New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-28
Prune S20.0O0,000 from Re-
port Submitted by Ex-
pert Accountant.
NOTEHOLDERS WORK
ON NEW ESTIMATE
Plans for Reorganization in
Progress. and Will Be Given
OFT This Week.

As ,he result o. an oveihsuling oy
creditor7 ycs e.Ga" o The accountants
ropor: on the condition o. the II. Il.
Clafn Company. it was reported hat a
serious difference Of opinion has arisen
as 10 the value OF the assets. A de-
crease Of approximately SO. GOO. 900 is
hintct.
Accord. 20 the report. made public
or Friday. the assets are S5J.2j9. 523.
with liabilities Of approximately Si5.-
00o. 900 y nen the various creditors
representatives finished pruning yes
tcrday II was said that the assets had
been cut down 10 between $50, 900 .000
and s250O0.O00.
The genera merchandise creditors
committee met n the Woolworth
Building and went over the figures. In
the meantime J. u. liareteld. counsel
for the notcholders' committee. was en-
gagged i'm the same task with Morgan J.
OBrien, counsel Tor II. b. Claflin.
fairfield Examines Assets.
The conference between Mr. Hart
field and Judge O'Brien lasted for
more than two hours Judge O'Brien
said they had been engaged in trying
20 reach Il common ground. He said
that the assets Of the II. B. Clafin
COMPANY retail store were s20.000,000
but gave no estimate Of the assets OF
the corporation itself. which have been
estimated as between sl3 900 900 and
81 100000
Mr.. fairfield is now at work on
statement giving his clients views of
the company's condition. This will be
ready for the public in a day or two.
If the creditors estimates OF the as
sets stand the acid test 1t will mean
that something like 20 per cent Of the
claims will be realized II was even
intimated yesterday that there might
DC a decrease in this figure when the
actual assets Of the company are agreed
upon.
The plans for reorganization are
now in progress and are expected 10 be
ready within week. There will be at
least two plans-one submitted by Mr..
Clahin. the other by Mr.. fairfield on
behalf of the noteholders' committee.
The general merchandise creditors
committee Will work in harmony with
the noteholders committee. After the
plans for reorganization have been sub
mitted there will be a general confer
ence. and the plan that meets the ap-
prevail of the ajority will be put into
effect.
Two Committees in Harmony.
As result of the smalgamation OF
the two creditors committees it is UNI
derstood that Frederick Lehman has
dropped his connection with the pro-
ceedings. Mr. Lehman was at the meet
ing yesterday. and after it was over
had chat with Mr.. fairfield. II was
said he would give the noteholders'
committee and the creditors committee
as much help as he could.
Yesterday the number Of noteholders
who agreed to abide by the work OF the
committee increased, until now more
than 90 per cent Of the notes held
against the concern are represented by
the body Since Friday approximately
100000 additional notes have been re-
ceved.
/ Fifteen out Of the sixteen members
of the general creditors committee
were present yesterday. Rosenberg,
Lewis & Ball were selected as counsel,
and Edwin II. Baker was named as
chairman. He appointed an executive
committee consisting OF Edmund
Wright, chairman; Frederick W. Wake
field. Bertram H. Borden. Holmes j.
Corbett and Arthur F. Gotthold. K. {.
Collins was elected secretary OF the
committee.
The secretaries OF the two merchan-
disc creditors committees were re-
ouested 10 submit to the committee
statement of the claims they represent
ed, and to arrange to place all such
claims in the hands OF the present Of
fetal committee