The Newtown bee., 1899-03-24
LOCAL AFFAIRS.
E. F. Hawley's Bankruptcy
Proceedings.

MR. HAwLEY STATES HIS CASE BEFORE
DAY.
The bankruptcy proceedings in the
caae of Edgar f. Hawley were again
taken up, last Monday, at the Office of
Banks & Kinks in the Sanford building,
Bridgeport. But few of the creditors
were present. The examination of Mr.
Hawley, in regard to the kind and
amount of business done-his methods
of doing-receipts, profits, expenditures,
causes of selling out, etc, was gone into
at considerable extent, occupying about
about two weeks before he sold out that
he beca me aware of his situation. He
was surprised to fnd himself so much
involved, and Immediately decided to
close up the business in the best way he
possibly could. In substance Mr. Haw-
ley said: Six months prior to my selling
out, my stock might have been worth
$4,000. The inventory taken at the time
OF the sale showed the cost price of what
WAS on hand to be about $4,000. Vincent
& Co. and | agreed upon appraisers
They were Bridgeport merchants-each
appraising that line of goods in which
they themselves dealt. The appraise-
ment was about $4,000, and they paid
over TO me the net amount of $2500
which was 80 per cent of the gross
amount, as we had agreed. | was not
Indebted to the Vincents. 1t was my
practice to take an inventory Of my bust
meas in March, every other year. My
| yearly business sales have been from
$28 900 to $50, 900. My yearly expenses
for running the store have been about
| $4,000 and the expenses of my family
| living about $1,000 more. took my last
inventory two years ago March /. All
that time my book accounts were from
| S25O0 to $4,000. From March /, '98 tC
time of sale, December "a, '98, my sales
we're about $25 600, my expenses about
| $4,000, and the loss would figure about
$1,000. Mine was not strictly cash
business. From Is to 80 per cent Of my
sales were charged on account. | figure
my profit on my sales about 25 per cent
My weekly sales averaged from $500 tt
5000, We kept daily record of the
sales, the amount Of which varied from
various causes, sometimes it would BIT
from the weather. We sent teams oul
on the road to take orders and deliver
goods, and the days the teams went out,
the amount of our sales would show
much larger on the book than they did
at other times.
My only source of revenue was from
my mercantile business. | did not sPnC
unusually large orders to any house just
before L closed up. When l found how
things were going, L bought as sparingly
as | could and keep along, because [ die
not want to increase my Indebtedness
| The $3.50 that stood charged to me on the
last week of my business l used to pay 6
personal demand note my wife held
| against me. The payments made S, S
SCudder, December "a, were to be applied
on note. Mr. Scudder asked me to pay
up the note, and | told him 1 would a,
fast as l could. l paid a note at the
bank within two weeks OF my stop, be
cauae 1t had become due. l sold to George
Anthony, New Milford, on December IL
! bill of groceries; also to G. H. Lines 8
barrel of sugar and chest of tea also to
A. FL. Mcmahon barrel of sugar, two
chests of tea and other groceries. They
we're relatives Of my wife, and l have
sold groceries to them for years. | did
not pay Mr. Hill of New Milford any
account with Trubee Sc Co. was larger
than L ordered. l said to them, send me
10 or u barrels of -four, and they sent
me %. MY deal with them might aver
age $4,000 year. In December l bought
of them to the amount of $500. had no
trouble to get goods. l could have all the
credit / asked for. There was no par
ticular reason why l bought latterly of
houses | had not been dealing with pre-
viously. Their agents came to me and
if | wanted anything in their line [ would
order. / did make payments on notes
in December, to release my brother-and
under similar circumstances should do
the same thing again. My books will
show all my business transactions up to
the time of closing out, and whatever
shows on my books is all right. bad
regular bookkeeper who knew all about
the money taken in, and my accounts are
all correct.