257 F. 137 | E.D. Pa. | 1919
A petition in bankruptcy was filed against the present petitioners on October 17, 1914, and on November 25, 1914, they were adjudged bankrupts.
The record shows that the merchandise which came into the hands of the receiver did not exceed in value $50. The receiver was elected trustee, and, as a result of an examination of the books of the bankrupts, presented a petition to the referee for an order upon the bankrupts to turn over to him the sum of $32,107.87, alleging that they were fraudulently concealing and withholding the same from him. The referee examined Herman Bass, one of the partners, and an accountant who had made an examination of the firm’s books. From the evidence derived from the books, the accountant found that, on January 1, 1914, only nine months before the petition was filed, the firm had on hand merchandise valued at $20,267.37. Adding to that the cost, as shown by the books, of merchandise purchased from January 1 until October 1, 1914, and the amounts expended for labor upon the goods purchased in making it up into salable merchandise, and giving credit for the sales, less goods returned, and less 10 per cent, for overhead expenses, 10 per cent, for discounts and commissions, and 10 per cent, for profits, the accountant showed there was unaccounted for upon the firm’s own books a balance of $29,442.79.
The petition for review is dismissed, and the order of the referee affirmed.