The evening world. Newspaper, June 26, 1914, Page 6

meetin nameless pentane THE BVENING WORLD, FRIDAY, yuNe JHE 26, 1914." Associated Merehants’ Company for | a belief in the practice of centralizing the United Dry Good Companies were | energies and resources alike in a Evening World stated yésterday, that wae announced, resigned from thone A Vacation an additional receiver will be ap- offices that he might be unhampered pointed to look after the Interests of in his intention to devote hia entire| concerned in the failure had an ex-| single establishment. estion the manufacturers and jobbers who time to rehabilitation of the H. B.| tremely reassuring effect on financlal TERRE HAUTE, Ind. ‘have claims against the H. B. Claf-| Claftin Company. Mn Company and the Claflin stores.| Mr. Blias in 4 1 yeah a son and namesake of We beg remind you BY HG FINANCE BUSINESS METHODS There is current in Wall street ae the former Treasurer of the Republi- ot Pe theo vacation sri | , June 26. sentiment, although it did not check |The Root Dry Goods Company, a declines in United stock $100,000 corporation of this clty, and MEANS PASSING OF NEW YORK | a mnomber of the H. B, Claflin Com- = Inco} ETE jin commercial circles a rumor that! ean National Committee, and ia Pres- AS JOBBING CENTRE. pany chain, went into the hands of unless you have a bottle | ‘the dominating reason why the téent of the dry goods house of Biiss,| In trade circles the fatlure was receiver tg-day. A. Ia. er two of “ODOL" in! eiplapeld UH a cag Mba See [Claflin concern was forced into bank- Fabyan & Co, of No. 82 ‘Thomas regarded as @ sign Of the cited and his bond eke We68' at | (Continued from First Vase) 4 foal bg ruptey Hes in John Clafiin‘'s friend- | gtreet. ening of New York as a jobbing aidiary companies, indorsed = by) ntre, the Claflin Company insisting | $25,000. It was announced that the ev Clafin, w ie $4,000,000 {x owed for! SMP for President Wilson. The; white the fatfure of the H. B. Clafin| on serving from New York cittes| store would continue In business, 5 unt rumor specifies that the Morgan tn- | Company had comparatively ttle ef-| scattered over the literal length and | being solvent and in prosperous con- merchandise bought by the parent, department store chang, they diew a rests, readth of the when competitors | dition. f heel with t ight | company bs toll AE A j fect on the stock market, because of were desling waite jobbers Ie other | “TOLEDO, ©. June %—John W sketch of as be w i Saf Pa Pirbay. viniaeniuid Kis wade 366 (Oe relationship with the President, | the placing of heavy supporting orders | centres. Lewis jr. to-duy was appointed res eo a laasuinne (ha TARETIGR | resolved to force him out of thelim the market by all the principal| A good deal of importance was at-|ceiver of the Lion Dry Goods Com- || tessen Stores Sell It. cc Company in New York, and @ach|carning the location of these noter| pigsigency of the Ansoclated Mer- tached as well to the fact that Mr.| pany, one of the | t. department r) banking houses, it caused a profound Per Bottle spoke represented a dry goods store|The latest unoffigal information afin had clung to a bellef in the| stores here and jaflin concern. er Bottle ........ chants’ Company and the United Dry | pensation in the financial district Nt St. N.Y given to-day wax that New York| Goods Companies, and in pursuance . rength of & chain of stores, when | Business wil! be continued, pending | Made by E. Pritchard 331 Spring banks hold $6,000,000, and the largest | o¢ that design refui to extend this ‘The announcement that neither t! other great merchants had turned to Jement of financial difficulties. amount In any one institution ts 148%} credits and thus brought about the than # mililon. No bank either in| collapses of his Individual enterprises. New York or tn the country will be| The rumor may be based on the @mbarransed by the failure as the| fact that Mr. Claflin, as soon as the Botes are so widely distributed receivership proceedings were inati- ‘There ta much uncertainty about | tuted, resigned from the presidency of Fur Storage. the status of individual subsidiary | both the corporations mentioned, ftoren in the different cities, Some] neither of which 1s implicated in the : wos " ~ : D ef these houses are {n good financial | failure. Nothing to give the rumor Remodeling and Repairing of Furs at Special Summer Prices. conditions and are enjoying prosper-| the stamp of truth could be learned ous trade. If stores of thin class be| from Mr. Claflin or his counsel. fet amide and kept out of the parent} JOHN CLAFLIN'S FORTUNE eompany's collapse they will be able PLEDGED, 18 REPORT. to continue. Other stores are dapen-| One Interesting report, not yet for- Gent on the parent for amistance.| mally verified, is that the personal Some of these stores owe outside| fortune of John Claflin, ald to creditors for merchaadiee, but the|@mount to $10,000,000, has been @mounts are not so large that they | pledged to guarantee the debts of the a ©OD0L” will aloo harden the gume | owned and controlled by the hub, This ihe the teeth in a ieaihy com ‘com | whee! was kept spinning by means of ; an endiem chain of notes which, made le Nothing “just as good” o8| originally by one of the spoke mores, . was sont to the hub and endorsed by fo) Prise 60 Conte the parent's conmpany, ‘Then they were M9 Drugeicte ond Department Stores | nut out through the channels of note BO. BORGFELDT & CO, | brokers. soldsto banks and distributed ‘CMICACO, SAN PRARCiseS | throughout the country. = It was a Claflin practice that when =— one spoke of the wheel grew weak Toaay A AND TOMORROW financially andineeded help and was unable to floatynotes on ite own as- sets, another stronger apoke would make the notes and the proceeds be applied for the benefit of the weaker member, The financial control of the entire wheel was centred at the hub and the chain of notes always passed through the bub. The bankers have not yet learned the precise methods by which ad- Aitional epokes were put im the wheel. ‘The purchase of new stores was done tm @ variety of ways, come by cach, some by notes, some by emohange; @o that enebh ence presents different aapents. NOT DUE TO-HARD TIMES OR BUSINESS DEPRESSION. A hasty eurvey of the sttustion Aisclosed to the bankers that the im- mediate cause of the failure wae not Gme to the alleged hard times or business depression, although thi cannot be adjusted. It will be «| H. B. Claflin Company. Neither Mr. Week before the status of these stores | Clafin nor his lawyers would discuss ILL® CLOSS DOWN AT NORRIB- “Cornelius N. Bie was —ne 34th Str eet 5th Avenue lected as Mr. Clafiin’s successor 1) TOWN BECAUSE OF FAILURE. the presidency of the United 7 A despatch to The Evening World | Goede Company and te from Norristown, Pa, staten that | oceania Company. Mr, the Sterling Mills of that place, in which the H. B. Clafiin Company had ag"toas as closed down to- | CHANGE IN SCHEDULE To Effect an Immediate Clearance of This Season’s fin house. @ closing of the, - mite throws 10 materee ut oten- 1] Leelnighh Valley MISSES’ & GIRLS’ SUITS, COATS & SKIRTS pay due and steps will be taken to Extraordinary Reductions on Saturday had @ contributing effect, but it was| get their money in advance of tho set - Misses’ Suits,—entire remaining stock,--consisting of Girls’ Suits, -smart and distinctive two or three piece ree Maaiiek Geaciceal pape 0nd ip of the Clafin affairs b; Takeo Efect June 28. this season's most approved models and fabrics. Size 14 to models in Serge, Gabardine, Wool Crepe or Shepherd Check at wi mm Vern, ; 7 is i pangs capital that resulted in an i A bon of aged fornished hy the BLACK DIAMOND EXPRESS 18 years. formerly 22.50 to 45.00, 12.75 and 18.75 and Worsted materials. yo 13 : 17 years. 9.75 and14.75 inevitable crash. While mone of the| American Rurety Company was a ee Fee! ‘ormerly 16.75 to 29.50 rete aca cou dcared to be quoted | in the Untted States ak Court Misses’ Coats,—broken lots and sizes,—Balmacaan, y Sport, Ripple or Utility models. Size 14 to 18 years, formerly 16.75 to 29.50, 9.75 and 14.75 on this phase, hecause of the politica| to-day covering half @mount raized in the business sftuation, yet| Mipiutated by Judge Hand when he there was private declaration that | made his appointment of the receivers, Girls’ Coats,—Box, Ripple or Belted models in Serge, Covert Cloth, Black and White Check fabrics or Mixed bad business pollcy had more to do| Messrs. Juilliard and Martindale, who Misses’ Skirts,—from regular stock,—smart and ser- Materials. Size 6 to 14 years. 2.95, 4.95 and 6.75 with it than poor trade and slow re ec es te nr rea he Be new TORE GHcAGOExPanst viceable models. formerly 6.50 to 9.75, 2.75 and 4.95 formerly 9.75 to 16.75 collections. . The Pidesotar ‘bond in the case of the Claflin Com- |i I sare New for $500,000 each, and §50,- . : pene es fos Hany east SEO fe i Exceptional Values Th ther $650,000 bond will be filed fe + —~ ~, oO “ biee. iRuntaeee Maas & Wien, Nos BUFFALO EXPRESS | MISSES’ & GIRLS’ SUMMER APPAREL t: <0. Wall mrest, have fled appearance | [savy arang ate Rae, Rewer ——————— ee | as attorneys for the recetvers in both Yon eret aseemneciote patete, Sarvs outta, The collapse was précipated by country banks rather than by any large New York financial interest. Claflin paper had been floming eo Jong through the list of 3,000 banks on the note brokers’ Met that some of the emaller‘institutions, for a variety of reasons of their own, began to our. .00'bill or (4 ler. Nostamps (4 250 Miss " Dresses of Flowered Crepe, Striped Voile, $50 Girls’ Washable Dresses of Striped or Plaid Gingham, tall on the amount. Some of them heed MoGovern, counsel for Linen or Ratine; smart and serviceable models. Size 14 to Percale, Linene or Repp; Middy, Russian or long waisted reditors who filed the pe- = eciined to renew notes that were Raton? toe pects ee) ee CHICAGO-TORONTO EXPRESS 18 years. 6.75, 8.50 and 12.75 models, Size 6 to 14 years. 95c, 1.35 and 1.65 falling due and called for payment. ‘The ship eprang # email leak and|*@ainst the H. B. Claflin Company, |IE watan pointe teaver New Yates itt values 10.75, 12.75 and 18.50 values 2.50, 2.95 and 3.75 Doints, leaves New Yort— said to-day that their disposition was not to push this proceeding If the re- 125 Misses’ Skirts,—newest models; inade of Imported |, 280 Girls’ and Misses’ Middy Blouses,—three modeis in OUTSTANDING INDEBTRONESS éelvern appointed under the bill in ‘ Repp, Cordeline, Ratine or Washable Corduroy, Size 14 to 18 White Drill trimmed with Red, Navy or Cadet Blue Galatea. : equity would handle the business in THE BUFFALO main years, values 4.75, 7.50 and 9.75, 2.95, 4.75 and 6.75 Size 6 to 18 years. value 1.65, 1.15 the best interests of all the creditors An ged, _teate, by nas Preitiminary examination to-day |atixe. ‘Their petition 1s returnable |[p say" me on + Nearee We Aiaclosed that the total outstanding | yuiy 2 before the United States Dis- Foot,ot West, 204 8. indebtedness of the H. B. Claflin| trict Court, but at that time ft prob- ably will be allowed to adjeurn. | COMMITTEES HARD AT WORK) elinetepsupisin EXPRESS OVER Books. TIT attra” Stalham ia eyhenaes. ya New York— Judge Hand's order, putting the| ot $0 Ft, business into a receivership, pute the, Less manner of adjusting the affairs of | deh the bankrupt concerns im the hands Ny eee Sa of the creditors. They are to deter- |i Ae a mine whether the receivers are to NEW YORK. wind up the business of the H. B./—p°orry. tae’ oft amt Bt Claflin Company and any or all of . rea! Babe Ae Rt. the stores, or continue any or all of Ree ee Sere eh the affected corporations as going 30 Flatbush Ave, Tetephoee: Main 67, concerns. The creditors are to be ewan. i consulted on all phases of any plan ‘211 Market Bt, Telephone: Mulberry 247, of readjustment that may be adopted. No plan can be agreed upon until | the auditors at work on the books —— = = — of the H. B, Clafitn Company make LOOK FOR THIS TIORET ON EVERY PAIR their report and balance sheets are Feceived from all the twenty-seven stores in the Claflin chain, The com- mittee of the Merchants’ Protective Association bas sent olrcular letters to the managers of the twenty-seven stores asking for a full statement from each a@ soon as possible. All the creditors have the highest degree of confidence in Joseph B. Martindale and Frederick A. Juill- piecyrerntshes8l22,60 | | tard, the receivers appointed by Judge treet? BAUMANN Nest te POST O! Hand, but the mercantile creditors are jer 3d Avenue desirous of being represented in the receivership. It is probable, as The | ff TTRACTS by smart appearance, and grows in favor by long service. fj Trim ankles, crag tops and & emooth fit are assured in Gordon ROUND TICKET ; Socks-25° ) wn ny teed Nelson England's Great Naval Hero ; OUT Horatio Nelso: would have been ivaded and perhaps cnt sere by Napoleon. At Trafalgar he smashed forever the French shone of cing naval pow . Never was man more sane! ant —not only by all of England's and people who breathe | awaited news of his telling victories, but by every man of his fleet. A 1] he detested tyrannous powers coegiate wps Announcements of Hotels, Board- A LARGE VOLUME, jog Places, Stearmahip Cruives, BEAUTIFULLY PRINTED end ||| } Can Man je afey Mal ben an pace die i Vacation Take PROFUSELY ILLUSTRATED rar re lt oer Barley-Malt brews, even Good beer acnonding to Lor food. ee nies roca Peep tan gpod ° ancient art of brewing. The output, d Quality and Purity, has increased _The World’s Resort Guide 2 ard ir wo keep face with the public demand. Budweiser sales cite stat Woe um |W. L. DOUGLAS | Jnillions es. ANHEUSER-BUSCH ° Acerca S mer for 1914 | *g0%4 &°42 SHOES Bottled only at the home plant. On Sale Everywhere. Families supplied by Grocers and Retailers Call or Write for Copy of This Valuable Guide Without a Moment's Deby! 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