Document zQdLD0KGNgd1edKemdmjNQYr3

CUSTOMERS LEDCSR: (Continued) Kama and Remarks East Payment Data Amount Gatke Corporation Chicago, Illinois 5/28/34 - InTOloe 1405 6/23/34 - Inroioe 1192 7/27/34 - Inroioa 1739 a/11/34 - Inroioa 1338 8/27/34 - Invoice 1508 8/29/34 - Less Credit Memo 8/22/34 $ 270.00 270.00 135.00 135.00 135.00 $ 945.00 1.35 $ 270.00 Aooount reduaed to $135.00 by Norember 30th, 193d. Oooaalonally alow. A reliable company and a good aooount. Llmogaa China Company Sabring, Ohio 6/11/34 - Inroioa 984 7/ 6/34 - Inroioa 1535 8/ 8/34 - Inwoloa 1310 8/28/34 - Iuroioe 1534 8/20/34 $ 86.25 86.25 86.25 86.25 Aooount inoreaaad to $603.75 by Horember 30th, 1934. Oooaalonally laaua Trade Aooaptaneaa in settlement of their aooount, and thaae are paid promptly whan due. Hare a good oradlt rating. Slow at tlmaa, but oonaldared a good aeoount. 86.25 . .V. Logan Class and Faint Company Billings, Montana 7/12/34 - Inroioa 1515 7/31/34 - Inroioa 1779 8/31/34 - Inroioa 1572 7/10/34 $ 121.50 27.00 67.50 Paid $148.50 in September. Hare gradually reduaed their aooount, and are paying mare promptly, i reliable eompany and considered a good oradlt risk. 123.75 Molina Paint Manufaotuning Company Moline, Illinois 6/28/33 - Inroioa 1666 $ 55.00 On Ootobar 3rd, 1934 thia oompany executed an assign ment to a trustee, and ha has taken poaaasalon of the assets and is operating the business under a Creditors Agrsamant. Mr. L. C. Hayes, of the Standard Tarnish Company, the largest orsdltor, has bean appointed to aot as Trustee in behalf of the oradltors. The oradltora hare signed formal agreements assigning thair aooounts to tho Trustee. Our Claim was filed Ootobar 23rd, 1934. Dir.ldends will be distributed among the oradltors as earnings are made, and in oase no headway is made, the Trustee has the power to dispose of the assets to the best adrantage possible, making pro rata distribution between all oradltors. Possibility of oolleotlon in full is rery doubtful. Some reoorery is expeoted. Balance 8/31/34 $ 943.65 345.00 216.00 55.00 PNYC00001308 ACCOUNTS RECEITABLZ: (Continued) CUSTOMERS LEDG5%! (Continued) Hama and Remarks SoholX Manufaoturlng Company Chloago, Illlnola 6/18/34 - Inrolae 1084 6/19/34 - Invoioe 1082 7/16/34 - Invoioe 1587 8/ 7/34 - Invoioe 1290 8/17/34 - InYoloe 1422 8/28/34 - InYOioa 1526 Last Payment Data Amount 7/ 2/34 | 67.13 $ 3S.25 337.50 38.25 38.25 38.25 337.50 Made payment of $375.75 In September, and $452.25 In Ootober. Hovember Balanoa $366.38. Oradually reducing their llabllitlea, and their business la showing a profit. Good. Viscosity Oil Company Chloago, Illinois 5/ 7/34 - InYoloe 1151 6/ 5/34 - InYoloe 904 6/27/34 $ 42.00 42.00 September purohases $42.00, HoYember purohases $42.00. Paid $84.00 In Hovember. Reoently slow due to poor oolleetions. Generally a satisfactory aooount. Good. 37.50 White Cross Laboratories Chloago, Illinois 6/16/34 - InYoloe 1058 8/21/34 - InYoloe 1444 $ 16.31 16.31 Ootober and Hovember purohases $32.62. Uads a pay ment of $32.62 In Hovember. A new aooount. Have a low oredlt rating. Future sales will be made on an each order separate plan. Only a small amount of oredlt will be allowed. C. A. Wooleey Paint and Color Company Jersey City, H. J. 8/ l/34 - InYoloe 1234 6/15/34 52.665,00 Remains unpaid at HoYember 30th, 1934. This company has been In a tight oaah position for a few months due to a bank loan, on nhleh the bank Is demanding payment, and this Is being taken ears of as funds are available. They proposed giving a note for ninety days at 6)t interest, whloh will probably be aooeptsd. Mr. L. H. Donaldson, Dlstrlot Sales Manager, oalled on Ur. Woolsey personally and seaured the above Information, as per Ur. Donaldson's letter of December 6th, to Ur. Case. The present ratio of ourrent assets to liabilities is six to one. Their fiscal year ended Hovember 30th, 1934, and as soon as statement Is oomplsted a oopy will be mailed. Ur. Donaldson feels that the present eash position Is temporary, and that the situation will soon be remedied, and they will again dlaeount their bills. Considered a safe aooount. Previous reoord for payment has been very good. 2,300.00 Balanoe a/31/34 $ 328.00 84.00 32.62 2,665.00 PNYC000013Q9 ACCOUNTS RECEIVABLE; (Continued) CUSTOMERS LEDGER: (Contlnuad) Mama and Remarks Wilson, Paterson and Gifford, Limited Montreal, Canada Old aocount as of November 30th, 1931 oovored by Creditors Agreement Less: Dividends liar oh 2nd, 1933 (555) $ 182.42 Ootober 25th, 1933 (1055) 364.85 7/31/34 - Invoioe 1763 (Balanoe) $3,648.48 547.27 #3,101.21 300.89 Laat Payment Data1 Amount 6/ 4/34 $ 482.99 The July Invoioe was paid Ootober 1st, 1934. This Company has been operating under the supervision of a Creditors Committee slnoe November 28th, 1931. Extension agreements have been granted to continue the business under thle plan. The business has shown oontlnued progress. A dividend payment of 555, $182.42, was reoelved September 18th, 1934 and another dividend of 5)6, $182.42, was reoelved Deoember 8th, 1934, making 25)5 In dividends reoelved to date. The old aooount of $3,648.48, leas dividends f $912.11, leaving a balanoe of $2,736.37, will be transferred to "Unoolleotlble Accounts", as the status of the aooount has been definitely established. Current purohases have been paid within a reasonable time. Expeot to eventually oolleot a great part, if not all of this aooount. Balanoe 9/31/34 $ 3,402.10 UNCOLLECTIBLE ACCOUNTS: The following slow and doubtful accounts in the oustomers Ledger are oarrled under one aeesunt, "Unoolleatlble Aooounts", the status of the accounts having been def initely established. The Companies having gone Into bankruptay, reaeIvorship, or are operating under Creditors Agreements, and ncoaslenal dividend payments are reoelved. Last Payment Name and Remarks Date Amount Amorloan Chlnaware Company Sebrlng, Ohio 8/28/31 - Invoioe 2142 9/28/31 - Invoioe 2671 (Balance) 8/4/32 $ 141.49 144.38 $ 2.89 This Company want Into bankruptcy on Ootober 5th, 1931. Hugh Veils appointed Trustee. Our Claim was filed on Ootober 27th, 1931. A 1)5 dividend was paid In August, 1932. A tax claim Is still pending. The Trustee has made an offer of settlement of the taxes with the government, but the offer has not, as yet, been aooepted. The Trustee has $12,039.67 for distribution to orsdltors, from final payment of assets sold, If any money remains after the Tax Claim Is settled. A small final dividend Is expeoted. Balance 3/31/34 $ 285.87 p(coo 1310 ACCOUHTS RECEIVABLE; (Continued) CUSTOMERS LEDGER: (Continued) UHCOLLSCTIBLS ACCOUHTS: (Continued) name end Remarks Last Payment Data Amount Emil Cal,man and Company Long Island City, N. Y. 11/30/31 - Invoice 3129 12/31/31 - Involoe 3050 1/30/32 - Involoe 439 2/29/32 - Involoe 402 3/31/32 - Involoe 911 5/31/32 - Involoe 1537 12/ 6/32 - Involoe 2528 2/27/33 - Involoe 412 3/27/33 - Involoe 823 7/27/33 $ 31.88 63.75 31.88 95.63 29.63 29.63 29.63 148.13 88.88 $ 88.88 The first six Involoea are eovered by Rote. At a general meeting of the Creditors, held Maroh 13th, 1934, a Creditors Committee was appointed, and It was agreed that the assets be turned over to the nominee of the Creditors Committee, the lew York Credit Men's Aasoolatlon, under a general assignment. Our Proof of olalm filed with the Assignee on June 28th, 1934. Assets are being liquidated. Owing to preferred olalms, and previous assignment of Aooounts Reoelvable, vary little reoovery, If any, la expected. A bad aooount. Delaware Floor Produots Company '.Vllmlngton, Delaware 7/25/30 - Involoe 1845 (Balanoe) 9/15/30 - Involoe 2235 (Balanoe) $1,300.00 1,300.00 On Kovember 10th, 1930, John F. Potter, President of the oompany, was appointed Baoalver to work out a plan of reorganization. The Company was reorganized and the plan approved by th oredlters, and our approval was duly exeauted by the officers of the Company, as per Ur. James Dlokson's of August 18th, 1931 to Mr. 3. E. Stolte. Under the plan of reorg anization the general oredltora receive $500.00 second mortgage bonds and five shares of eommon stock for each $1,000.00 claim. The following securities, to eover our olalm of $5,200.00, sere reoeived, and forwarded to the lew York Offlee: Seaond Mortgage Seoond Mortgage Second Mortgage Seoond Mortgage Bond So. A578 $1,000,00 Bond Ho. A579 1,000.00 Bond Ro. A973 500.00 Bond Ho. A1171 100.00 Common Stook Certificate Ho. 308 for 26 Shares In acoordanee with Instructions reoeived from the Hew York Offloe, one-half of the aooount of $5,200.00 was oharged to "Reserve for Bad Debts" In 1931. Mr. Halter J. Binder, President of the Company, In his letter of February 3rd, 1934, to stockholders, states that considerable progress has been made during 1933. Cash, Aooounts Reoelvable, and Inventories have mat erially Increased, and substantial profits earned. Ratio of ourrent assets to ourrent liabilities at the end of 1933 la 39 to 1 as compared with 31 to 1 a year ago. After payment of all bond Interest, Taxes, eto,, $5.70 per share was earned on the oommon stook. Interest of iji on the seoond mortgage bonds was paid as of Maroh 1st, 1934. Balanoe 8/31/34 $ 54S.04 2,600.00 pNYCOOOOl3u ACCOUNTS RSCEITABIE: (Continued) CUSTOMERS LEDGER: (Continued) UKCOLLECTIBLE ACC0UKT3: (Continued) Eane and Renerlca Last Payment Date* Amount Deoorators Supply Company Chloago, Illlnole 9/16/33 - Involoe 2487 18.75 * Bankrupt. Claim filed March 13th, 1934. Edmund D. Adooolc, Referee in Bankruptcy. Asseta liquidated. No distribution to general Creditors. Bad account D. A. Ebinger Sanitary Company Columbus, Ohio 11/ 3/32 - Involoe 2563 57,50 Operating under a reoelvershlp. Co-Reoelvers, Fred Hear and W. H. Bodurtha, Very little progress has been made. The Reeelvers have had numeroue Inquiries from prospeetlve purehaaera, and various plana for re-organizatlon have been propoaed, none of whleh have aa yet materialized. Prospects of a dividend to oredltors la vary remote. Bad Aooount. Impervious Paint Works Chloago, Illlnole 6/29/33 - Involoe 1508 Leas payment aa above 11/ 7/33 $ 120.00 8.40 Operating under a Creditors Agreement. Trustee appointed by Chloago Aasoelatlon of Credit Men, Adjustment Bureau. W. H. Kerr - Director Business . Servloe, was appointed Trustee. The above payment represents a 7$ dividend. A resent report indicates that further dividends are very unlikely. Bad aooount. 8.40 H. ?. Johnson Paint Company Clnoinnatl, Ohio 7/11/30 - Involoe 1752 (Balanoe) 4/ 5/33 182.90 In Reoelvershlp. Our elalm filed with William A. Dali, Reoelver, on Deoember 22nd, 1930. All assets sold at Publlo Auotlon on Deoember 14th, 1931. lljC in dividends have been reoelvsd. An infringement suit la still pending In oourt. In March, 1934, the facts of th. case wer. heard by Judge Kevin of the federal Court, but up to this time, he has not rendered a deolslon. Another small dividend may be ezpeoted. 12.33 Mahoning Paint and Oil Company Youngstown, Ohio 6/ 8/32 - Involoe 1188 8/25/32 - Involoe 1910 12/29/32 f 34.50 120.00 Want Into Reoelvershlp Maroh 10th, 1933. Henry P. Daugherty appointed Reoelver. Our olaim filed April 12th, 1933. As per letter of April 17th, 1934, plans are being formulated to re-organize and have Raoelvers dismissed. Credlotrs asked to sign an extension agreement for a period of two years. Our oontraot signed and mailed to Mr. W. C. Rolzworth, President of the Company, on April 20th, 1934. letter of Kovember 2nd, 1934 states that reorganization has not as yet been suooeaain proouring the assent of all the oredltors. Very Doubtful. 230.00 Balanoe 8/31/34 $ 18.75 57.50 111.60 182.90 154.50 P,,,coool3l! ACCOUNTS R2CEITABL3; (Continued) CUSTOMERS LEDGER: (Continued) UNCOLLECTIBLE ACCOUNTS: (Continued) Hame and Remarks Lea t Payment Date Amount Northwestern Terra Cotta Company Chicago, Illinois 5/ 9/31 - Invoioe 1163 1/27/31 $ 373.00 628.13 Has been operating under a reoeivershlp slnee June, 1931. Re-organlzatlon plans were completed and a new corporation formed August 14th, 1934, Known as the Northwestern Terra Cotta Corporation, and on September 1st, 1934 took over the operation of the business from the reoelvera. Under plans of re-organlzatlon the creditors are to reoeive one share of stock (par value $1 .00) for eaoh $20.00 of provable olalms. riling of Reoelvera Report with the Federal Court In connection with the reorganization has been delayed as Judge Wllkerson, who la in oharga of the Reoeivershlp, has been busy with Important cases. As soon as report Is filed distribution of the stook In the new oorporatlon will be made. Authorized Capital of the new Corporation is 230,000 shares. The recovery on this aooount will likely be very small. Ohio Varnish Company Cleveland, Ohio 5/29/31 - Invoice 1641 6/22/31 - Involae 1580 7/21/31 - Invoice 2091 8/31/31 - Invoioe 2136 9/ 1/31 - Invoice 2349 9/28/31 - Invoioe 2637 10/29/31 - Invoioe 2576 11/ 9/31 - Invoioe 2665 (Balance) $ 970.25 1,545.31 364.00 485.44 41.50 19.50 341.88 93.50 $3,861.38 Less J.S. 982! - 12/31/33 (Amount charged off) 3.000*00 6/ 8/34 Went into receivership on Sovember 5th, 1931. Our proof of olalm filed on January 29th, 1932. Sale of the Company's assets waa approved by the U. 3. Dlstrlot Court of Cleveland on January 15th, 1932, to a Syndicate for a consideration of $130,000.00; Payment of $17,000.00 upon confirmation of sale, and quarterly payments of $8,000.00 from May 1st, 1932, and payment In full by November 1st, 1934. A new oorporatlon was organised under the name of the Chi-Hamel Company. The Chl-Namel Company failed to fulfill their oontraot on the Installment payments and their notes have been sold to the Amerloan Asphalt Paint Company at a discount; $85,606.70 for $55,000.00, payable In semi-annual installments to April 1st, 1935. On November 10th, 1934 a Zf> dividend of 84.61 dollars was reaeivsd, making a total of 9{C received. A further dividend la soheduled for April 10th, 1935. The total recovery will be exceedingly small. 84.61 Balanae 8/31/34 J 375.00 861.38 PNYC00001313 ACCOUNTS RECEIVABLE: (Continued) CUSTOMERS LEDGER: (Continued) UNCOLLECTIBLE ACCOURTS: (Continued) Hams and Remarks R. T. Pender Company New Orleans, La. 5/14/3Z - Involoe 1241 (Balanoe Last Payment Date Amount 11/25/32 3.60 3.40 itaterlal sold for sample purposes and credit not Investigated. Corporation dissolved. Above payment represents a 30ft dividend. No further dividends expeoted. Bad Aooount. Weatherbest Stained Shingle Company, Ino. North Tonawanda, H. 1. 9/ 9/31 - Invoioe A-2385 1/23/32 - Invoioe A- 339 Covered by Notes as follows: 3/ 9/32 - 30 days *800.00 3/ 9/32 - 60 days 800.00 3/ 9/32 - 90 days 850.00 # 825.00 1,625.00 On August 18th, 1932, the corporation made a general assignment, and under orders of the oourt the bus iness has been oontlnued under the supervision of the Co-Assignees, '.71111am C. Fisher and Charles H. Fitoh. Our proof of olalm was filed August 26th, 1932. Operation of the business by the Assignees has not been suooessful, and efforts to dispose of the business as a going oonoern have failed, so liquidation will no doubt, take plaoe in the near future. By disposing of the assets under foroed liquidation the reoovery will probably not exoeed ten per sent. - . Williams Hayward Company Chloago, Illinois 5/14/32 - Invoioe 1191 6/28/32 - Invoioe 1496 9/ 1/32 - Invoioe 2089 10/11/32 - Invtloe 2174 (Balanse) 5/14/34 $ 6.15 48.13 29.63 49.38 Involuntary petition in Bankruptcy filed February 16th, 1933. Chester A. Willoughby was appointed Receiver by the Court. Our olaia was filed April 29th, 1933, for *222.15. A 20 dividend payment of *44.63 was reoelved on September 6th, 1933, and the above payment represents a 2C< dividend, ahloh constitutes the final payment. The balanoe of the aooount will be charged off in Deoember, 1934. 44.43 Balonoe 8/31/34 $ 8.40 2,450.00 133.29 pHtC00013^