The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-05-15
VALUE OF THE PLANT.
Receivers Appraisers Testify as to
Cabinet COmpany's Establishment.

Receivers Appraisers Testify as to
Cabinet COmpany's Establishment.
The federal court commenced promptly
at 8 o'clock yesterday morning, with teller
Robinson again upon the stand in behalf
of the government. He was shown state
ments of accounts found among the papers
of the cabinet company, and from these
testified that from July "a, 1889, to July IL,
1890. the cabinet company had been charged
by Coffin & Stanton, of New York, with
$4O,271.S2, and from July "a TO October 20,
1890. $13, 1855, and between that date and
Jan. 13. 1891, S17, 7Os.6s, making a total of
81, S75.8 sc. Mr.. Kern then read in evidence
all the letters received from Coffin & Stan
ton acknowledging the receipt of the vari-
Gus amounts sent them by the cabinet COM
pany. all of which were credited to the ac-
count of r. A. Coffin. Under cross-exam-
ination the witness said that the final bal
ance showed $210.09 in favor of Coffin &
Stanton.
Nathan Morris, an attorney of this city,
was then called and asked what he knew
of the London branch of the cabinet COM
pany. He said he went to London on be-
half Of the Indiana Trust Company, receiv-
er of the cabinet company. in September,
1893. When he reached London he found the
property had, prior TO the appointment of
the receiver. been sold to Elijah Coffin, sub
ject TO the approval OF the receiver. He
deemed it not advisable to approve the
sale, and made arrangements for the sur
render of the lease. He testified that the
warerooms and storerooms were located in
different parts of the city, and in July,
prior to his arrival, the warerooms had
burned and the loss mad been adjusted and
e, 300 paid to Elijah Coffin. He was told
that the books and papers connected with
the business, which was conducted as the
Indianapolis Cabinet Company, were de-
stroyed by the fire. He said a statement
of assets was prepared for him by a Lon
don accountant. 1t showed book debts due
the London branch, Il, 150; desks valued at
$500; insurance paid to Elijah Coffin, e, 800:
consigned accounts, representing the
b. Coffin for 1891 returned personal proper
ty to the value Of $537 and of the two re-
naming years $35 each. Then the tax re-
turns made by the cabinet company for
these years were read. That of 1891 was as
follows: Notes. other than mortgage notes,
81, 6S7. 20; all accounts, S31, 2S2. 81; all bank de-
posits. 1855 81; total credits, Ss3, 7O5 IS; total
Indebtedness to be deducted, S1l4, e56. SO;
goods and merchandise on hand, So 90;
total personal property, SIS, 76l. The author
lied capital stock was returned at Sl50.00,
all OF which was returned paid up, with
"a NAAtC hdi1 ioCONl- III 4cV- th0 (Osn-
pany returned total credits. $50. S25. 4S; total
Indebtedness to be deducted, $170,61S17;
goods and merchandise on hand, $S4,5S0.97;
tools, implements and machinery, $6,94I.S3
total personal property, $~9l,52S.2S. The re-
turns on capital stock were the same as
that of the preceding year, and the actual
value of the plant was returned at $1l2, 500.
For the year 1893 the total credits were re-
turned at $103.05I.sS and the total indebted
ness $1&, $3.50. 46, including bonds to the
amount of $4,000. The total tangible prop
erty was returned at $97, 199.2 %. and the
stock returns were the same as the two
preceding years. Frank Birket, a deputy
assessor during 1893, was then called, and
testified that r. A. Coffin had told him that
the veneer and panel company. United
company and Indiana Furniture Compan
We're merely organized for protection, and
had no property.
of this city, was then called TO the stand.
He was one of the appraisers appointed by
amount due from customers on the CONT
nent, TO be paid for when the goods were
sold $3.50; bank account, f20. The net as
sets, after deducting the amount paid
o little over 5000. The sale 10 Elijah
Coffin had been made by cable on Aug. 1,
terms of the cable sale was $4,000, payable
at different intervals, extending over a
period of two years.
Mr.. Morris did not approve this sale, but
made another contract Of sale with Elijah
Coffin. the terms of which was f1,25O in
cash and the balance of f4,S5o in a~cceptances
OF Elijah Coffin. due at intervals of one
1891.
on cross-examination Mr.. Winter asked
the witness about the fire. and the witness
said IT was an extensive fire and no one
knew its origin. He was unable TO learn
anything about how or where IL started.
The witness also stated that Elijah Coffin
said he was personally liable for the pay
ment or the three bonds negotated IN Lon
should be permitted to hold the amounts
of his three acceptances last falling due to
secure the payment OF these bonds.
THE TAX RETURNS.
Deputy Assessor Mcdonald was then
called to the stand for the purpose of ex-
animation upon the tax returns made by
the Collins for the years from 1891 to 1893.
The returns of personal property of f. A.
Coffin for all three years were exactly the
same, and amounted to 1880. That of p.
the receiver. and appraised the property of
T.. Helwig.>
From memoranda he gave the appraise-
ment as follows: Real estate, $1,000; build
ings, Sl, 800; machinery, S2S,12O; horses and
wagons, ssl5; office furniture, $50; good
notes and accounts, SS,1I3; total, So0,UOS.
The witness was then passed 10 cross-ex-
animation by Mr.. Duncan. and said that In
appraising the real estate the appraisers
took the tax return as the correct value
Of the real estate.
Mr.. Duncan-Did you know of any proper
~ in that locality that had been sold?
The witness said the property was only
OF value for manufacturing purposes. He
said the real estate was assessed at $1,000
for taxation. Mr.. Duncan then took up
the cross-examination OF the witness upon
the appraisement of the buildings. and
asked him the size of the various buildings
and the appraisement of the value of each.
He had a very poor memory upon the ques-
ton. and said he could not remember at
what price the separate buildings were APP
praised. The consideration OF the machin-
cry and tools was then taken up. and the
witness said there were about sixty ma
chimes In the establishment. Mr.. Duncan
then read from memoranda OF the appraiSe-
ment made at the time. and asked the wit
ness some pointed questions as to the in
formation the appraisers had of the cost Of
the property at the time they made the
appraisement. which was much greater
than the appraisement.
Then Mr.. Duncan began a systematic