The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-09-22

purchases, and IL is believed that in doing so he
received an over percentage from the manufac-
turers or dealers who sold the merchandise to
| him for the Book Concern. 1t is yet disputed
| point whether the prices paid by the Concern
| were any higher than the regular market prices.
| But the mere suspicion OF the agents, plausible
| from the facts which came TO their knowledge,
| was sufficient to induce them to discharge the
| man at once. The Concern may not have lost a
| cent by these transactions, as all the dealings
might have been at fair prices, such as it would
| have had to pay by ordering the same goods
| from other houses. Yet so far as this is con-
cerned the agents are busy making correct In
quiries, though they believe from this cause the
| establishment has suffered but very little.
| Another one of the employees was also sus-
| pected, and he also at once discharged.
| The amount caused to be distracted by his un-
faithfulness could not yet be ascertained but it
| is believed that il cannot be near so great as
mentioned, since in the regular transactions of
the firm for months and years past nothing was
found missing. The funds were all right in
bank, the accounts of stock, of books, and ma
terial on hand were found to be right; in fact,
but comparatively small value could have been
misused, small indeed, that at no one of the
many repeated investigations was it missed.
This suspicion of a small defalcation by two of
the employees of the agents, who were at once
discharged when the suspicion at first became
grounded, was all that there was to go upon by
the sensational writers to make an elephant of
fly.
The Methodist Book Concern was never so
prosperous nor ever so flourshing as it is at
present, or as it has been for some years past.
Its entire assets, according to the consolidated
exhibit of November 30, 1863 were 81, $40, ,919,
and its entire liabilities only $175,2 1885, while the
net profits for the year ending with that day after
the payment of all orders after general confer
ence, were $114,67S. This is more fully shown
by the following detailed exhibit
ASSETS.
Real estate, New York Concern .St1d,G5O
Real estate, Western Concern. $4,000
Merchandise, New York Concern 868,s1O
leo
-A'i''A''i''' ''''-n o''A''' % -.D,--l e5s, 1872 1.
Cash on hand, New York Concern. 52,529
Cash on hand, Western Concern. 1894
Notes and accounts New York
Concern net. D.................. 15s,963
Notes and accounts, Western Con-
cern (net t....................,.... 22O,74O
9,7O3
Total assets.................u sl,aIO,s19
LIABILITIES.
Notes and accounts, New York. -. s42937
| Notes aud accounts, Western. 1851
-- s1752ss
| Net capital stock.%. ............ s1,l65,e2I
| Earnings, New York. k............... $1,000
Earnings, western. ................ G9S73
Paid by order of General Con-
ference. .......................... ss,2O4
Net profit. Observation-Disclosures. s11467s
A month later, in January of this year, the
concern showed little better balance-sheet.
They owed not cent, had more money in bank
subject to craft than they had any present need
for, and their publishing business was steadily
on the increase, yielding increased profits.
They then purchased the building on the cor
ner of Broadway and Eleventh street, paid the
first instalment in cash, us agreed upon and to-
day, with the exception of the deferred pay
ments on the building, which are not yet due,
are again entirely free from debt, with hand
some cash balance at their disposal. Hence,
If any defalcatiOn has been committed
and there is ground to believe that there
vast is so small as not to inter
fo.o tba oio o1 nf fha
nor with its prosperity and its encouraging in
| fuence upon the cause of the Methodist Church
in this country; and most certainly was it not of
| such moment as to cause prominent journal OF
| this city to notice it with such emphasizing
| pomp and circumstance. Indeed, it is stated
that the article of the journal in question, in so
far as it relates to the present managers of the
| Book Concern or to the agents personally, that
no more can it be said that the Methodist Book
Concern has not lost dollar by the defalcation
of its managers" it is an actionable libel, and
legal advice was sought yesterday by one
| of the agents as to the most proper steps to be
taken to enforce retraction and prevent its
repetition.
The Charges Snbstantiated-Their Truth Con-
frmed.
Although the New York Herald asserts in
| positive terms that there is no ground for the
charges of corruption in this establishment, the
| World and Tribune as positively confirm their
| truthfulness. The Tribune remarks:-
1t appears that the managers of the printing
| paper, ink muslin, leather, and so on, used in
| the manufacture of books directly from dealers
in those articles, have been in the habit of max
| ing their purchases through two intermediary
| parties and paving by this means indirectly
| heavy and unnecessary brokerage, as the pur-
| chasers obtained from the dealers a handsome
| commission on everything sold to the concern.
This system was adopted by direction of the
| agent, the Rev. James Porter. and the brokers
| who profted by tito the extent of at least
$10,000a year--were his two sons. The super
intendent of the printing department. Mr.. Good
enough, was man who stood high in the conf
dence of the Church and of the people, had held
MANY religious offices of trust and emolument
and was at the time treasurer of the Sunday
School Union. Mr.. Hoffman was in charge of
the bookbndery In binding, so many articles
make handsome percentage on the articles
bought. Goodenough was permitted to resign
about two months ago, and Hoffman was
| dropped about month ago.
| A larger share of blame must attach to the
| Methodist Church at large. 1t is gross careless
ness to conlde to well-intentioned clergyman
the management of large secular business with
out an interest and without security against loss.
The Bible House is not thus conducted, nor is
any well-managed publishing house. The ac-
| counts of the agents are examined only by one
| single committee, who call in no expert are pre-
cluded by lack of time from examining the
| books, accounts, and vouchers and have not
| sufficient acquaintance with bookkeeping and
| the publishing trade to render their opinion OF
any value.
The World says editorially:-
''The Irregularities which have come TO light
in the Methodist Book Concern are no marvel
now that the mode in which the business OF
that concern has been transacted has come
| IN lpht IT. aDpears that the supervisory