Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1914-06-26
|CLAfLIN STORES
SOON TO BE
ON FEET
THOUGH LIABILITIES REACH $780,
100000, ASSETS WILL MORE
THAN COVER
RECEIVERS FOR ALL BRANCHES
NOTE HOLDING INSTITUTIONS
COVER so LARGE AN AREA
NO sTRINeENcY POSSIBLE
DENVER FIRM GOES UNDER
ALL INTERESTS BUSY DEvIslNc1
MEANS TO SOLVE coMPLI-
GATED PROBLEM
RECEIVERS FOR ALL BRANCHES
DENVER FIRM GOES UNDER

4 b.
New York, June 26.-Following meet
ings today of committees Of merchan-
disc and note holding creditors, ra-
pid reorganization or the H. B. Claf-
lin company, which failed yesterday
with liabilities of $S4,O0O,0o0 was pre-
dicted. Although the plans have not
become definite enough for the issu-
ance of any statement, general confid-
euce in the solvency of the company
wac expressed. According to the esti-
mate of A. G. Drew, secretary of the
merchandise creditors committee, the
claims of these creditors amount to
about $2,000,000. This would bring the
total estimated liability of the failed
firm to $S6,OOO,OOO.
James S. Alexander, chairman of
the note holders committee announced
that UP to l o'clock today approxi-
nately $S,0OO,000 or between 25 and
80 per cent of the outstanding notes
of the Claflin company, had been de-
posted, or intention to deposit had
been signified.
Receivership for the string Of near
tly 30 Claflin stores throughout the
country has up to noon today been put
into effect in only six stores.
Denver Firm Fails
Petition in bankruptcy was filed here
today against the Defender Manufac-
turing company of this city makers
of underwear, subsidiary of the H.
B. Claflin company, which failed yes
terday Receivers in proceedings
we're appointed at the time of the
Claflin failure, but it was contended
that the company was solvent. Cred
itors now seek to have it adjudged
bankrupt. Counsel for the Claflin IN
terests. it was said, oppose the peti-
ton. Members of the note holders
executive committee appointed yester-
day to safeguard the interests OF
banks having some $SO,O0O,OoO OF
Claflin paper, went into session to-
day.
Il A. G. Drew, secretary Of the mer'
: chandise creditors committee, esti-
mated today that merchandise credit
) ors have claims of about 100000.
) 1T is our earnest hope" he said
!, that merchandise creditors will de
5 posit claims with our committee a.
/, the earliest moment. Immediate CO
: operation is essential 10 produce sat
isfactory results. In view of the pub
lie importance of. this matter, tni'
committee has consented to represen
creditors without cost to them"
During the early trading in tn
: stock market there were four sale
of United Dry Goods preferred, eac
\ amounting to 100 shares The mrs
was at GALA, the second at 641a an
the third at 6S and the fourth at 81
At the close of the market yesterda
n the stock was quoted at So.
& The United Dry Goods companie
10 have stock control of the H. B. Cla
a. lin company.
Igl With assurance Of cooperation froI
le the leading dry goods firms, 1obbin
/. anil commission houses and the o
n eanization of merchandise creditor
ye and the holders of the firms pape
e John S. Claflin today began the tas
It. OF the reorganization of the H.
O. Claflin company which went into II
hands of receivers yesterday In
,g statement giving his reasons for Il
in receivership. Mr.. Clafliu said, regar
of ing possible reorganization, that "plal
n will soon be presented which we hol
es will prove acceptable to both credito
of and stockholders
n The liabilities of the company a
he placed at ss4o0O,0oO, principally
M the form of commercial paper. T
IT. assets are placed at $4,000. 600 and
m addition. John Claflin. it is said, h
pledged his personal fortune Of 81