Show CLAFLIN CONCERN FAilS FOR MilliONS THIRTY RETAIL DRY GOODS GOODS' STORES WILL GO INTO THE HANDS OF RECEIVERS RS ting Shi of Trade Center in New NewYork NewYork NewYork York and Inability to Finance Retail Retail Re- Re tail tall Stores Compels Chain of Stores to Close New York The The biggest mercantile mercantile mercantile tile failure in the history of the United United United Unit Unit- ed States was reported Thursday when receivers were were appointed for forthe forthe forthe the H. H B. B Claflin Clanin company of this city The company it is estimated owes more than which at the present time it is unable to pay Its assets are Said to be John head of the Claflin- Claflin company and its chief Individual stockholder Is s the owner of a chain of nearly thirty dry goods enterprises throughout through through- out the country which are Involved In n the failure Receivers for several of these were named and similar action action ac ac- ac tion it was wa announced would be beaken betaken betaken taken aken in the case of the rest Their business will be continued under receivers receivers' receivers receivers' re ro re- re management until the financial financial finan finan- cial affairs have been adjusted From to banks In all parts of ot the United States tates compose the he bulk of ot the Claflin creditors The hold notes aggregating the major part of the liabilities These notes are said to have baye been Issued by the various Claflin stores Indorsed by H H. I B. B Claflin company and the proceeds used when dl discounted counted in If financing their needs According to Mr r. r Claflin the failure was yas due to the unprecedented shift- shift lag ng of ot trade centers In New York City which compelled tl tIme the e concern to rely mainly upon Its retail stores in other cities fo for ii its profits rapidly extending business he said occasioned l large rge capital requirements which we have ha not been able to meet |