Norwich bulletin., 1912-05-01
REPORT PRESENTED BY RECEIVERS
Condition of The McCrum-Howel Company Set Forth in Statement Filed in United States District Court in Philadelphia.

Edward R. Stettinius and William H. Woodin. receivers of the McCrum Howell company, manufacturers of enamelware, vacuum cleaners and said to be part of the so-called "Bathtub trust have filed preliminary report In the United States district court at Philadelphia of their investigation in to the affairs of the company, says a special despatch to the Hartford Cou rant of Tuesday.
 Receivers were appointed for the McCrum- Howell company on March 13 last. Impairment of credit due to the governments investigation into the alleged trust was the main cause for the financial embarrassment of the corporation. Receivers Stettinius and Woodin say in their report that they have personally devoted their entire time in acquainting themselves with the character and extent of the busi ness, obtaining information as to its details, and solving a large number of administrative problems arising daily and requiring constant attention in or der to keep the organization of the business intact. In an effort to ob tain a true financial condition of the company they employed responsible and disinterested firm of auditors and engineers, Gum, Richards S Co., who have been engaged in examining the books. properties and records of the company. While this firm has not completed it's investigation, the re- ceivers say that they are enabled to make approximate and condensed statement of the company's assets and liabilities, as follows
 Approximate statement of assets and liabilities of the McCrum- Howell company as of March f. 1912:
 Assets.
 Cash on hand and in banks $60, . 114.97 less amounts subject to possi- ble claims of offset $S419402; $25.- 92O.95.
 Accounts receivable $1,79S, ,S46.90, less reserve for bad debts, etc, $1,182, ,239.- = S5; $616,60705.
 Bills receivable $S4316.24, less re- serve $S,549.S2; $75, 5,766.42.
 Inventories, raw materials and mer- chandise, S66S,57795.
 Advance payments, $5,077.60.
 Real estate, plants, machinery etc, &, ,146, ,527.91, investments, 34,480; $1,1S1, ,0O791.
 Richmond sales. being estimated, amount to be realized on the com pany's claim against that concern aft CT deducing expenses and losses, $90,00O.
 Assets, exclusive of patents, trade marks and good will $2,662, 2,95LSS.
 Liabilities.
 Merchandise, creditors. $2OS, ,239.1O. cheeks outstanding, $5,96199, $214,- 207O9.
 Customers returns and allowances, $9,2O6.7S.
 Contract creditors. $S3,O1S.97
 Personal-L. c. McCrum, $3,390.60; George D. Howell, $62O.17: $4,31O.77.
 Bills payable, S2,046, 6,91O.42; notes indorsed and guaranteed, s223,950; trade notes sold to be deducted when paid from accounts receivable, $13,960 "A; $2,2S4S27.16; less possible offsets, $34 4,19402: $2,250,663.14 Accrued expenses, payTols, etc, sS,- 253.15.
 Reserve for purchase, "A shares pre- ferred stock Modeal Heating company s74,O00.
 Liabilities, exclusive of contingent liabilities of S5S65015 and of capital stock and disputed claims, $2,577, O29.S5.
 Balance Excess of assets $S5,92s0S; total, S2,662, ,9578S The receivers explain that difficulties were experienced in preparing even an approximate statement of the com pany's condition owing to the unsat- l isfactory manner in which it's records i and books had been kept. An analysis of accounts receivable showed that a l large number of accounts were found to be worthless or very doubtful of col | lection. Upon this basis the auditors