Edward Terry Sanford

“ No evidence whatever was offered by the bankrupts to account for the discrepancies between the statement of January 7 and the tabulated statement drawn from the books. There was no effort to show that the firm had on December 31, 1919, any assets that were not shown on the books, or did not owe any of the liabilities shown on the books. While Henry Taback stated generally that the statement of January 7 was correct to the best of his knowledge he testified that the accountants countants who opened the new books had not then reported to him the financial condition appearing on the books ”

“ The adjudication in this matter was September 29th, 1920, and during the time between the giving of the statement * * * and the adjudication, * * * the silk business passed through one of the worst periods in its existence, raw silk declining from around $15.00 to $4.50 per pound, and I believe the statement issued by the bankrupts in 1919 was substantially correct. The old books of the bankrupts were apparently destroyed, but the new books, for considerable time prior to the bankruptcy, had been so far as the records show, correctly kept. ”

“ Notes
↑ Section 14b was later amended in material respects by section 6 of the Act of May 27, 1926, 44 Stat. 662, c. 406; 11 USCA § 32 (b) .↑ As to such references see generally sections 14 (b) and 38 (4) of the Bankruptcy Act, 11 USCA §§ 32 (b) , 66 (4) ; General Order in Bankruptcy No. ”