New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-26

was all right. But the moment the
naper became difficult to sell the pres
emit situation developed"
Claain Fortune sl0,ooo,oOo.
In banking circles it is understood
that Mr. Claim has placed all Oh ms
personal fortune and resources IN ana
hack of the various enterprises: IN
those circles, where a better idea OF
an individuals wealth is to be obtained
than anywhere else, 1t Is statso Vhn'
Mr.. Claim did not possess the I'M
mense fortune he was popularly sup
posed to own. A., It,,
Common report long credited MN
with fortune of $20,000OOO TO SZo'-
600. 600 or even more, but a Danher
eonyersant with the merchants analIs
said Yesterday that slo,000,OOO would
more nearly cover the value OF MS
estate at any time. c,.a;,
~ doubt" said he, chat John Claim
at any time prior to this trouble CON
sidered himself worth much more than
S10. 900, 900. There is little reason 70
doubt that most Of this has been put
into these properties, and that Claim
uersonally will exhaust his own re-
sources to protect, so far as he is apie,
the enterprises with which his name
has been connected
There was a tendency in some CIR
cles to ascribe some of the trouble 70
the fact that a few months ago ma
tional banks, notably in Philadelphia
began retrenching in the matter Oh puy-
ing commercial paper, preparatory TO
Joining the new Federal Reserve syS-
tenn. That, it was felt, would require
Al. Ig how
ever. it was considered that the new
banking law was only at the most re.
motely responsible, as the amount OF
money it will take from the panKs Is
small.
Merchants Name Committee.
The Merchants Protective Assocla-
ton held meeting yesterday morning
at the rooms of the Merchants Asso-
citation. in the Woolworth Building, at
which creditors said to represent
So .OOO. 900 of claims against the COM
pany were present. A committee was
appointed which met later in the day
and directed letter to the merchan-
disc creditors OF the H. B. Claim Com
pany and the subsidiaries companies,
for which receivers were appointed
Yesterday, asking for their co-opera-
ton in the work OF resdjusting the
finances of the companies involved. The
letter, in part, was as follows:
at will be our aim to aid in the re-
adjustment of the finances of the COM
panies involved, looking to their con-
/ tinuance and to such beneficial results
for creditors as may be possible, and
looking particularly TO the prevention
of forced liquidstions.
"The accomplishment of such results
requires the thorough and immediate
cooperation of merchandise creditors,
and we therefore invite you to send
statements of your accounts against
such companies to the undersigned
merchandise creditors committee,
Room 1884, 346 Broadway. Such state
ments of accounts should bear the sig
natures of the depositing creditors.
The receipt of such statements will be
4 duly acknowledged, and the committee
will, without expense to depositlng
creditors, represent and act for them
/ in all respects, excepting that il will
accept no plan of reorganization or re-
adjustment without first submitting
same to such depositing crediss0.
Edwin II. Baker, John W:M I'D,
/ Robert P. Fowler, Lawrence IA o..
Samuel II. Lummis, Henry p. McAen-
ney. William A. Marble, Frederick W.
Wakefield, C. Morton Whitman and
Edmund Wright, merchandise credit
ors' committee"
Rosenberg, Lewis & Ball. Of 40
| Broadway, were retained as counsel for
/ this committee.
The Creditors Audit and Adjust
/ ment Association, Of Al Union Square,
met yesterday and appointed a COM
mittee for the purpose OF protecting
/ the rights of unsecured creditors, and
| to make every effort to obtain the
/ largest possible dividend returns" 1t
was announced that the committee
would cooperate with the Claim m
/ terests, as far as such cooperation
was compatible with the best interests
/ of the creditors, but no farther.
The committee consists of: Milo
NJ Beldng, jr, John II. Love, Stephen
! D. Conger, Holmes J. Corbett, e. stan
ley Mitchell, Saul S. Myers, counsel
and Franklin II. Brown.
The expressions of sympathy. for
| John Clafiin in the present business
troubles was general yesterday. Bank.
ers, merchants and many of the local
merchandise creditors of the firm oil
which he is the head, said that ne
would have their sympathy and CO.
operation, as far as they were able
in the work Of resdjusting the AFFAIRS
Of the big jobbing house.