New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-04
THEIR VERSION OF ERROR.
Statement About american Steel
Fouudries Balance Sheets.

r-,.t-,-r ,bef- connection with the balance
sheets OF the American Steel Foundries company
the shares OF which recently were stricken from the
list Of the stock Exchange. Jones. Cesar & Co,
pubIIe accountants last evening gave their version
OF the error In the foundres companys statement
10 the committee stock list in November 49,
Their statement follows in part:
On August 80. 1907 Max Pam. counsel Of the COM
panv wrote instructing to change the balance
sheet previously submitted as to add additioneI
st. 70 Re 81 G We carried out these instruc-
tons and submitted balance sheet incudlng ue
current assets S166.IS9 a. Upon this balance sneet
result OF which our representative clearly unJe
was to be provided by the vendors making a total
OF Eoo0,r0 The necessary alterations WERE n mr.
rent assets at 81 665 log y. compared with s4ly
pan On the same day. With the following letter
we inciose herewith balance sheet amended IN
You win note that The net current rent az e s
connt previously sent you by a clerical error tho
first 10000 OF working capital was inadvertentI!
s5q5S, SIS S. no fe' ' JONES. c4sXR < CO.
II should have been clear from the foregoing let
tiers and accounts that 81 cGooo OF cash nssets had
been included therein Us due from the vendors In
mace by Mr.. Pam.
Subsequent balance sheets Of the company were
prepared from the books, as OF August q and Sep
TENDER 30, in each Of which the amount OF 1900 70
August was clearly stated asset OF the COM
pnny, and these balance sheets were furnished to
the company by ourselves exception being taken
to them by any one OF behalf OF the company, and
no suggestion being made that the $4,000 was not
collectble.
In November tn. statements OF July 81 Were sent
in to the Stock Exchange as the basis OF the ap-
plication to list the stock as well as condensed
form OF the balance sheet of September S-to make
1t similar in form to that Of July 81 Al the time
when these balance sheets were sent IN we made
Inquiries OF official of the company as to the
balance Of 600 still appearing 10 be due from the
vendors and were informed by him that $4,000 had
been collected during October and that there was
sen suppose that the balance would not De
collected in due
Balance sheets for October CT, November 30 and
December 81 afterward prepared from the
books and submitted to the company, each one
showing asset of 500 900 due by the vendors; out
Il was not until the December balance sheet came
before the directors. early In February. that any
question was raised to the incorrectness OF this
item
Among the members Of the board Of directors OF
the American Steel Founiries Company. at whose
meeting on Tuesday the statement traveTsed by
Jones, Caesar * Co was unanimously adopted, are
T. H. Gary. chairman Of the board Of the United
States Steel Corporation: W. Is. Bixby Chairman
Of the board Of the American Car and Foundry
Company; E. y Thomas. president OF the Lehlsr
Valley Railro Company: :. X. Galway, presl,
dent OF the American Locomotive Company. enc
Leslie n. Ward. vice-president OF the Prudsnua
Insurance Company.