The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-27
Of S34. 100000 Liabilities,
Notes Represent 100000
600: Bills SI.OOO,OOO.
STORE VETERANS HAVE
CLAIMS OF 100000
Fifteen Of the Twenty-sevcn
Claflin stores Now in Re-
ceivers' Hands.

Tho task OF Strengthening out the
finances OF the II. Il. Caflin Company.
for which receivers were appointed In
suit in equity on Wednesday night.
IS big, but Joseph b. Martindalc and
i. A. Juilliard entered chcerfully upon
IT yesterday.
II stralghtway became apparent that
the receivers will have the heartest CO.
operation of both the banking and the
mercantile creditors in adjusting the
Affairs OF the company: that tho bank
crs and the merchants stand ready to
grant reasonable extensions OF time
that may enable the concern to turn a
profit where pressing demand of pay
ments would cause a loss.
The receivers. their attorneys. the
hdnkers and the big mercantile credit
ors would make no prediction as to
Tho ultimate outcome of the receiver
ship. Though they have obtained a
glimpse Of the affairs of the company,
they had found. saying that any COM
ment at this time would be premature.
The best expert accountants obtain
able were put at work yesterday on the
books Of the company. Thorough study
Of these books will be necessary and
also careful examination of the ac-
counts of the twenty-seven retail stores
throughout the country controlled by
John Claflin, president, or by the ii. u,
Ciafin Company.
Other Recrivcrships Helpful.
II was admitted that the receiverships
Of the retail stores would be helpful in
the readjustment of the affairs OF the
hig company here. Accordingly none OF
tine men who are actively working for
the conservation OF the assets OF the
H. b. Clafin Company was concerned
yesterday over the Geographic informa-
ton that number of the retail stores
in tho chain had gone into the hands OF
receivers. Those receivershps I'M
doubtedly are part OF the big scheme
for preventing a much bigger loss.
Fifteen of the twenty-seven retail
azores throughout the United States anG
Canada owned by the Clafiin company
or its president. John Claflin, are now in
the hands OF receivers. Seven NOR,
stores were added to the eight, including
two in Brooklyn, that on Thursday
came under the order of the Fedora
Court. The seven companies are:
The Lion Dry Goods Company. To
ledo. Ohio; the George w. McAlpir
Company and the Fair Company, boil
II Cincinnati: the Root Dry Good
Company, Terre Haute. Ind; the Fail
Company, Montgomery, Ala; j, Bacor
Sons, Louisville, Ky, and the Sprinl
Dry Goods Company Of Grand Rapids
Mich.
The eight other companies OF whic
the Federal courts took charge q
Thursday are the Bedford Company an
the Henry Batterman Company q
Brooklyn; j. Il. White & Co.. Augusta
Ca; Lord & Gage Inc. Reading, Pa,
Joslyn Dry Goods Company, Denver
col; the Jones Bros. Store Compan,
Kansas City, Mo-: MacDougal & Stock
wick Company, Seattle, Wash, and tn
Cdstnor-Knott Company of Nashvill,
Tom,
ReccNcrships for all these companie
were obtained by the action Of creditor
Who acted in friendly spirit. None c
the stores viii be closed.
No failure in years presented tn
d,i'irultes which confront the receiver
IN the present case. 1t was said frank
by Mr.. Martndale and Mr.. Julliard tina
several weeks would be needed to &c
thoroughly comprehensive view OF tn
extent Of the failure. owing to tn
hundreds of notes OF retail concern
which the H. Il. Claflin Company in
dorsed ana discounted it is apparer
mat the failure has innumerable ram
, ncations.
Persons close to the receivers sal
tnat while friends Of Mr.. Clae!n believe
That 100 cents on the dollar would /
rs'd, no such statement could be mac
Aulhorltatiycly at the present time.
No receivership however. has eve
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