Document JJEye6ebB2Zem3aqRZbjvkyzK

Brought Forward U. 3. stamping Company U. S, Habber Product# Company - Dundea, Hew Jersey Velvetlaa Company Taira Bag Company Valentine Laboratoriea Wadsworth Howland Company Wizard, Incorporated Western Maryland Ballway Company Wagsnmana Paint Stores, S. C. Wilson, Paterson, Gifford, It'd* Wheeling Tile Company Western Electric Company Wisher Company, 0. F. Webster Company, Wm. A. Wright Laboratories Zanaarill# Stonewars Company Uncollectible Accounts: Delaware Floor Product# Coapsiny Johnson Paint Company, B. F. northwestern Terra Cotta Company Ohio Varnish Coaipany Kahonlng Paint A Oil Company Caiman k Company, Sail American Tile Corporation Viscosity Oil Company $ 1,600.00 162.90 375.00 192.16 154.50 549.04 13.50 121.50 $182,660,97 240.00 6.900.00 16.31 120.00 63.75 2.300.00 30.00 18.75 120.00 2,553.95 1.150.00 86.25 100.00 25.50 63.75 60.00 3,186.60 ___________ $199,697.23 $ 1 $ ACCOUNTS M5CEI7ABU: CUSTOMERS LEDGER: Fast due accounts at AuQist 31st, 1935, which were wholly or partly unpaid at November 30th, 1935: Kerne and R--rfcs Last Payment Pate Amount Amo Company Michigan City, Indiana 7/ 1/35 - Invoice 1405 8/ 6/35 - Invoice 1446 $ 150.00 150.00 $ Made payments of $150.00 in September and $150.00 in November. Their November balance le $262.50. Usually about SO days alow. Considered a good aooount. Century Vltrous Snmael Company Chicago, Illinois 6/19/36 - Inroio. 1148 7/ a/38 - Inrolfl. 148T 8/ 5/33 - Ib t o Io . 1398 8/23/33 - In-rals. 1684 * 60.00 90.00 36.00 136.00 8/13/35 42.00 Paid $150.00 in October. Their November balance le $258.00. Credit reports indicate that they are slow but satisfactory, usually from 30 days to 60 days slow, Chicago Hardware k Foundry Company North Chicago, Illinois 5/ 9/35 - Invoice 1059 (Balance) 7/26/35 * Invoice 1738 $ 4.17 121.S0 8/30/35 117,33 Ho t ember balance $227,61. Occasionally slow but considered a safe account. PNYC00001299 ACC0tnrf3 BZCgVABU: (Continued) CUSTOMERS LgDGKR: (Continued) Name nd Bmaarka Frank W Dunne Company Oakland, California 7/ 1/35 - Invoice 1399 Leaa peyment of August 14th, 1935 $ 2,300,00 383,34 Last Payment Date Amount 6/14/35 $ 383.34 Extended terms granted, Ur, F 0, Case's letter of Jnly 2nd, 1935 allova terms of six monthly payments with discount. Payments have been made as per terms granted. A good aceount, Kelly Burroughs Laboratory Chicago, Illlnola 7/ 1/35 - Invoice 1389 8/24/35 - Invoice 1664 Paid $38,25 in November when a new purchase was mads, Will request payment of old balance before additional credit la grantsd. Always slow but la collectible. $ 38.25 38,25 8/28/35 51.00 Z. 7. Logan Glass A Paint Company Billings, Montana 6/13/35 - Invoice 978 7/12/35 - Invoice 1469 $ 60,00 60,00 5/17/35 122.63 A reliable concern, but chronic slow pay. Considered a good credit risk. Paden City Pottery Company Paden City, West Virginia 4/ 1/35 - Invoice 456 5/ 7/35 - Invoice 1007 6/15/35 Invoioe 1122 8/24/35 - Invoice 1738 $ 93.75 93.75 93.75 93.75 5/ 8/35 93.75 November balance Is $211,50. Occasionally slow pay, A good account. Leo S. Smith k. Son Manufacturing Ccapany Pittsburgh, Pennsylvania 7/ 3/35 - Invoioe 1565 $. 6,00 A large concern. Payment has probably been overlooked. Good credit rating. Collection letter will be mailed at once calling their attention to this unpaid item. Stewart Mowry Company Chicago, Illinois 6/ 5/35 - Invoice 934 $ 3,00 fi/26/35 9.75 Very slow. Will collect eventually. Wilson, Paterson and Gifford, Limited Montreal, Canada Old accounta as of November 30th, 1931 covered by Creditors Agreement Less Dividends: 3/ 2/35 - 9f $ 182.42 10/23/33 - 10# 364,85 8/18/3* - 9# 182.42 12/ 8/3* - 3# 182.42 7/ 8/33 - S# 182.42 $ 3,648.46 1,094.33 8/23/55 241.50 Current Invoices arc paid pnmrptly. This Company has been operating under the supervision of a Creditors Coianittte since November 28th, 1931, Extension agreements have been granted to continue the bus iness under this plan. The business has shown continued progress. The assets are now being liquidated, A dividend of $2,079,65 was received on Novmnber 26th, 1935. A release and discharge waa ex ecuted prior to this lest dividend. Some additional property is la the process of being sold, also some funds held in a reserve fund will he available for distribution, so that a aubatantial final dividend Is ezpscted. PNYCOO001300 e/31/3 1,916.6 76.f 120.0 375,0 6.C 3.( 2,553.1 tccomrs sacgTABtBl (Contlnn.d) COSTOMltHS LEDGER: (ContlmM) Nme *riri ftwmwTks Uncollectible Account!: The following alow and doubtful acoounta In the Customers Ledger are carried under one account, "Uncollectible Accounts", the etatua of the aceounta haring been definitely established. The Companies bare gone into bankruptcy, receivership, or are operating under Creditors Agreementa, and oecaelonal dividend payments are received. American Tile Corporation Roclcport, Indiana 12/ 7/34 - Invoice 2000 (Balance) $ 13.50 Involuntary petition in bankruptcy was filed against the Company on March 25th, 1935. Adjudicated a bankrupt on April 29th, 1933. Coo. ?. Zimmerman appointed Referee in Bankruptcy. Proof of Claim filed May 8th, 1935. Some recovery is expected. tail Caiman and Company Long Island City, New York 11/30/31 Invoice 3129 12/31/31 - Invoice 3050 1/30/32 - Invoice 439 2/29/32 . Invoice 402 3/31/32 Invoice 911 5/31/32 Invoice 1537 12/ 6/32 - Invoice 2528 2/27/33 - Invoice 412 3/27/33 - Involoe 823 t 31.88 63.75 31.66 95.63 29*63 29.63 29.63 148.13 86.68 The flrat six invoices are covered by Note. At a general meeting of the Creditor*, held Hareh 13th, 1931, a Creditors Committee was appointed, and it was agreed that the assets be turned over to the nominee of the Creditors Coenittee, the New York Credit Men's Association, under a general assignment. Our proof of Claim filed with the Assignee on June 28th, 1934. Assets here bn liquidated, and the first and final dividend of $100.81 received October 25th, 1935. The balance of the account was charged off in October, 1935. Delaware floor Products Company Wilmington, Delaware 7/25/30 - Invoice 1845 (Balanoe) 9/15/30 - Invoice 2235 (Balance) $ 800.00 800.00 On November 10th, 1930, John ? Potter, President of the Company, was appointed Receiver to work out a plan or reorganisation. The Company was reorganised and the plan approved by the Cred itors, and our approval was duly executed by the offlaere of the Company, as per Ur. James Dickson's letter of August 18th, 1931 to Ur. P. X. Stolte. Under the plan of reorganisation the general creditors received $500.00 In second mortgage bonds and five shares of common stock, Par Paine $100.00, for eaeb $1,000.00 claim. The following securities,to cover our claim of $5,200.00, were received, and forwarded to the New Yoxk Office: Second Mortgage Bond No. A 578 $ 1,000.00 Second Mortgage Bond No. A 579 1,000.00 Second Mortgage Bond No. A 973 500.00 Second Mortgage Bond No. A1171 100.00 Common Stook Certificate for 26 shares. No* 308. In accordance with instructions received from the New York Office, one-half of the account of $5,200.00 was charged to "Reserve for Bad Debts" in 1931. An additional amount of $1,000.00 was charged off in 1934. Information received from Mr. Walter J. Binder, President of the Company, le to the effect that considerable progress has been made elnoe reorganisation and substantial profits earned. Interest of 6 on the eecond mortgage bonde has been paid as of March 1st, 1934, and March let, 1935, and a surplus created after payment of ell bond Interest, Taxes, Bto. Prospects are favorable of realizing a substantial amount on this acoount. Last Payment Date Amount 3/26/35 $ 20.25 $ 7/27/33 88.88 PNYC00001301 aCCCTTBFS HXCIIYAHLI: (Continued) CPSTCKERS LEDGER: (Continued) TTHCOtJJgCTXBLS ACCOUNTS: (Continued) Nape and Remarks R. ?. Johnson Faint Company Cincinnati, Ohio 7/11/30 - Invoice 1752 (Balance) 9 182,90 In Receivership. Our claim filed with William A. Dali, Receiver, on December 22nd, 1930* All assets sold at Publio Auction os December 14th, 1931* lift in dividends have been received. An infringement suit is still pending in court. A decision in faror of R. F. Johnson Paint Company was given in the Federal Court on July 25th, 1935. The case has been ap pealed to the U. 5. Court of Appeals for the Sixth Dis trict of Ohio. The Receivership cannot be cloeed until the appeal has been disposed of. A small final dividend ie expected. Mahoning Paint and Oil Company Youngstown, Ohio 6/ 8/32 - Invoice 1188 8/25/32 - Invoice 1910 9 34.50 120.00 Went into Receivership Stench 10th, 1933. Henry P. Daugherty appointed Receiver. Our claim filed April 12th, 1933. As per latter of April 17th, 1934, plans are being formulated to re-organize and have Receivers dismissed. Creditors have signed an extension agreement to Aoril 20th, 1936. Reorganization plane have not ae yet been successful, as they have not procured the assent of all the creditors. Very doubtful. Northwestern Terra Cotta Company Chicago, Illinois 5/ 9/31 - Invoice 1163 9 375.00 Operated under a receivership from Tune, 1931 until Angrst, 14th, 1934, when Reorganization plans were completed end a new corporation formed, known ae the Northwestern Terra Cotta Corporation, and on September let, 1934 took over the operation of the business from the receiver#, Under plans of reorganization the creditors received one share of stock (Par Value $1.00) for each $20.00 of provable claims. As of September 3rd, 1933, certificate No. C75 for 18 shares and certificate No. F77 for 1500/2000 of e share of stock were received to cover the above claim. Authorized Cepitsl of the new Corporation is 250,000 shares. The atook certificate will be transferred to the New York Office. Tbs ultimate recovery on this aceount will likely be very Last Payment Date Amount 3alane 6/31/3 4/ 5/33 * 12.33 * 182.9 12/29/32 230.00 154.: 1/27/31 628.13 375.1 Ohio Varnish Company Cleveland, Ohio 5/29/31 _ Invoice 1641 6/22/31 - Invoice 1580 7/21/a - Involoe 2091 8/31/31 - Invoice 2136 9/ 1/31 - Involoe 2349 9/2S/31 - Invoice 2637 10/29/31 - Invoice 2576 11/ 9/31 Invoice 2865 (Balance) Less: Amount charged off December 31st, 1933 - Amount charged off December 31st, 1934 - Dividend received November 9th, 1934 Dividend received June 6th, 1935 9 970.23 1,545.31 364.00 485.44 41.50 19.50 341.88 93.50 9 3,861.36 ,000.00 500.00 84.61 84*61 3,369,22 Vent into receivership on November 5th, 1931. Our proof of dels filed on Jenaary 29th, 1932. Sale of Company* s assets was made to a new corporation, Chl-Kaael Company, for a consideration of 9130,000.00, on installment payments. 6/ 6/35 84.61 PNrC00001302 192. a c c o o h t s mc b it a b U: (Con-timM) CPSTOHffiS I3CDGKR: (Continue) PKCOLLgCTIBLE A.CCOUT7TS; (Continue,) Name and Remarks Last Payment Date Amount Balance 8/31/31 Ohio Varnish Company (Continued) The Chi-Namel Company foiled to fulfill their contract and their note* vre sold at a discount to the American Asphalt Paint Company, Final dividend of $126*91 was received on October 7th, 1935, and the balance of $65*25 has been charged off. ** Viscosity Oil Company Chicago, Illinois 9/18/34 - Invoice 1929 11/23/34 - Invoice 2405 2/ 6/35 - Invoice 116 $ 42*00 42.00 37.50 7/18/35 37.50 121.5C Company reorganized under Section 77B ae per plan propoeed in petition to, and authorized by, the TJalted Statee District Court for the Northern District of Illinois Eastern Division, aa of April 26th, 1955* Under this plan the creditors receive payment in cash of $25*00 plus 20 of claim, also notes for 30, payable in three in stallments due 6, 12 and 18 months from data, and Preferred Stock Certificate of Viscosity Oil Company for the balanoe* Cur claim filed May 23rd, 1955, end cash payment of $49*30 received October 4th, 1935, also three notes counting to $34*70, dated July 9th, 1955, and Stock Certificate No* 8 for 3/4 Share (Par Value $50*00) for the balance of the account. Expect to receive payment on the notes when due, and the stock certificate may eventually be of value. COMPARATIVE STATEMENT QT PRCTTT AND LOSS; Twelve Months Ending Dec water 31st, 1934 Straight Sales from Plant: Pounds Amount Merchantable Zinc Oxide "Off Grade" Zinc Oxide 39,357,229 662,200 $2,218,124.71 35,796*72 Sales frcm Agency Stocks: Merchantable Zinc Oxide: International Staeltlng and Refining Company Anaconda Salsa Company Totals Leas: Cash Discounts Net Sales Deduct: Cost of Goods Sold 528,078 5.886.685 46,436,192 32,766*93 361.619*32 $2,645,307.68 27.927*98 $2,617,379.70 2.183.819*49 Gross Profit Deduct: Selling Expenses Agency Stock Expenses General Expense $142,061.81 12,722.62 25.877.30 $ 433,560.21 180.661*73 Other Income: Interest Other Deductions: Bad Debts (Reserve for) Zinc Skinning* Sold $ 252,896.48 171.34 $ 253,069.82 $ 9,132.92 - 9.132*92 Eight Months Ending August 31st, 1935 Pounde Amount 29,206,813 662,623 $1,596,034*1 38,092.< 962,850 4.432.580 35,465,066 59,486.' 260.765.: $1,954,379*. 20.147. $1,934,231. 1.518,570. $ 415,652. $89,166.79 8,642*98 16,077.31 113.887. $ 301,765. 70. $ 301,836. $ 6,932.96 73.43 7.006, NET PROFIT $ 243,936*90 $ 294,829, PNYC00001303