Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-01-31
hcDY COMPANY FAILURE
FOLLOWED BY THAT OF CAPTAIN
]. e. MCCOY, IN BANK
Aggregate Liabilities are Over
$4OO,O00-Evidences That h Conn
pany was systematically Robbed.
The Receiver Appointed and
Qualifes-Lfst of Creditors.

Inc details or the failure OF the Nc
Coy Shoe Company ana the application
for a receiver came as a shock to a
large element of the business COM
munity yesterday morning, and was a
matter for speculation, discussion and
regret during almost the entire day.
The officers and stockholders Of the
company had the sympathy of friends
without reservation, and the collapse
was sincerely deplored. The voluntary
petition in bankruptcy filed by Cap
tain j.. E. Mccoy as a result of the de-
termination of the Company to apply
for a receiver added to the deplorable
features OF the case, ran the liabilities
up to very large figures and involved
a large additional number of people.
AS stated yesterday the liabilities of
the company aggregate $685. 90, in
addition to the capital stock of STA, 700,
a total of S154, 046. 90, with assets of but
$9S, 700. On top of this comes the
schedule in bankruptcy filed by Captain
Mccoy, which shows assets of $95 900
and liabilities OF all classes of $342,S71
gross, from which there may be deduc-
lions Of 1924, leaving net liabilities
of S247 $50. Adding together the liza
bilities of the company and those of
Captain Mccoy a gross amount is
reached Of $496 ,917.09, and deducting
the contingent liabilities of the Cap
tain, described al accommodation pa
per-" and debts which should be paid
by Others" the sum is $401, 676.09 In
like n the total assets of the
company and of Captain Mccoy may be
figured at 1874, 100. These aggregate
figures are simply given to show the
magnitude of the affair and give an
idea of its ~far-reaching effect.
Late yesterday afternoon Mr.. James
P. Maxwell qualified as receiver,
giving a bond of $4,000, and
will henceforth have charge of the al
fairs of the company, but up to the
close of the business day its affairs
were still in the charge of General
Manager and Treasurer Frank Z. Nc
| Coy, who devoted what time he could
to an investigation of the causes of
the collapse. No general examination
of the books of the Company have yet
been made, as a matter of course, as
that will be the prolonged business Of
an expert, but a superficial study of
some data shows beyond a doubt that
systematic rascality is at the bottom
of the entire trouble. The company
has made money, doing a splendid bus
mess, and the net profits for the past
ten years are estimated at $50 900. Yet
an annual average of $4,000 on the
right side of the ledger has been wiped
out, together with sums representing
three-fourthS of the capital stock. In
other words a good many tens of
thousands of dollars have disappeared
in the course of the last five or six
years, leaving as far as is known but
an indefinite trace behind. The books
will be subjected to a thorough expert
examination as o o as possible, car
ried through a series of years and a
statement prepared showing the exact
losses and fixing the responsibility for
| them. When that is done there will be
| subsequent proceedings of decided in
terest.
Among the creditors of the company
are the following, but the amount ow-
| ing in each case is not at present avail
! able: The Commercial Bank, George
Van Lier, Woodbury. Shoe Co.; Esta-
brooke Anderson Shoe Co, c. B. Lam
caster, f. Bridgeman & Co, J. ". VOL
| colt & Co, VI. n. Arnold & Co.. Brad
ley, Hagner & Co., Chicago Hosiery
Co, Crooks, Root & Co, Joseph A.
Dane & Co, Droke, Sanborn & Co.,
Foss, Packard & Co, C. H. Goddard G
Son, Preston B. Keith & Co., Leonard
Shoe Co., c. w. Lewis & Son, A. E.
Mann G. Co, n. L. Willard & Co, Lis
neott & Co, j.. ~. Russ Co, H. NJ.
Read & Co.; Thomas & Co, Woodbury.
Bros, Easton Boot & Shoe Co, Isaac
Prouthy & Co., Goodyear India Rubber
Co., Vance Shoe Co, Lacue Shoe Co,
First National Bank Of Sistersville,
German Bank, First National Bank of
Warrington, City Bank Of Wheeling,
c. NJ. Brett & Co. Clapp, Huckins &
Temple, NJ. C. Griffin and Parker x
Peaks.