The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-26

.hat the Clan.n company answer that
charge"
Albert r. Bergner. one Of the three
employees Of the II. Il. Clanin Company
who hled the involuntary petition In bank
ruptcy, was out of town last night AT hts
home. 223 East Seventy-nrst street. last
night Mrs. Bergner was extremely dis
tressed over the failure and broke down
when reporters asked her about her hus-
bands interest In the case According 10
the petition Bergner had loaned the Arm
i?s.37o.
Mrs. Bergner said she knew very little
about the company's business and her hus-
bands connection with II, except that he
had been a bookkeeper In the employ OF
the Claims since he was "A very young
man. She said she did not know how
niany other employees had loaned money
to the firm as did her husband
MIR. Martindale and Mr.. Juilliard hled
their bonds and accompanied by repre-
sentsuves OF Rushmore, Bisbee & stern.
Of 40 Wall street took possession of the
tlanin Company and the Defender
Company Immediately. While they were
making a preliminary survey OF the prop
erty. bankers and mercantile creditors
were organizing and planning such help
as would aid the receivers In conserving
the assets. Messrs. Martindae and JUL
Hard issued the following statement
The duties OF the receivers from
our point OF view are to conserve the
assets OF the concern whose anairS
have been. placed In our charge. and
TO use every effort to make the best
possible adjustment, reorganization
settlement or sale of the property as
the case may be.
This mstter is one OF great magni-
tude and 1t will be some time before
al no All a
the necessary data TO enable them TO
make a comprehensive statement
The notehoders' committee, OF which
James $. Alexander. president of the Ma
tionai Bank OF Commerce, is chairman,
met I'm the offices OF that institution and
discussed plans for helping :he banks and
also the Clahin company. The member
oh % of the committee Is as follows ::
Lewis H. Clarke, president OF the Ameri-
can Exchange National Bank. New York :.
Rowland Davis OF Blake Brothers & Co,
New York; Charles w. Folds. OF Hatha-
way. Smith. Folds IL Co, Chicago; Ernest
A. Hamlll: president OF the Corn Ex-
change National Bank. Chicago; Seward
Prosser. president of the Liberty Ma
tional Bank, New York Philip Stockton,
president OF the Old Colony Trust Com
pany, Boston Festus J. Wade, president
of the Mercantile Trust Company, st.
Louis y. w. Jones is secretary to the
committee. with offices at 16 Wall street /;
the Bankers Trust Company is deposit
tary, and White 4 Case are counsel to
the committee.
F. C. McDunie, president OF the York
Manufacturing Company of Boston. was
placed on the noteholders committee at
first, but afterward he resigned 1t Is
said that he may be appointed as an
additional receiver.
nv the NotehoItiers' Committee.
Mr. Alexander issued the following
statement:
H. b. Clafn Company discounted
with banks in New York and sold
through note brokers to banks
throughout America a large amount
Of paper executed by large number
Of corporations doing business In
various cities None OF these cor
porations other than the II. b. Clafin
Company had a store In the Borough
OF Manhattan. -
The committee Is formed for the
purpose OF protecting the interests of
the various banks holding this paper.
Endorsed by the II. Il. Claim Com
pany. 1t is hoped that II the holders
OF the notes will act promptly and
concertedly through the committee the
situation will very much improve, and
the committee will exert every EFFORT
TO that end. o.
No definite figures are available.
but the committee is informed that the
total liabilities are upward OF $780,
900. 900. As figures become available
the creditors will be duly advised.
The notehoders' committee also urgeo
hanks throughout the country to deposf
their notes with the committee.
Mercantile Creditors Meet.
A number OF the mercantile creditors
met In the morning at the Merchanu
Association to look after their own IN
terests. Among the many organization
represented were: The National Assocla
ton OF Clothiers. the Eastern Miliner!
Association the SILK Association
America, Cloak and Suit Manufacturer
Protective Association. the Dress AM
Waist Association, the Lace and EN-
broidery Association, a number OF othe
associations. and also personal creditor
with claims of upward of 100000.
committee OF which Henry J.. Nc
Kenney, president of the Merchants Pro
tective Association, was made chalrma
was selected. The other members are
Edwin II. Baker OF West, Baker co.
John w Bird OF Amory, Browne & Co.
Robert T. Fowler of Alexander smith
Sons Carpet Company, Samuel II. Lun
mis- secretary OF the Eastern Milliner
Association; William \. Marble, pres
dent OF the Merchants Association FREQ
ierick w. Wakefield of Cheney Bros.
Morton Whitman OF Clarence Whitman
Co, and Edmund Wright OF Frederic
Victor d Achelis.
]. v. Rosenberg of Rosenberg. Lev
& Baldwin of 17O Broadway is attorne
for the committee.
Mr.. McKenney issued a statement
which he said;
The widespread importance Of this
matter made II necessary to call
meeting Immediately. committee
was appointed to lend every effort
toward saving the various retail COM
panes now In receivership from liqul-
dalton. Many Of the creditors OF
the II. b. Clafiin Company are also
creditors OF the various retail stores
throughout the country which are
owned by the II. Ii. Clafin Company.
We want TO do whatever we can for
the welfare OF these corporations,
their creditors, their employees and
the public at large, The committee
invites the cooperation OF all credi-
tors.
other Creditors Organize.
There was still another meeting
creditors who are members OF the Cree
tors Audit and Adjustment Associate
This committee. of which Milo NJ BE
ding, Jr, of Belding Bros 4 Co,
chairman, Sol y. Myers of 60 Wall sire,