New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-01
Country Merchants, Whose
Fathers Dealt with Firm,
Offer Assistance.
BANK CREDITOR
WOULD CANCEL DEBT
Letters Inspire Receivers with
Greater Hope-United Dry
Goods DeferS Dividends.

show that century OF otthu -NaS'''e
IS having its returns. customers
whose fathers had dealings with the
Clafin firm, and who themselves, IN
many instances. had received timely
aid from John Clafn, have sent scores
cf letters Offering sympathy ana as
sistance.
Banks from which the receivers. Mr..
Martindale and Frederic A. JulIIlaru'
have asked information concerning the
standing of stores in the Claim cnaih
have returned optimistic reports. =.
The national scope OF the CIanih
failure is emphasized by this CORE
spondence, which shows that the sta-
bility of the subsidiary stores STANDS
upon the loggers OF the LOUISIANA
swamps, the farmers OF Kansas ana
the miners and steel workers of Penn
sylvania. And it is TO keep tness
stores above water that every ehort
is now strained. From Norristown,
Penn. came this letter:
I'm common with all your friends,
We sincerely regret the turn ahalrs
have taken. You are old and valued
customers q ours, and we have no
hesitation in saying that you possess
the confidence OF every one.
Would Cancel Debt.
ave are creditors Of the II. b. Olaf
lin Company and the Stewart Dry
goods Company. and are ready to grant
any extension Of time. any abatement
of claim. or send you a receipt IN tull
for all that YOU owe US. or do anything
else that will assist you.
From Louisiana: 81 wish to express
my hopes for you and the company
that has been such a bulwark for the
honest, small merchant. He knew
where TO look for help and relief. and
it was to the old II. B. Clafin Company
that he knew he could turn when In
financial difficulties
The following cable message came
from a London firm:
Regret stoppage. We are confident
that all will come right"
There are scores of such letters
Those chosen are typical. Many other
customers and creditors have called
upon Mr.. JuilliarG in the store TO cX-
press their sympathy and desire to aid
Messages received from banks to
which inquiries had been sent by the
receivers are no less cheering. and are
regarded as of even greater practical
value. From n Pennsylvania bank the
following message was received:
"Our impression has been that the
store has been very successful. We
believe the management to be capable.
The banks in the city arc in position
10 extend what money they need
Another Pennsylvania banker reports
that he can see no reason why "the
business should not stand upon its own
feet"
From Virginia comes this report:
81 am told that the business has
never been in better condition than
Low or operated more proiitably, and
the local manager expresses the bellef
that the business is in excellent condl-
ton and will he able TO take care OF
itself"
This comes from a Canadian banker:
"The business here has been we'll
managed. and is now some three times
as large as four years ago. when taken
over BY the II. 3. Clahn Company.
They pay cash for everything and have
no important liabilities in Canada
Trade Good, Says Report.
Il IS reported from Cleveland that
the business cf the first six months Of
this year was sufficient TO take care Of
the dividends on the first and second
preferred stock certificates, with sur
plus.
Mr.. Martindale values nightly a tel
cgram he received from a personal
friend who has been named as receiver
for a Missouri store. The man is de-
scribcd as exceptionally level headed
and anything but dreamer. His tcle-
gram follows:
81 beg to say to you and 20 your CO.
receivers that 7 have matters thor
cughly in hand here. Business is run
ming without a ripple. So far as the
store organization and customers of
the establishment are concerned. you
would not know if is in a recoiversh ip,
If | am not disturbed in my policy this
store will give fine account Of itself.
The business is entirely solvent and
the goodwill highly valuable. With our
good crops in sight we should have a
tremendous fall business"
The receivers were most hopeful yes
terday. An order signed BY Judge
Learned Hand increased their already
wide powers 70 enable them TO fiji all
existing orders and contracts. Account
ants are at work on the local books.
which are said 10 have been kept with
unusual cxacttude. and it is planned
when they have made their preliminary
report to send the same men to work
on the books in other cities.
It is probable that the first meeting
Of creditors, which was formally set for
twenty days after the appointment OF
the receivers. will be postponed. as the
full report will not be ready BY that
time. A preliminary report is expected
in about week.
Dividends Deferred.