Evening journal., 1914-06-25
IContinucd from First pnpe.l }

NN'hAihh'h iihN Iii1A AuNtsl
centers in New York has caused great
loss TO many interests. In the case OF
II. B. Claain Company the uptown
movement of business has seriously cur
tailed our Wholesale profits and has
compelled us TO reply mainly ON the
profits from financing retail stores
throughout the country. Their rapidly
expanding business has occasioned large
capital requirements which we have not
been able TO meet. A receivership has
therefore become necessary. pending q
readjustment of the affairs of the COM
pany. A plan of reorganization for the
| II. r. Clanin Company will soon be pre-
scented which we hope will prove accept
able to both creditors and to stockhold-
ers. The Associated Marchants Com
pany and the United Drygoods Com
pany are not themselves borrowers of
money. They are in exceedingly strong
! financial condition and the success OF
their real stores is assured"
At the creditors meeting the fol-
| lowing list of subsidiary stores of the
Clafin company are made public:
Bedford Company, Brooklyn, N. Y;
]. Bacon and Sons, Louisville, Ky:
The Casner-Knott Drygoods Com
pany, Nashville. Tenn; NJ. j. Connell
Company, Butte, Mont; Joslyn Dry
goods Company, Denver, Colo. The
Fair Company, Cincinnati o.; Kline
Brothers, Altoona, Pa; Lord and
Gage, Reading, Pa: Lyon Drygoods
Company Toledo, o.; George w. Nc
Alpin Company, Cincinnati; Nc
Creery and Company, Pittsburgh;
Montgomery Fair, Montgomery, Ala.
Peoples Store Company Tacoma,
Wash; Root Drygoods Company Ter
ra Haute, Ind: Spring Drygoods
Company. Grand Rapids, Mich;
White House Company Spokane,
Wash: j. ID. White and Company
Augusta, Ga; II. Batterman Com
pany, Brooklyn, n. Y; Watt, Rettew
and Clay Norfolk, Va. Thomas o.
Watkins Limited. Hamilton Ont. I;
Hennessy Company, Butte Mont. (;
Copper City Commercial Company
Anaconda. Mont. MacDougall and
|. Southwick Company, Seattle, Wash. (,
Jones Store Company, Kansas City,
Mo; Lazarus Brothers, Wilkes-Barre,
Fa.; The Higbee Company Cleve-
land.
The above list does not include the
Claflin stores in New York City and
number OF other stores in other
cities allied with the Claflin concern,
but not listed as subsidiary COM
panies by the creditors committee.
A committee Of FIVE was appointed
at a meeting of 75 creditors held to-
\ day for the purpose of organization.
I / The committee of FIVE is to appoint
a committee of from nine to twelve
members which will be given au-
thority 10 act in the proceedings Tor
the seventy-fve allied creditors.
] Were all going TO stand together,
d was the statement made here today tC
\ the United Press by J. b. Martindale
president OF the Chemical National
Bank, and Mrs. Hetty Green's right.
hand man.. discussing the failure OF
the Claflin Company, of which he was
appointed one of the receivers.
"Will the Chemical National stand
behind the Clafiin firm?" MardndalS
was asked.
"we're all going to stand together
4 he reiterated
Direct questions as TO whether the
Chemical NatiOnal-which really Is
Hetty GREEN'S a creditor of the
Clafiin firm were met by a shrug and
j smile.
"The list of creditors and of assets,
he said. "will be made public later
Then you'll know. For the presen
| think the duty of the receivers Il
4 to act so as TO conserve the assets o
the firm and not to talk. No arrange
4 ments have yet been made for any,
= action. have not even seen Mr.. JUL
& Hard. the other receiver appointed b,
! Judge Hand. | will see him later II
8 the day. cannot say when a state
5 ment will be issued by US. IL at all
q Certainly there will be none until W.
n can get together"
u Clever tactics, Il Is said, defeated
q bankruptcy proceedings projected b!
y creditors Of the Clafin firm. Informed