The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-17
COVERING HIS TRAIL.
PercivaI Collins Manipulation of the
Boston Branch Deal.


1t was 9:10 o'clock yesterday morning
when the United States District Court con-
vened in the second week of the trial of
the bank cases. The point as to the admis-
sibility of the report made by Cashier Rex
ford to the Controller of the Currency,
which has been held in abeyance for sew
eral days awaiting preparation of counsel
for argument, was not argued yesterday
morning and will come up later.
The first witness on the stand yesterday
Charles r. Clark, bookkeeper for the
New York branch. He was handed the re-
port made by the New York branch to the
cabinet company in July of 1898, and asked
by Mr.. Burke to explain what he meant
by the items under the head of assets. He
gave the explanations substantially as re-
lated by him while on the stand last Sat-
urday. He said the item of profit and loss
was put upon the sheet to balance the ac-
counts 1t was evidently a loss. He said
the actual assets of the company at the
time the report was made were $2i561. 40;
this was estimating accounts receivable at
their face value. He said there was no
substantial increase or decrease of stock
or plant between that time and when it
was sold to him in August. He did not
know when the notes given by him in pur-
chase of the property had been sold at auc-
ton. He brought none of them with him.
The witness was then passed to MIR. Win
ter for cross-eXamination. He was told to
turn to the opening of the set of books.
He said the item of $5,675.70 for furniture,
fixtures and good will was credited to F.
A. Coffin, trustee; of this amount s., 800 was
for good will and S175.7O for the furniture,
fixture and tools. On the other side of the
entry Coffin was debited with 5000 for cap
ital stock and S675.70 for furniture, fixtures
and good will.
Mr.. Winter-The meaning of these entries
is that the 5000 capital stock is paid for
by the good will, is it not?
Witness-Yes, sir
The witness, continuing, said the total
transaction between his company ano the
United States Office Furniture Company
amounted TO s., 2,272.21 He said it had an ac-
count with the cabinet company and the
amounts credited on the books of the New
York company to the cabinet company were
for goods sent by the latter to the former
The total amount of these credits was $32,-
296. 20. He said the balance due the United
States Office Furniture Company was car
ried in and included with the amount due
the cabinet company al the time of the sale
The amount due then was $2s,92114 He said
the amount of capital stock which appeared
in the column OF Liabilities did not repre-
sent actual liabilities. He said an inventory
was taken at the time OF the sale in Au-
gust. The assets at this time were Sl7, ,366. 10.
The liabilities, excepting the amount due
the cabinet company, were A,0l24. The
witness, in addition to the ten-per-cent.
discount on stock, was allowed a discount
of 10 per cent. on the face value OF bills re-
ceivable. He paid SIC. .494 60 for the business.
He paid all the liabilities assumed by him.
He said the business failed on account of
the general business depression at that
time. 1t was sold at private sale In an
swer 10 question by Mr.. Burke upon re-
direct examination. the witness said he
paid nothing for the good will OF the busi-
ness when he purchased il and received
nothing for IL when he sold out. Mr.. Kern
asked that the bill of sale. with the in
ventory made at the time be put in evil
dence, and they were marked as exhibits
and went into the record.
SENDING MONEY TO LONDON.
W. B. Nutting general manager OF the
Boston branch. was then called for. but was
not present. George ID. Boulton was then
called To the stand He said he had re
sided in Chicago for thirty years and was
at the head of the foreign exchange de-
partment OF the First National Bank OF