The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-27

money there when II was paying them
such a high rate OF interest
John r. McGovern OF 1i1 Broadway.
who iled u petition In involuntary bank
ruptcy against the Clanin company on
Thursday. represents three such employ
ees one OF whom has claim OF $4,000.
There were rumors OF various plans OF
reimbursement but none OF them had the
Endorsement OF the receivers or anybody
connected with them. II was asserted that
certain persons were urging the consoli-
dalton OF all the retail stores owned by
the Clafin concern. This plan would call
for the retention of the H. II. Clafiin Com
pany as a jobbing company that would
supply the various stores.
Some bankers. II was said. were urg-
ing a wedding out OF the Improbable re-
falling enterprises and combination OF
the stronger and successful ones.
There were conferences yesterday
between representatives of the different
committees. All the conferences were ap-
parently harmonious. Everybody seemed
anxious to do his utmost TO help out the
embarrassed concern
Statement After COME REL nee.
In the morning Charles r.. Rushmore
and II. s. Stern of Rushmore. Bisby a
Stern, attorneys for the receivers, had a
long talk with Joseph NJ. fairfield OF
counsel to the note Endorsement commit
tee and John G. Eames vice-president of
the Claim company. Then Mr.. fairfield
conferred with James s.. Alexander. pres
ident OF the National Bank OF Commerce
and chairman OF the note Endorsement
committee, and with Henry =. McKennes
/ OF the mercantile creditors COMMITTEES.
In the afternoon the mercantile cred
| itors held long meeting At $40 Broad
| way. Following that meeting James NJ
| Rosenberg, counsel for the mercantil,
creditors committee. made the following
| statement:
The merchandise committee has to-
day met the bankers committee and
it's counsel. Joseph NJ. fairfield. The
two committees will cooperate toward
prompt reorganization. The mer-
| chandise committee has received sat
| isfactory and general support from
| merchandise creditors. Every one
| must realize that II will necessarily
take some time for the receivers to be
| prepared with their report. In the
| meantime We feel every assurance
| that all interests will work shoulder
to shoulder for constructive ~esults.
| Anthony G. Brew, secretary OF tn
merchandise creditors committee said:
ct estimate that the merchandise cred
| itors committee represents upward q
$4,000 900. 1t will. however. take seveIy
weeks to compile list OF creditors
James s. Alexander would make n
statement In behalf OF the bankers. sayin
II was too early yet to give any defint
information.
Messrs. Martindale and Julliard spen
the greater part OF the day in the office
| OF the II. y. Claim Company attending
to details OF the receivership and confer
ring with the accountants. They saw
their attorneys in the Chemical Nationa
Bank in the afternoon. After that meet
ing Mr.. Martndale made II clear that |
would take some time to make an exam
nation OF the books OF the company ant
get down to the facts He also explained
that II would be necessary to get state
ments of accountants concerning the at
fairs of the various retail stores.
When all these facts are obtained
meeting of all the creditors will be held
The situation will be laid before then
They will be asked to decide whether tn
receivership shall be continued or the as