The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-06-17
FIND MILLS & GLIB
SURPLUS $921,47S
Accountants Report Assets
Are Substantially in liz.
cess Of Liabilities.
CALLED CONSERVATIVES

The preliminary balance sheet Of the
white goods jchbing and importing house
OF Mills q Glib. as prepared b! a"-
countants for the receivers. WAS modified
yesterday. The accountants report that
the excess Of Tangible assets over eur.
rent Liabilities is s9?I.i13.
According to the accountants, advances
to President William 7. Evans amounted
to s7e5.s4i.77. and advances to W. ".
Evans amounted to Slt2.92S.ii. u total
advanced of more than S?3S.1T Under
advances 10 W. r. Evans the report
shows that s.13.?so WAS 10 cash account.
$1?5.:5. to private account, Slt2,'2s to
Terrace Court rtments. Sl32..G? T."
building account. S?5.G6l to iIatli street
lots. s13.a15 to tho Mon'clalr Art Assoc
citation and s9.osT to individual UNDER
writer's account.
The balance sheet shows total assets
amounting 20 $j.n14,P17. against total
liabilities OF s5.3S3.ell. leaving al eN.
cess Of liabilities over assets Of s3uN.-
23a. Total tangible assets are disclosed
as N.07te7s and total current liabilities
Az s3,ljS,5"3 Thus tho cNcess of iaugi-
bic sssets over current Liabilities il
$9?I.,iS.
Speaking on behalf of President Evans,
Frank a. Lawrence, his attViue,. made
the following statement last night
The statement which has been madc
by the count concerning tho affairs
Of Mills g. Gibb as of May -. 1915.
showing an excess Of taugibl, assets over
current Liabilities amounting to sal
4732. ", ~ II states, only q preliminary
balance sheet " is to say the least an
extremely conservative statement.
For Instance. IN the neiglhorhc-,d ot
half q million dollars is deducted from
the actual rost of tho building on Fourth
avenue erected 10y tile concern and o.
cupied exclusively by II.
Alec 100000 u deducted from the
value 81 the merchandise OIL hand TO re.
| dure II to a l.quiiating basis, Uhi"h Is
understood to mean tu meet the cost nt
selling II hut this amouut - lcasened by
onc-,alf. that u sijo,oo". which is
added t. the assets ~ case a r~eorCaniza'
iiuu j. effected and the business u con-
,.nuei as = going concern.
"hs to the indebtedness of Mr. Evans,
, stated 70 amount to a total ~ S'1>,
/ 1;o..a. certainl, +, third Of that amount
perhaps more. consists Of int r"N'
charged ~ t. rate Of " per "|n' "Il'
IN. COMPANY hss been borrowing money
AZ 3 or , per cont. IN this connection II
is to be r~emeIupered that Mr.. Evans hd'
| Endorsed all the notes Of 'h' company
nov outstanding 20 tho amount "i over
s.. 400, GOO. and as seCuriiN FOR ms VIZ
J~ehtedneS TO tho company He has = DE-
yeycd for us cement All ~ his real -
tate and rich other property. Al wh''h
taken together, n" acquired ~ a cost "A'
,nedirg 81 loo. nou aud which VIII Ger
t,lplv Weld q very substantial sun
Federal Judge Mayer has m. oriIec
Joseph ~ Nartindale n H. tidrpe'
y,o,r -e,eiy.rs Of Mills 4 ';iuh, go ay
cent the offer ~ ". l.. tudrus Of VI
Riverside Drive To purchase II" 'unir!
nl,.o az wnnan 7. Evans Al Silpp"'
POINT Conn, consisting 81 r'\"n acre
for s7o.o"". l,ayahi. si".ooo cash -''
100000 mortgage. TINS Na~ a i,drt "
IN. re., ,.'atc transferred /" 3D. SO
levers ON Ma, IS BY MIR. Evans