Evening Republican, Volume 18, Number 150, Rensselaer, Jasper County, 26 June 1914 — CLAFLIN DRY GOODS CO. GOES TO WALL [ARTICLE]

CLAFLIN DRY GOODS CO. GOES TO WALL

Failure of New York Firm, Greatest in U. S. History, Affects All n Parts of the Country. New "fork, June 25.—The biggest mercantile failure in the history of the United States was precipitated today when receivers were appointed for H. B. Claflin company of .this city. The company, it is estimated, owes more than $30,000,000, which at the present time it is unable to pay. Its assets are said to be $44,000,000. John Clafliin, head of the company, and its chief individual stockholder, is the owner of a chain of nearly thirty other dry goods enterprises throughout the country which are involved in the failure Receivers for several of these were named today and similar action, it was announced, would.be taken in the case of the rest. Their business will -be continued under receivers until their financial affairs have been adjusted. From 3,000 to 5,000 banks in all parts of the United States compose (the bultk of the Olafliin creditors. They hold notes aggregating the major part of the liabilities. These notes are said to have been issued by the various stares endorsed by H. B. daft in Co. and the proceeds used when discounted in financing their needs.