The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-22
CLAFLIN TO STAND
BY HIS OWN REPORT
VIII Not Yield Easily to Expert
Accountants at Cred
itors' Meeting.
TWO STATEMENTS READY
Third Element Of Independents
May Furnish a Surprise
at Fridays Gathering.

Two statements Of assets and liabilities
are likely TO be presented at the meetIne
OF the creditors OF the II. q. C1afin Com.
pany In the Park Avenue Hotel Friday
morning. One report will be made by
the receivers. Joseph u. Martindale and
f. A Jullliard. as from expert account,
ants. The other may come from John
Clafiin. president OF the II. ". Claim
Company
Morgan J. O'Brien, counsel 10 Mr.. Olaf
lin. said yesterday that Mr.. Clafin was
preparing the statement Of assets and LA
bilities OF the II. u. Claain Company and
tho various retail dry goods stores
throughout the country.
II IL understood that Mr. Claflln and
his associates are not inclined to yield too
freely to the expert accountants ~ thos.
men are severe in marking down the as.
sets far below Mr.. Claims idea OF their
real value.
The expert accountants had reached a
stage In their investigation Yesterday an.
parently where they could make a prelim.
mary report to the receivers and were
ready to confer with Mr. Claim and ask
his views ana further information regard
ing certain matters Accordingly a con-
ference was held in the office OF Rush
more. Bisbee a Stern, 40 Wall street
Messrs. Rushmore and stern were there
with Messrs. Juilliard. Martlndale, Claim
and John l.. Wilkie, OF Gould 4 wilkie,
attorneys for the II. Il. Claim Company
and the United Dry Goods Companies
That conference lasted until after 6
O'Clock "A IL
mitted that Mr.. Clafiin had been asked
questions in regard TO certair items and
had helped the receivers and expert ac-
countants materially. No one would make
any statement as TO what the Anal state
ment would show. II also was explained
that the expert accountants might be- in
clined to insist that so per cent. OF the
bills receivable were collectible whereas
Mr.. Claim, from his own experience
would insist that at least 90 per cent OF
the bills were colectible.
The question whether everything would
be harmonious at the meeting came up
again yesterday. II was admitted by Mr.
O'Br!en that there Is an independent ele-
ment OF creditors VINO nave not Joined
with either the n1eholders' committee or
the merchandise creditors committee and
who undoubtedly would be represented at
the meeting on Friday.
Things may he smoothed out IN n salts
factory manner to-day. for there will be
meeting of the bankers on the noteholders
committee in the National Bank Of Com
merce. Those bankers. coming from diff
ferent cities, will report the results Of
their work in the sections OF the country
they represent. II is hoped that that com
mittee will hold by that time "A large ma
jority OF the Claim receivables now out
standing and amounting at latest ACCOUNTS
20 t3l,7lo.0Oo.
Mr.. Clafin. It W. announced authori-
tatively yesterday. is ready TO throw every
dollar he possesses into the reorganization
Of the emba rrassed concerns. He Ia con
hdent that p plan can he worked out by
which the creditors will get 100 cents on
the dollar and he personally is ready to
make every possible sacrifice to that end
He does not wish, however, 10 take the