivers Martindale and Juilliard
said that the failure was of such
tremendous proportions that it
would be several weeks before it
would be possible to know where
they stand
Though the failure is perhaps the
most important In the history of the
dry goods trade in this country New
York bankers predict that the chief
and perhaps only potent general eff
feet will be temporary demoraliza-
ton in the dry goods trade.
The announcement of the failure
caused a general decline in the open
ing of the stock market. but losses
were not heavy and succeeding tran
stations caused a reaction to some ex-
tent.
According to the best records
available here the Claim stores not
affiliated with the United Drygoods
companies are:
White House company, Spokane,
Washington; Peoples Store company,
Tacoma. Wash; Watt, Rottew &
Clay. Norfolk, Va; Castner-Knott
Drygoods company, Nashville, Tenn;
j. Bacon & Sons, Louisville, KY;
Copper City Commercial company,
Anaconda, Mont: NJ. J.. Connell COM
pany. Butte. Mont; Hennessy COM
pany, Butte, Mont; Montgomery
Fair, Montgomery, Ala; Joslin Dry
goods company. Denver. Colo; Root
Drygoods company, Terre Haute,
Ind: j. b. Wife & Co., August, Ca;
Surfing Drygoods company, Grand
Rapids, Mich; MacDougall & South
wick company, Seattle. Wash; Jones
Store company, Kansas City, Mo-;
Scruggs, v~andervoort. Barney Dry
goods company, St. Louis, Mo-, the
Fair, Cincinnati. o.; George w. Nc
Alpine company. Cincinnati, o.; Lion
Drygoods company. Toledo. o.; Kline
Brothers, Altoeea. Pa; Mccreery &
Co. Pittsburgh, Pa; Lord & Gage,
Reading, Pa; II. Baterman company,
Brooklyn, N. "; Bedford company.