Every evening, Wilmington daily commercial., 1920-02-24
PEOPLES COAL CO.
Continued from page |


of different nature, the actual receipts,
could not be determined by the usus'i
methods The delivery slips were not
considered medium upon wnich uc-
pendence could be placed Tor TINS ciass
of information. The report, ulsi.,oic,
must be considered in the light OF these
facts and not as the result of report from
records kept in the usual manner
BALANCE SHEET.
..Tbe inventories were taken by myself
and priced so far as bills were available at
cost. No depreciation has been taken into
consideration on that class OIL property
usually charged with depreciation, and no
calculation was made for insurance and
taxes unexpired, nor the accrued interest
on bond and mortgage.
cash i'm bank was determined from the
bank statement on December 81, taking
into consideration outstanding checks.
There was no cash in the Office.
Assets available were determined from
Sins kept in the drawer of one OF the
desks, from which il was the practice to
make collections, after which the slips
would be removed. The inventories con-
sist of two cars of bitumlnous coal. re-
Gently arrived, out of which but few tons
had been delivered There were also
at S3I so.
''The balance sheet shows n charge
against Leonard +. Cooper of Sill, This
represents an exchange of checks IN con-
ucction with the purchase of property
bv Leonard f. Cooper at Ills King street.
The company gave its check for IS, lou,
and at the time the deal was consummat-
ell few tlays later, n check was received
and deposited for S2,sSS. Against thus
account George " Cooper claims that
Leonard f. Cooper gave him $500, which
he deposited in bank, but for which there
>as no entry on the records IN the oihoe:
The charge against George W. Cooper OF
SI.333. IS consists of FIVE checks, which
Mr.. Cooper admits are properly charge
able TO himself. These checks were oil
drawn 70 the order Of cash There are four
checks ON The Delaware Trust Company:
January Il. 1918, check No. 4. 5000;
July S, check No. 202, $3.50: August .,
check No. 235, S672. december p,
cheek No $40, $50 or Nj ch II, 1918,
check No. 81. Wilmington rust Company
Si67s Against this account Mr.. Cooper
claims TO have advanced the company
notes drawn TO his personal order Tor
amounts due him by other parties of 81,
400 which notes he claims were even
tualIy paid out by the makers. At other
times he advanced cash IN items OF sZSu,
$500 and on December 81, $500. IN addl-
tion to . 81 900 check TO his order from
the Eastern Horse and Mule Company.
No records were available in the office 10
confirm this statement or To reveal. the
dates of the loans, with the exception ot
the $500 item on December 81, which
date was given by Mr.. Cooper, and the
deposit on that day amounted TO APP
proximatelv $3.50 George W. Cooper
further states that he has never been relm-
hursed for living and travelling expenses to
which he claims to be entitled since NO
vember 3, 1917, amounting to s1095 SO.
Likewise Leonard f. Cooper for travelling
expenses only Si9l.65.
Accounts payable were arrived at by
statements from the coal dealers, with
the exception Of the kintz Coal Com
panv, TO whom there appears TO hc
balance due of 1926. II is altogether
likely that there are expense bills which
are not in evidence in the office, which will
further increase the liability. With ono or
two exceptions the expense bills were not
confirmed by statements from the credI-
tors. Those exceptions were cases where
there was evidence of bills not having been
received. There is n 81 500 note at the
Delaware Trust Company on which there
are several personal endorsements There
are notes still outstanding against the
truck amounting 20 approximately ST.
i2I2S. This amount could not be de-
tcrrnined accurately. but it IS not greatly
at variance with the above figures. \.
mortgage of $4,000 stands against the
property of the company.
CAPITAL.
There have been issued and are now
outstanding, according 10 stubs IN the
certificate books, 16,447 shares of stock