The Portland daily press., 1883-08-18
CHAS. w. COPELAND g. co.


Statement of the Investigating Colsirnitsee.
BOSTON, Aug. T.-An adjourned meeting Of
the creditors of the firm of Chas. W. Copeland
q Co. was held at 2.30 o'clock to-day at the
store on Bedfore street. There were fifty gen.
tlemen present, and Hon. Isaac Stebbins of
Chelsea called the meeting to order. Mr..
VIM. M. Builivant was chosen Secretary, and
the statement of the expert was then made.
THE EXPERTS STATEMENT.
AT the commencement of my examination
OF the accounts of Charles W. Copeland & Co.
found that the books were only partially un-
der the control OF the bookkeeper, the cash
and notes being exclusively in charge Of Mr..
9. W. Copeland until January, 1881, when
the bookkeeper became responsible for the
cash, but the notes payable and receivable con-
tinued in charge of Mr.. Copeland. have
made an examination from November, 1879, to
August, 1883.
The estimates of receipts are 81, ,359, ,018.65,
distributed as follows
f. Shaw q Bros. os................... .Se16,726.S4
Cash received for notes payable sold.. 656,549oo
In I0qokeulss brosess hands 1.a9so6 sSoe
s1,357, ,o1so6
The bills receivable amount to $145 662 .9S,
which is largely in excess of the balance called
per statement in notes themselves, but many
OF these are held as collateral for merchandise
Interest charge up to date, $1l, ,30S.40.
The receipts were $7,965, ,170.11 and the dis
bursements were So, 1897 1882 leaving bal
ance on hand of $67, ,620.19. This is substan-
TALLY correct, the amount called for being re-
presented IN bank cash, cash. in notes, princi-
pally in the hands of o. w, Copeland. The
several heads OF the cash statement can be
more definitely stated and extended to the
minutes detail If desired, but presume this is
Sufficiently clear. find no account with Mr..
Copeland personally prior to January, 1882,
and consequently no charges OF cash or other
wise appear against him. All notes from
November 1879, to that date, drawn between
those dates must be otherwise accounted for.
No profit and loss account has been made up
since October 81, 1882. The capital account
shows a deficit of the amount Of $54,13l4,
Aug 81, 1881, and this deficit might be re-
lieved by the amount Of stock on hand the
figures Of which we have not received.
THE COMMITTEES REPORT
Mr. w f. Lawrence made the report for the 4
investigating committee. and said the notes
payable amounted to 81 1857 ,01S65.
Accounts payable. .......... ........S 1852 76
Contingent liabilities as indorsers of
Hoeffheimer a. Co. ...,.... 994,733 SO
N. Tolier & Co ..,........ .....,. 1875 o5
Contingent liability as indorsers of
Steadman q &Co.,....,..,...,..... 02,olS 80
Total liabilities indorsers.... $401, $40 S3
Liabilities Of w. Copeland Co:
Notes payable. ,357 ,O1S Ga
Accounts payable e.......'..'........' ld6,S29 a6
Liabilities as indorser. .,,.....-.. 40l, $40 53
Due to brokers. s.................,,.... 7,427 SO
Total ..........................s ,ss3, ,2ee SO
ASSETS.
Cash on hand and in bank. ..........S 63, 536 rs
Stock in Campello factory. y.......... 72,297 10
Stock in North Arlington. ........s.. 16, ,S31 IL
Stock in Natick. k...................... 71,765 94
Stock in Medway. y.................... 1851 OF
Stock in store. Observation-Disclosures. $4,000 90
Machinery. ery...................., 10000 90