The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-17
IN AN ASSIGNEE'S HANDS
.WORLD's FAIR" AND "THE LEAD
Err" OWNED BY JOHN CLUNE.
H. b. ClafFiin & Co., of New York, Pre-
ferred for s22,OOO-suit for
Receiver Also Filed.

Quite stir was created in court circles
yesterday when John Clune, proprietor of
the two stores in this city known as the
Worlds Fair and THE Leader" came
into the recorders office and filed an as
Segment of all his business property in
both places to John r. WEIGH, of WEIGH e.
Ward, of Monument place, as assignee. Fol-
lowing close on the heels of the assignment
came a suit filed in the Circuit Court
against him, brought by George A. Sisk, an
employe, to whom the defendant is indebt-
ed for $10OO, asking that receiver be APP
pointed to take charge of the property,
claiming that otherwise the other creditors
will absorb all the assets of the defendant.
With the filing of the assignment the as
signor named H. B. Claffiin & Co., of New
York, as first preferred creditor. because of
a mortgage held by them TO secure twenty
two notes given for bills of goods at diff
ferent times. aggregating- $22. 1857.
Margaret Clune, his wife, is named as
next preferred creditor, she holding mort
gage note for 5000, on which there has been
credit of $1,000. Both mortgages were
made June IA. and filed at and 9:15 o'clock
respectively, yesterday.
The assignment fails to mention any
schedule of assets except an unvalued in
bank account carried is an exceedingly
small one for such a business, there being
yesterday. according to the statement in the
assignment, only $2O1.42 on deposit in the
Indiana National Bank, while the cash on
hand listed at the stores foots up $47463
There is outstanding as undue payments on
so-called leases" for goods sold on INSTALL
ments the sum of $4,000 or Whereabouts. No
exact schedule of the property has been
made by the assignee, who has been more
or less accurately advised Of the value of
it, but he states that $4,000 will, in his judg-
ment, cover it all.
In the receivership proceedings Judge
lien stated that he would not appoint re-
ceiver in the case unless the assignee would
resign This Mr.. Welch refused to do, and
for four hours the parties to the proceedings
conferred and argued among themselves
trying to arrive at some understanding by
which the interests of all would be cared
for. The applicant for receiver stood out
for the appointment of the Marion Trust
Company, and Mr.. Clune expressed himself
as satisfied with the services of either that
company or Mr.. Welch. In fact, he said he
was willing to have any one serve so far as
ne was personally concerned, and after an
all-afternoon wrangle Attorney Henry
Span asked that the hearing of the case be
deferred until Saturday afternoon, when,
said he. ''there will be trouble
An attorney closely identified with the
case. and able. if any one is, to tell what
the property is properly valued at, states
that 1T will probably schedule $4,000 in
round figures, although there is no way of
telling in precise figures at this time what
the amount really is.
The reasons given for the assignment are
that the business transacted has been a
large one. and almost entirely on the sys-
tenn of credit known as the "installment
plan"
The notes given to II. B. Claff1in & Co.,
or New York, were for extensions of credit
from time to time. and make 1t appear that
this house was the main source of supply
for both stores There are other minor
creditors in Chicago, Cincinnati and Grand
Rapids, but an attorney in a position to
know stated yesterday that the liabilities
would not quite reach $4,000. Collections
on leases" have been slow, and as the
notes became due it was decided by Mr.
Clune to make an assignment, as it will be
impossible to realize fully on the goods sold
on time payment for about two years and
the conduct of the business demanded a
larger working capital than was at hand.