Document wgBRZamZbGNNdk76rZ2dM3JM3

CASE (Continued): Reconciliation of the First National Bank, East Chicago. Indiana (Continued) : COPY OF BARK CERTIFICATE TEE FIRST NATIONAL BANK IN EAST CHICAGO EAST CHICAGO, INDIANA April 14th, 1937 Mr. H. B. Fraser, Auditor International Smelting and Refining Company East Chicago, Indiala Dear Sir: This is to certify that the balance to the credit of the International Smelting and Refining Company, White Lead Department account, with this bank, a3 at the close of business March 31st, 1937, was $1,178.44. Yours very truly, THE FIRST NATIONAL BANK IN EAST CHICAGO By - J. E. Miller (Signed) Assistant Cashier ACCOUNTS RESETTABLE: Customers Ledger: Ledger Debit Balance, March 31st, 1937 This balance is made up as follows: Not yet due Past due (orer thirty dcgrs) $181.597.10 $139,313.11 42.2S3.99 $181^597.10 Following is a list of accounts, which at March 3lst, 1937, haTe been on the books for a period of ninety days or more, and also accounts which I bell ere Some explanation is necessary. (Continued) 4 NIO158 PNYC00001052 ASSETS ACCOUNTS RECEIVABLE (Continued) : Customers Ledger (Continued); Aldr.er Paint and Wallpaper Company - Chicago, Illinois: Balance represents discount taken on April, 1926 purchases, to which customer was not entitled. This balance will be charged off to "Discounts". -J. G. 3eutler Company - Chicago. Illinois: Balance due on invoices dating from May, 1926. Last purchase was made in October, 1936 and customer has made payment of $650.00 3ince that date, but of this amount $300.00 has been in N. S. F. checks. A very troublesome account and in future should be carried on a C. 0. D. basis. Full recovery will be realized on this account. 3. 0. Coffin Company - Chicago. Illinois: Unpaid balance on invoice of September, 1936. This account is considered collectible. Charles Dempter - Freeport. Illinois: Balance dates from December, 1936. Customer is making monthly payments and account at July 15th was reduced to $150.00. Considered good. Duro Paint Company - Cleveland. Ohio: This account dates from April, 1936, As no satisfaction could be obtained from repeated letters and calls by saleamair, ' this account was turned over to the Chicago, Association of Credit Men in March, 1937 for collection. This account has not been transferred to "Uncollectible Accounts" and has also been omitted from "Overdue Accounts". As of June 30th this balance was reduced to $40.05. Charles Goldberg - Newark. New Jersey: Balance dating from October, 1936. I have called this account to Ur. Stolte's attention and he has instructed salesman in that district to try and make collection. Lehr Hardware Company - Jackson. Michigan; Balance of unpaid portion of invoices dating from July, 1936. Customer is making monthly payments and account should be cleared in near future. (Continued) $ 1.37 $ 464.16 $ 48.00 $ 360.00 $ 80,00 $ 30,13 $ 54.65 PNYC00001053 r ASSETS ACCOUNTS RECEIVABLE (Continued): Customers Ledger (Continued): Kramers Paint Store. Inc - Chicago, Illinois: This balance represents unpaid invoices dating from May, 1936. This concern is now operating under a creditors agreement, H. W. Cline, Manager of the Adjustment Bureau, of the Chicago Association of Credit Men, being appointed Trustee. This account has not been transferred to "Uncollectible Accounts" and has also been omitted from "Overdue Accounts". The last report, July 2nd, from the Trustee, indicates that the business will in time be able to clear up all old accounts. As of March-31st, this customer had a consigned stock of Lead in Oil mounting to $169.95. $ 691.e9 E. U. Logan Glass and Paint Company - Billings. Montana; Balance represents unpaid portions of invoices dating from May, 1936. This customer is always very slow pay, but account is considered good. Payment of current invoices is being made, together with some to apply against past due balance. $ 840,91 Louisville Paint Manufacturing Company - Louisville. Kentucky: Error made by Cash Book Clerk in not allowing discount to the above named company. Correction will be made on this itm. $ 1.00 The National Tile Company - Anderson. Indiana: Amount due on freight charge of October, 1936. Have instructed customer to return original paid freight bill and upon receipt of same credit will be_issued to clear this balance. $ 1.26 Pennsylvania Railroad Company - Philadelphia, Pennsylvania; Unpaid freight claim of December, 1936. Collectible account. $ 6.00 Edward Possets - Cicero, Illinois: $ 304,22 Represents unpaid balance on Invoices dating from June, 1936. The above was forced into involuntary bankruptcy in January, 1937, end our claim was filed March 3rd, 1937. This balance was not transferred to "Uncollectible Accounts" until June, and had also been omitted from "Overdue Accounts". It is felt that collection of this account is very doubtful. (Continued) ASSETS ACCOUNTS RECEIVABLE (Continued) ; Customers Ledger (Continued): Realty Faint and Supply Company - Chicago. Illinois; Balance dating from December, 1936. Account Is considered collectible. $ 27.94 Rogers Park Paint Company - Chicago. Illinois: Balance dating from December, 1936. Account is considered collectible. $ 47.94 South Jersey Glass Company - "Vineland. New Jersey; Account dates from October, 1935. The above company refused to make payment claiming that materials furnished were of Inferior quality. On June 11th, 1936 this account was placed In the hands of the Fifth Avenue Protective Assoc iation for collection. The Association was unable to get any satisfaction from the above named company, so account was turned over to an attorney to start suit. Case trill com- up for trial some time in October, 1937. This account had not been transferred to "Uncollectible Accounts" and has also been omitted from "Overdue Accounts". $ 377.90 . Sterling Tarnish Company - Eaysvllle. Pennsylvania; Balance in this account dates back to September, 1935 end covers cancellation of credit memorandum issued in error of commission on sales of materials to American Bridge Company. I was unable to locate aey late correspondence pertaining to this account. Old correspondence indicates that the above company were vary troublesome and we have discontinued doing business with them. This account is bad and should ba cleared from the books. $ 43.88 J, B. Sullivan and Brothers - Chicago. Illinois: Balance dating from November, 1935. There was no response to repeated letters and statements and account was turned over to the Chicago Association of Credit Uen on July 22nd, 1936 for collection. Correspondence on file indicates that it may be necessary to bring suit in order to collect this account. This balance had not been transferred to "Uncollectible Accounts", also it has been omitted from "Overdue Accounts". $ 20.50 'Jhltlng Motor Service - Thitine, Indiana: $ 3.61 Balance due on freight claim of June, 1936. This account was paid April;30th, 1937 and credited to Freight Claims in error. I have had the necessary adjustments made which will be reflected in July business. (Continued) PNYC00001055 1 ASSSCS ACCOUNTS RECEIVABLE CContinued1; Customers Ledger (Continued): Uncollectible Accounts: All accounts which are secured by securities, covered by claims, etc., are carried in "Uncollectible Accounts" until such a time as the exact status of the account is definitely established. The carrying of slow and doubtful accounts under the one classification tends to keep the books clear of any but active accounts. When definite status of account is known it is either cleared as paid or charged off to bad debts. The following is a list of Uncollectible Accounts on the books at March 31st, 1937, and which unpaid or not charged off as of July 20th, 1937: John P. Anderson - Manistee. Michigan; # 56.45 An estate account dating from July, 1935. Account was ' placed in hands of an attorney but no results were obtained, so was turned over to the Grand Rapids Association of Credit Men. The last correspondence, May 17th, 1937, indicates that a percentage of balance may be recovered. Belmont Paint and Supply Company - Chicago. Illinois: Balance dating from April, 1936. This company filed voluntary bankruptcy in December, 1936. Our claim was filed on January 11th, 1937. Indications are that collection of this account is very doubtful. $ 157.06 Kackmelster Lind Company - Pittsburgh. Pennsylvania: $ 500.00 Balance dating from Juna, 1932. This company went into receivership in-September, 1933, and our proof of claim was filed in December, 1933. The original claim was for $2,000.00 of which $1,500.00 was charged off in 1934 and 1935. The above balance is uncollectible and should be charged off. Miles Paint Company - Yonkers. New York: $ 100.73 Unpaid balance dating from January, 1936. The above concern were given a consigned stock without a signed contract, and when forced into bankruptcy in April, 1936, all stocks, including Anaconda Lead Products Company consigned stock, were sold to satisfy creditors. Our proof of claim in the amount of $364.56 was filed In January, 1936. At Seemaber 31st, 1936, $200.00 was charged off and a final dividend of $63.83 was received in March, 1937. The above balance la not collectible end should be charged off. (Continued) PNYC00001Q56 VjjO V' ASSETS ACCOUNTS RECEIVABLE (Continued): Customers Ledger (Continued): Uncollectible Accounts (Continued): Peptone Paints and Chemicals, Inc. - New York City. New York: Unpaid lnroice dating from July, 1936. Were forced into Involuntary bankruptcy. Our proof of claim was filed In December, 1936. Can find no late correspondence in the file covering status of this account. Full recovery Is doubtful. $ 64.73 Wellston Lumber Company - Wellston. Ohio: $ 69.25 Balance on Invoices dating from May, 1935. Unable to get any satisfaction from repeated letters requesting payment and In April, 1936, account was turned over to the Chicago Association of Credit Men for collection. A payment of $15.00 was made on April 14th, 1936 which reduced account to present balance. The above company was placed In hands of receiver June 6th, 1936 and our proof of claim was filed November 17th, 1936. The last correspondence from the Receiver, May 25th, 1937, states that a 1056 dividend mqy be expected soon. Full recovery of this account is very doubtful. 1 Companies and Individuals Ledger: Ledger Debit Balance, March 31st, 1937 All open items in this account were verified as being of a current nature. $5.411.76 NOTES RECEIVABLE; Ledger Debit Balance, March 31st, 1937 The following notes were found on hand, April 9thm 1937: Date Issued Dat e Due Drawn by Rat e o f Interest Amount 12/19/35 12/19/35 12/19/37 12/19/36 U. W. Leep M. W. Leap No. 2 No. 3 936 $1,500.00 556 1.500.00 $3,000.00 In December, 1935, M. W. Leep personally took over the indebtedness of the Wm. F. Zunmach, Incorporated, Milwaukee, Wisconsin, an estate account, in the mount of $5,000.00. A cash payment of $500.00 was made and three notes of $1,500.00.each were given. Note No. 1 payable December 19th, 1936, was paid December 17th, 1936, together with interest on notes No's. 1, 2,- and 3 to date. (Continued) $3.000.00 LYC00001057 Z CL ASSESS MOTES RECEIVABLE (Continued): Notes on hand are secured by Stock Certificate No. 952, 45 shares of $100.00 per value, of the Louisville Varnish Company, Louisville, Kentcky, issued to U. W. Leep and endorsed over to the Anaconda Lead Products Company. This certificate, together with agreement was found on file in this office. M. W. Leep is Vice President and Treasurer of the Wm. F. Zunmach Corporation who are Wisconsin state distributors for White Lead products. The following notes were found to be on hand at April 9th, 1937, which had not been taken into account. These notes covered amountB of "Sales Commitments" on material invoices but not shipped. Instructions were given that these notes were to be taken into account as shipments were made. Date Issued Date Due Drawn by Rate of Interest Amount 12/31/36 12/31/36 12/31/37 12/31/36 6/10/37 7/10/37 8/ 9/37 9/10/37 Atlas Paint &. Wallpaper Company, Cleveland, Ohio Atlas Paint & Wallpaper Company, Cleveland, Ohio Atlas Paint 4: Wallpaper Company, Cleveland, Ohio Atlas Paint & Wallpaper Company, Cleveland, Ohio 6* 6% $207.50 (1) 207.50 ( 2) 207.50 207.50 $630.00 (1) Note No. 1 together with interest was paid June 14th, 1937. (2) Material was shipped on July 12th and in checking I found that as of July 19th note had not as yet been sent out. X called the to Ur. Stolte's attention and note was sent in for payment on July 19th. A.., TRADE ACCg>TANC2S: Ledger Debit Balance, March 31st, 1937 The following Trade Acceptance was found to be on hand at April, 9th, 1937: Dat e Iasued Dat e Due Drawn by Amount 3/22/37 4/26/37 Thomas C. Mee tc Company, Woonsocket, H. I. $426.15 This Trade Acceptance was paid April 28th, 1937. $426.15 INVENTORIES i Ledger Debit Balance, March 31st, 1937 This balance represents Inventories as of December 31st, 1936, and was verified as being made up of the following stocks. (Continued) $195.929.43 pnYC 0 0 0 0 1 0 5 8