The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-25
CREDITORS ARE TOLD CLAFLIN BOOKS SHOW
$55259,529 ASSETS; NET DEFICIT OF 1866, S99
Vote to Continue Receivership.
in Face of Plea to End It
for Economy.

Creditors of the IT, B Claflin Conn
pany at their meeting in the Park Ave-
nue. Hotel yesterday, after hearing re-
ports Of the financial condition Of the
company. voted unanimously in favor OF
continuing the receivership of Joseph H.
Martindale and +. A. JuIlliard.
This action was taken in face OF a
statement from John Claim. read by ex-
Justice Morgan J. O'Brien, in which Mr.
Clafiin urged that the receiyership be ter
minated as quickly as possible for the
sake or economy and pledged all his per-
sonal possessions to insure the payment
OF 100 cents on the dollar TO all credi-
tors. Mr.. Claims statement was received
with cheers.
The statement OF the assets and liabili-
tics submitted was based upon the Clafin
books. These showed total assets of
sb5.259.5?392 and total liabilities OF s47.-
22b.42S5s. BY deduct!ng from the assets
*2,3s3,l69.Si. represented by notes held
by the company but not discounted. tho
excess of assets over liabilities was re-
duced to Ss.034.i00.34 and the further
deduction of 100000 capital stock of the
company changed the s.034.lO0.34 sur
plus to deficit OF s965,s99.G6.
ExJudge George G. Holt, as special
master. at the opening OF yesterdays
meeting called Lawyer Charles l.. Rush
more to speak for the receivers The
lawyer explained that as the receivers
had been appointed only four weeks ago
and had found "a merchandise business
Of great magnitude complicated by close
trading and financial relations with some
twenty other corporations" they
had been unable TO present in so short a
time an exposition OF the true state OF
affairs
Receivers Have sI.OOO,OOO Cash.
"one OF the difficulties" he said. us
due to the relations of the Clafn com
pany to the twenty-seven stores operated
by companies In different sections Of the
country, the capital stocks OF which stand
In the name of John Clanin." Mr. RUSH
more. after telling OF the notes made by
those stores and discounted 10y the Clanin
company said that the receivers had
Sl.u0O,UnO or moro cash on hand and did
not expect 10 be compelled To- borrow
money.
The lawyer then read the statement "
operations of receivers from June 20 a.
the close Of business on july %. showing
that in those four weeks the total re-
ceipts OF the receivers amounted To ST.
i0e.a9a So. The payments had amounted
To- $S32,4l2.47. In that connection me
explained that the expenses had been
heavier than usual because the Clanin
company for more than nifty years had
been accustomed to pay Us employees on
the fifteenth OF the month FOR the first
half Of the month past and IN advance for
tho remainder OF the month. Tho rccciv-
ors, he said. would discontinue that prac-
tire.
The net purchases Of the receivers for
the four weeks amounted to sl.ON0.l75.97.
which were necessary 10 keep the bust
ness going. tn" statement Of the net
sales showed that for the month 81 .6G5.-
63SlI In goods had been disposed o. Tho
sales in every department were unusually
heavy.
Mr.. Rushmore then read tho preliminary
report OF the receivers.