New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-06-27
DAY OF CONFERENCES
MAY BEAR FRUIT
Twenty of 27 Retail Places,
1t Is Believed, Will
Ask Receivers.
BUSY ON FIRMS BOOKS
Two Committees to Cooperate
with Receivers for Prompt
Reorganization.

vh,o tho meetings Of creditors
..i+toos and conferences OF the re-
rcivers and counsel for the H. D. Nia,.,.'
Company were in progress mere ye'Si -
dsv the disastrous effect OF the pie
Sa;I,re % throughout the country was pc
go or,nhasized by the application IoI
-aeoi,,eTs for several more Of the OlShii'
retaiI stores in other cities.
rive of the string Of twenty-seSen
ratsu stores throughout the otnel
states applied for receivers soon s..e- y,.
the receivership for the psreh' eo.,
nsnv became known, and at leas' s'''"
more followed suit yesterday lii
with the added information "nlcn
x.o-esentatives of the creditors hsp
80 yesterday, it was said that twenty
~ the retail stores were expecteo 70 -
into the hands of receivers wl'hih Inv
next few days. Ga.
Receivers for Seven More Stores
The announcement that receivers nae nae
l.an named for the large CinclnnA''
err, of the George w. McAlplh YIN.
nany as well as The Fair Company OF
tLat citv. was considered the most IN
Sicative Of the way the others woSau Wv.
90 The other stores which applieu 1''
receivers yesterday were; rs
The Lion Drygoods Company, 4oleuo'
.,a ~ the largest department stores
80. the Root Drygoods Company OF
Tnrro Haute. Ind; the Castner-hho''
I,-rnoods Company, Of Nashville; the
DiyeO0T, T,..ooods Company, of Denver,
.Ud The Jones store Company, IN Nam
sGs City. ,so,douoale
4 southwick Company, Of Seattle anu anu
r Wnite e. Co., of Augusta hao
taken similar action. In every IN
stonra II was announced that the ap'
,,licstion for receivers was 1rienoly
sction for the protection Of each COM
nenv's interests pending the reorgani-
zation of the parent company mere, 'He
outside firms continuing business III
the mean time. ,.,
Yesterday was a day Of conferences
among the interested parties mere
without any definite announcement as
to future plans for reorganization OF
the Clafin company or along o'nei
lines. Generally there seemed to De
boneful attitude on the part Oh the
banker and merchandise creditors tna' ,SI
the parent concern would eVehIu"liy
meet most of its obligations.
Creditors to Cooperate.
Copnsel for the bankers committee
yepresenting the noteholders, and 1oI
az merchandise creditors committee
met during the day, and afterward an
nounced that these committees Woulo
co-operate toward q prompt reorganl-
cation" IL.
There appeared to be some solici,
tude. however, on the part OF some o.
the LAWYERS interested in regard to the
statements in some of the papers that
tbe Clafin firm would pay dollar FOL
dollar. Il was pointed out that such
Tenorts might be raising the hopes OF
creditors prematurely, and while 1t was
believed that a reorganization scheme
would be worked out that would cover
most of the Indebtedness, it was said
that there was no way OF aeeurateiy
anticipating the condition OF the CIahln
concern at this time.
The old and tried name Of the Clahin
firm was looked upon as Al security by
many of the bankers, even when mat
ters recently became critical. 1t was
said that some Of the bankers who were
brought into the crisis, after looking
over the situation, were inclined to
lend the needed assistance, but that
John ClaAin finally declined their prof
fered help.
CIaAin Declined Aid Offers.
Mr.. Clafiin felt, it was said, that even
II the needed money was put into the
Cnntlnued on mage 4. column