The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1914-06-25
VAST DRY GOODS ENTERPRISES COLLAPSE TODAY

Whlch >. =. Alexander, president ot
the National Bank Of Commerce. VIII
be chairman. New York banks are
said Ia have made large advances to
the Claflln company recently with the
hope Of ayerting financial embaFrass-
ment. New York banking interests,
n ls understood. have agreed to offer
such assistance as may be necessary
to some OF the independent retail
stores affected.
Interested merchants were cioseted
with J. r. Morgan and other prom
inent bankers day and night for the
last week. In an attempt 10 avert the
failure. II is understood that S30.-
100000 was necessary.
"Mr. Morgan and others were most
generous said one who participated
In the conferences. "but II was
question OF raising the whole amount
or none at ALL"
Joseph h. Martindaie. president OF
the Chemical National bank, and
Frederick a. Juilllard. wholesale
dry goods merchant, were the receiv-
ers appointed. They were named M
the friendly prooeedings-two suits In
equity-one brought by John G.
Emes. vice president OF the ". y.
Claflin company. the ether by VIII
liam y. Odell
There were also involuntary pro-
ceedings which sought the appoint
ment OF different receivers and al
lege that the company was insolvent.
These proceedings were Instituted by
I small creditors.
Receivers Mariindale and Juiiliard
said that the failure was Of such tre-
mendous proportions that 1t would DC
several weeks before Il would be pos
sible to know whore 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 ef-
feet viii be- temporary demora lization
In the dry goods trade.
Announcement of the failure caused
general decline on the opening OF
the stock market but losses were not
heavy and succeeding transactions
caused reaction 10 some extent.
According to the best possible rec
| ordn available here, the ClRflin
stores. not affiliated with the United
| Dry Goods companies, are;
White House company, spokane.
| Wash.
Peoples Store company. Tacoma
Wash.
waita. Rettew and clay. Norfolk,
Va.
Castner-Kuott Dry Goods company,
| Nashville. Tenn.
j. Bacon and Sons, Louisville. Ky,
Copper city Commercial company,
Anaconda. Mont
NJ. j. Connell company, Butte,
/ Mont.
Hennessy company. Butte. Mont.
Montgomery Fair, Montgomery
| Ala.
Joslln Dry Goods company. Denver
Colo.
Root Dry Goods company. Terrs
| Haute. Ind.
}. u. White and Company. Angus
Ia. Ga.
spring Dry Goods company. Grand
Rapids. Mich.
Macdougal and southwick com.
| pany. Seattle. Wash
Jones Store company, Kansas City
| Mo.
Scruggs, vandervoOrt. Barney Dr,
Goods company. ~. Louis.
The Fair. Cincinnati. ..
George w. McAlpin company, Gin
cinanti. -.
Lion Dry Goods company. Toledo
Ohio.
Kline brothers. Altoona. Pa.
Mecreery and Company, PITTS
burgh. Pa,
Lord and Cage. Reading Pa
II. Batterman company, Brooklyn
IS. Y.
Bedford company. Brooklyn, n. Y
Thomas &. Watkins. Limited. Ham
ilton. ont.
Mr. Alexander. chairman OF th,
protective committee. made the fol
lowing statement:
III. H. Claflin company discounted
with banks In New York and sold
through note brokers TO bank
throughout America a large amoun
OF paper executed by a large numbe
OF corporations other than the n. q
Ciafiin company. which has a stori
In the borough of Manhattan. tn
committee Is formed for the purposl
OF protecting the interests of the var
ious banks holding this paper en-
dorsed by the n. n. Claflin company
| - - HNlNA AAAi ~ AAfN hNAMNAN VI ~
notes will act promptly and concert
eddy through the committee the slt
uation will very much improve an'
the committee will exert every effor
toward that end.
NO definite figures are available
but the committee n informed tina
the total liabilities are upwards o
$50, ,G00.00 As figures become avail
able the creditors will be duly ad
vlsed."
So far AZ Is known, bankers AM
dealers In commercial paper. othe
than those having direct connectlo
with the Claflin company were 4
absolute ignorance of the company
financial embarrassment np 10 a da
or two ago.
The last annual report OF the CON
pany a. OF December 81, 1919. show
ed a surplus over and above all Ma
biiitles OF ti,GSs.l3O. a greater paI
Of which constituted reserve "a
the common stock after payments q
dividends on the first and sec0n
! preferred shares. since its oFganika
! tion In 1880. total dividend disburse
/. mcnts OF tis.230. SEA have been made