New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-26
Ranks Mark Off Value at
Hint from Controller
of the Currency.
REAL VALUE OF NOTES
REMAINS UNCHANGED
Creditors Complain of Lack Of
Information About the Real
Status of Affairs.

Fen3'r- adjudication Of the affairs
a. the II b ClaAin Company. IL be
,sue Known N Wall Street yesterday.
sors o. the national banks holders
Of Clasr paper had marked down
,hs~ holdings 20 - per cent ltwould
% = cult 90 ouy any Claflu paper a
the as-ye. ire marking of OF rs per
cen representing more desire for
a, y ON the part OF the bankers than
belcf shat the salvage viii not eN-
rsef e quarter OF the amount repre-
sn.ed By the paper
Uaofici2.ly the Office OF the Con-
trol's. OF the Currency has done moth
ins D. .he matter of ClahIn notes. bu.
unofc.ally ,ntimations have beer
1--WE -rat = would be more pleasing
70 trs department II the notes were
ar, a. q conservative valuation,
VT he possibility OF realizing more
e. rem later. than 20 carry them al "a
bstte price and later be obliged to
cfa--s OF more 70 profit and loss ac-
r Controllers Office cannot tell
q. .at we must do with such paper
50 z as We are solvent and sound,
4 ar1'ng Il IN its entirety. SAID
or anker. but when the department.
-, out . hint on Z matter OF this
s,r, we'll. ii is as though | should call
on - ny young men IN and ADVISE
~ 20 drink less at night. The
en- rs are that II he didn't take my
adv,-e he would az least change his
irinAinc places"
O.ts.de bankers and creditors are
complaining 20 the various committees
~ LAWYERS interested IN the Clafln
case that 100 little information IS be
80. allowed 20 reach them. Complaint
was made yesterday that the report OF
--a accountants published a. FRIDAY
,-es-;r- really told nothing that most
persons did not know forty-eight hours
ss-e- he Clafin receivers had oeen
,rroi-.eG. and that there is too mucn
- tendency 20 keep the lid on on
me part OF those in charge.
Privately. those trying 20 straighten
ol, ne affairs OF the allied concerns
admit there is some basis tor tnls COM
r'a.1t. but Justify their actions on the
ground that the best interests OF al
demand that everybody SIT as Sun as
POSSIBLE and refrain from r0c"ihs ''-
boat" c,.t
'.- r,s--s~ that technically may nave
5es~ wrong or poor business IS ne
-,o-,+,o~ taken bv these managers th1
.s-. ~s-,ains that the damage mas oeeh
800 AZ talk Of frenZied nnancc
and bad judgment a. this time any
r,dua excitement. means that oau
--s-ter may be made worse.
oTbe ruth is that The creditors row
..., ,~ha- remains OF the Claim ous.-
,ess Ii is up 20 them and 70 'heIr
.gs,. 20 do nothing that will IN any
- +orI 20 reduce the amount o. SAL
,are that may be recovered. rom
80. o- The work viii proceed III pei
~ fashion. the rush and excitement
Of the first shock having aoateG "..h
IRE holding o. the first creditors NEE
ing The receivers. their lawyers "-41
.-e several committees Will no" nave !.
nance 20 20 about Things IN Nho'e
,e..urelv and thorough way
one OF he ClaAin stores. me u y.
BsroD Cowrany. or Louisville. sem
- a -spor. OF its condition yestec-
rs, f-at was eminently satisfactory 20
.-cse I'm charge. L showed q total
-,e-cbandise Indebtedness OF less tnSh
.so 400 % others than the Il. 3. CLAIM
CorrDsr.v. liouid assets ID cunclenl W
INC 20 nav these claims a. maturity
md more than sufficient assets 20 pI4-
sDce The 100000 in notes lndorseu ~
me Claim company that are D. eA'9--
lanes y. Rosenberg, counsel for INC
--evra--Ie creditors committee nap
EFT New York for trip West 10 IooA
80 IRE cor ttion Of some OF the pr CP-
tiles and consult with creators ae-
srous OF obtaining more !nlormS1-o.
.,sn has been forthcoming. ne IS eA-
nected % return 70 New orr On
Tbursdsv. when another meeting OF 'nc
,,s-cs-.ile creditors VIII probably De
reid IN the rooms o. me MercnAh''
A. mis- meeting it = planned 20 ap-
u5int . subcommittee 20 Work WIN '"e
rots holders. Va.
session o. much more detal!eQ 'n1o
-1,+ion a. 70 the condition OF the var
- eT,erprizes within a week, AMI u
4, 41ured that small committees WORK
49,, -ogether can accomplish niue
more than large group could AID re
dagger OF friction developing into ae-
al eonAic. between the Two classes o.
r-editors would be reduced 70 MINI
p unl. r.1,- ,.oo,-
- - r-e6itors caused 10 20 be an .
,a,,ced that ne expected 20 pay -OO
80 On the dollar i permitted 20 re-
or2anize his stores, has not a. yet SUD
-,jtted any plan 20 the receivers or -
IRE creditors committees.
Z il known, however. mat u coh,eu.-
plates long extension o. the lhuso..
sI-ess and the absorption into one
strong company Of all the stores W."
,se Ee,r York house acting as = puf-
chasing agency and general clearing
institution. ,, 49,.
To accomplish This considerable o";-
AIDE none will be required. and u -
underwood that much assistance has
been promised NJ. CiaHin, especially oy
mills and mill factors, whose customer
-e long has been.