New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-05-12
Old Dry Goods Firm
Acts to Protect
Creditors.
ASSETS;
COMMITTEE NAMED
President and Vice-Presi-
dent of SO, 100000 House
to Retire.

The firm Of Mills a Glib, capitalized
at $3,200,000, and one of the most ex-
tensive dealers in white goods in this
country and England, will liquidate be-
fore January 1, 1917. The announce
ment was made yesterday by William
I. Evans, president and treasurer Of
the firm, after expert accountants en-
ployed by the banks that handle the
concerns paper had finished an exam
ination Of its books. A committee OF
bankers, with Joseph B. Nsrtindale,
head Of the Chemical National Bank, as
chairman, was appointed late yester-
day to look after the concerns affairs
Charles f. Rushmore, of 30 Wall Street,
will act as counsel for the committee.
Mr.. Evans and Frederick A. Vslen-
tine, secretary and vice-president OF
Mills e. Glib, both expect to retire
from the business within the next year.
Evans a Patron of Art.
Mr. Evans is known among drygoods
men as "the best credit man in New
York City," and holds a countrywide
reputation as a patron of American
painters. He gave 100 paintings TO the
National Gallery in Washington and a
smaller collection to Montclair, n. j.
The large real estate holdings he las
recently acquired, including three
twelve story buildings on Fourth Ave-
nue., valued at several million dollars,
will not be involved in the liquidation,
il is understood.
William 7. Evans last night issued
the following statement:
"For some time past IL has been in
contemplation TO introduce new inter-
ests into this company, all the original
proprietors save myself having died.
The company finds itself in a situation
which makes it imperative 20 seek
some indulgence at the hands of those
holding its obligations.
"The company has abundant assets
TO meet all obligations. The current
business is extremely good, as are also
its collections, and it is hoped TO meet
this temporary embarrassment without
any suspension of business. Joseph b.
Martindale, president of the Chemical
National Bank; J. Harper Poor, of the
firm Of Emory, Browne & Co.; Ed
mond S. Twining, of the firm of Clar-
ence Whitman & Co.. Robert r. Dunn,
of Dunn Bros, and J. Cheever Cowdin,
of the firm Of Bond & Goodwin, have
consented TO act as a committee in an
extension of six months time for the
company to meet its obligations, with
close supervisory powers meantime
over the business.
"These men have agreed to act as
such a committee in the interests Of
all parties concerned and il is ex-
pected that later on they will enter
the board Of directors. The spplics-
ton for an extension has already been
presented to large number Of the
principal creditors and has been favor
ably received"
For a month or so past IL has been
openly commented upon in financial cir
cies that Mills & Glib paper was not
circulating so freely as that issued by
some other concerns in the same line
of business.
Banks Examine Firms Books.
On Monday night last the expert
accountants employed by banking
houses ln lH4S Civ NnNAi WIN
on the books of Mills & Glib. Stimuli
taneously, an invoice of the concerns
stock was started. 1t is understood
that the accountants were assigned
at the request of group Of indepen-
dent banks rather than on that Of the
Chemical National Bank. with which
Mills & Glib does the majority Of its
banking. Statements rendered yester
day TO the banking interests showed
that the firm was solvent.
Mills g. Glib is one of the oldest
commercial concerns in New York II
was founded more than q quarter of
a century ago, when Mr.. Mills and
John Glib left the f. S. Jaffray con-
cern, then a bigger dry goods house
than the II. B. Clahin Company.
Mr. Evans was a bookkeeper for
the Jaffray firm, and was highly es-
teemed By both Mr.. Mills and Nr.
Glib. He was taken into the new
firm, and was made executor OF the
Mills estate when Mr. Mills died in
England.