New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-03
ACCOUNTS or BROWN, STEESE + CLARK.
THE EXPERT. FOUND THEM A BEwILDLRIN'
TANGLE ASSETS s1,5i5375, LIABILITIES

TANGLE - ASSETS s1,5i5375 LIABILITIES
NEAR THREE MILLIONS AND \ HALE.
Boston, March 2.-IIenry \. Piper the expert ac-
countant who has been investigating the accounts OF
Messrs Brown, Stcesc d Clark. the insolvcnt WOOL
firm, has submitted exhaustive report 10 INC as
sgnecs \ trial balance of the ledger, he says,
showed on August l. 1s-0, an apparent surplus OF
S246,0s3, but on analysis there are found among
the assets large amount in accounts that have Deh
worthless for years The discrepancies between thc
notebook record and the ledger account of notes pay
able is $l61 500, and notes receivable t--OJ- Inc
present booBkccper claims that these discrepancies
We're inheritance from his predecessor ana th'
was found to be fact by Mr.. Piper The latter was
obliged to go back over the books 10 1860, and found
the discrepancies spread over each year from $50
to 1sss The notes payable account had been charged
with S23s. .797, from which the business derived no
benefit, and had been credited with S6o,j-J' ""'h
the books do not show a. having ever been paid
The first item unqucstonably for notes ana
acceptanccs that should have been taken up by Mr..
Brown, and the latter item also represents amounts
paid by him for the firm account. This would show
an amount chargcablc to him Of $IG9,47i in order
to recty the account. A. part of the cash balance
August 9, les9 there IS memorandum for S3l'o4o
that had been carried in the cash for several years
Cashier webb explains that. at MIR. Browns request
he had drawn check for this amount, when he
webb understood wac to be used TO pay certain
hit'i''-"
pcatedly asked Mr. Brown to make The proper entry,
he had never been authorized to do
Taking the books Of the firm at face value ana
making necessary corrections, 3 statement of Their
condition would show assets of II ,5i5,37J; liabilities
Of 81, BIS and the accounts receivable Soo''i"
are o' somewhat doubtful value. The other ASSET
maht under pro. .pcrou, circumstances, have proved
go1d FOR nearly their face value, but III insolvency
there would necessarily be- a large shr!nkasc
Il was found that indebtedness Ia the amount oi
ri ZOO 40 existed August -. l--i. OF when llrrr
was no record on the firms books, thus swelling
tho direct debt 10 S3i1@.15-. 40 detailed record
Of ihi, additional Indebtedness lir existence rN
cent sr. a, could ho found IN memoranda or slips of
paper The manner OF doing ln-ln'-- was 80 lo'-r
that tho accountant thinks sM months solid WORK
wOad scarcely be sufficient 90 Woih out the mi 'i'ic'
OF the accounts. The condition 81 the hriu, lc De-
llcvcs a. near be given ls A. follows: A-,'t-'
~ b55.375: liabilities. Sa.Il. i5:. contingent a'l
ties s.s7 800 Endorsement on klNcr-ldc ana '-NteV
NILS note, outstanding. r--2.J'I.
After commenting upon the enormous Work on uli
ravclling these accounts. Mr.. Piper saws Dc believes
II a waste Of money 10 continue the ii-l There j. %"
doubt that the interest item aluu" VIII account Tor
$500 900 ~ the deficiency. and probably Mr. Brown
personal account. not charged on the firms book,
would account for much norc. Where the rc-i i'
gone II vonld be idle to speculate on without more
A.t f.fl