New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-27
RECEIVERS FOR 7
CLAFLIN STORES
Continued from page 1


business at this time it would only
defer action for a short time, and that
reorganization was the best course 10
pursue for the interests of all con-
cerned.
]. B. Martindale and Frederic A.
Julliard, the two receivers appointed
for the Clahin company by Judge Hand,
conferred with their counsel, Ruskmore
&, Stern, at Mr. Martindale's office, in
the Chemical National Bank, of which
he is president, yesterday afternoon.
Mr. Martindale said afterward:
1.-THE certified public accountants are
busy on the books of the II. B. Clafiin
Company. but It will be some time be-
fore the financial condition of the firm
and the stores affected by the failure
becomes known. We have to get an in
ventory of the stock of the Clatiin
company and then ascertain the
amount of bills receivable. After get
ting the facts relative to that COM
pany, it will be necessary to ascertain
the amount of stock and the financial
condition of the outside stores, and
as these stores are widely scattered,
it will require some weeks to get that
information.
Accountants Busy on Books.
81 believe it will be possible, how
ever, TO get a condensed statement
regarding the affairs of the II. b.
Claflin Company much sooner, but even
this task will require many days OF
work. We are anxious to give such a
statement to the creditors and to the
public at the earliest possible time.
Every facility is being given the ae-
countants by the officials of the COM
pany, but pending the compilation OF
the accountants report, there will be
no statement"
Mr. Martindale said that the Mar
wick Mitchell & Peat Company, of 79
Wall ST., was the firm of accountants
employed by the receivers.
James A. Rosenberg, counsel for the
merchandise creditors committee, and
Joseph NJ. fairfield, counsel for the
bankers committee, issued hopeful
statements after the conference of the
members of the two committees at the
National Bank of Commerce. James
s. Alexander, president of that bank,
is chairman Of the bankers commit
tee. Dir. Rosenberg said:
"The two committees will cooperate
toward a prompt reorganization, The
merchandise committee has received
satisfactory and general support from
merchandise creditors. Every one
must realize that it will necessarily
take some little time for the receivers
TO be prepared with their reports. In
the meanwhile we feel every assur-
ance that all interests will work shout
der to shoulder for the constructive
results"
Anthony C. Brew, secretary Of the
merchandise committee, issued state
ment, in which he said that the com
mittee represented upward Of S2,OOO,-
900 claims. He urged merchandise
creditors 10 deposit their claims with
the committee at the earliest practl-
cable moment, in order TO obtain the
best results. In view of the public i'm.
portance of the matter, Mr.. Brew said
the committee had consented 70 rep
resent creditors without cost to them.
An involuntary petition in bank
ruptcy was filed yesterday against the
Defender Manufacturing Company, OF
pa Az. c, the subsidiary Of the II. b
Clafin Company, which voluntarily
applied for receivers at the same time
as the parent company. The petition
was fled by Gregg & MeGovern, of IA
Broadway, in the interest Of several
creditors.
Counsel for the receivers obtained
an order from Judge Hand yesterday
releasing S7O7, which was a vacation
fund deposited with the Defender
company by its girl employees. The
company, which employed $50 girls
following an old custom, deducted p
or so cents from their weekly wages
and deposited the amount in vacation
fund, from which the employe could
draw at vacation time.
II was said yesterday that a large
number of the employees Of the II. b
Clafin Company had lent the firm
money az . per cent, 70 be returned
on demand. The amounts lent were
said to run from several hundred "a
several thousand dollars, some of the
women employees being the heaviest in.
vestors in that way. This money viii
be tied up for some time. Three OF
the employees who are said 20 have
lent money to the company appear az
the petitioners on the petition in
bankruptcy iled against the company
Some May Close for Good.
Before the committee can form am
definite idea OF what is to be done