The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-06-26
Great Dry Goods House
f Fails For Many Millions
CONTINUED From page u

and Frederick A. Juilliard, a dry
goods mercha
Almost stint .aneously petition In
voluntary bankruptcy was filed by
the three merchandise creditors whose
attorneys announced they would seek
tne appointment OF other receivers,
IN this action subpoenas were issued
ior Mr. Claflin. Mr.. Eames and Dex
ter ~ Force. treasurer OF the COM
pany, to appear and show cause on or
pelore July why it should hot be
adjndged bankrupt.
!. Committees Named.
Immediate steps to protect the in
terests OF note holders and the 1ner-
.chandise creditors were taken by the
appointment OF committees represent
Ing each. The note holders COM
mittee, OF which ]. S. Alexander Is
chairman. asks that all claims be de-
posted with them, and a similar re-
quest was made in behalf OF the
merchandise creditors, called to-
gether by, attorneys for the Merchants
Protective Association.
Both committees announced they
they would demand voice in the re-
organization plans. Still another pro-
tectlVe committee wP3 organized un-
the auspices Of the Creditors Audit
and Adjustment Association. and the
receivers are directed by the court
also to'Organizc a creditors commit
toe to be chosen by all the creditors
at an early meeting.
AT this meeting the creditors will
DC authorized by the cour. to vote
whether the rcceivership sha!l be- con-
tlnued and whether other reccIy.r..
shall be appointed. Tho, authority
granted them By the court appears .o
give them virtual control or the com
pany's business subject to the appro-
val of the court. + :,
/ ,'..- Fourth Crisis TofaI.
& The failure todey marked the fourth
financial crisis of the H. B. CIaflin
Company since 1t was first establish
ed In this ,city in 1843 with the firm
name of Bulkley and Claflin. It was
fifed over financial difficulties In the
war between the states when south
ern debtors failed to meet their
northern obligations; again in the
panic OF 1873, and again in the pam
ic of1907 when. It is understood, ]. P.
Morgan and Company came to the
rescue
From its humble beginning OF sew
enty years. ago the concern grew to
be the greatest dry goods enterprise
In the country and was the nucleus.
together with other enterprises which
John Claflin promoted, Of the .Asso-
ciated Merchants Company and SUBJ
sequently the United Dry Goods Co.,
organized in 1903, with $51 900, 900.
capital stock. Its commercial notes.
It was remarked In Wall street to-
day, were acEepted throughout ,the
country almost as the equivalent of
currency so' strong was Its credit.
In announcing the resignation of
Mr. Claflin, the board of directors of
the. United Dry Goods Company and
the Associated Merchants Company ia
q sued the following statement:
! Relations Severed.
This sewers the management Of
these two Companies from the stores
..ip which MIR. Claflin has personal
Interest. Mr.. Claflin desires to de-
vote his entire time to the affairs of
the II. B. Caflin Company and the va
rious retail stores In which he is per-
sonaily interested. Mr.. Cornelius
Bliss Is one OF the leading merchants
OF New York City and is considered
one OF the best equipped men of this
city for the position which he has
accepted"
According to Mr.. Alexander, the
Claflin Company's difficulties were
precipitate6 Sss it's, endorsement cs