Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-07-19
An investigation with Good Results.

An expert has been examining the books and &C.
counts of the Treasurer of the Maine Central Rail-
road, John S. Gushing, Esq, Of this city, and that
Of his assistants The investigation has been tho
rough and searching, and as it will be seen by
the Examiners report, which we publish entire,
every thing has been found to be in the most salts
factory condition-just what might be expe cted
when honorable men are placed in positions Of
trust:
JOHN CUMMINGS, ESQ:
Dear Sir :-Agreeably to your invitation, /
have carefully examined the books and accounts
of the Treasurer Of the Maine Central railroad
for the four months commencing Jan. l, 1879, and
terminating May l, 1875, and have verified the
Statement of Jan. !, presented in the Annual Re
port, by reverse process through the books from
the present ascertaned balance.
have performed this examination with great
mnuteness Of detail, verifying every outlay by its
proper voucher; and tracing all the receipts from
the accounts of the several Departments through
the Treasures hands and into the bank account
or cash, and authentcating the same by final
balance.
1t gives me great pleasure to say that the result
establishes the very general accuracy, and the en-
tire iaithfuness Of the officers in this department
The methods of verifcatioD of checks and counter
checks, practiced in the Office, very excellent
and efficient, and there are very few points on
which any suggestion of improvement seems de-
sirable.
l present herewith a summary Of the four
months transactions, as per schedule "a. Also
a statement of liabilities outstanding May l, 1879,
as per schedule marked "B". would have made
up a statement of the condition Of the corporation
May LIST, if it had been practicable, but to have
such q statement Of value, it must be prepared Is
was the Annual Exhibit Of Jan. /, viz, by getting
in possible all the outstanding claims up
and dues of the road, which, of course, would be
impossible under several weeks. Inasmuch as the
nj mi AZ all he
since the Annual Exhibit the latter is practically
as well proven as new one now would be. l
have prepared a summary therefore, (sec schedule
"C') on the same plan US schedule "B which
presents the net condition Jan. l, 1875.
I have examined the Bond of the Treasurer,
and find that it is in the sum Of thirty-thoussnd
dollars, dated April /, 1871, with Messrs. d. Alden
of Augusta, B. H. Cushman of Augusta, VIM. T.
johnson of Augusta, Jas. I. Patten of Bath, Geo.
NJ. Patten of Bath, as sureties on the same.
frd by the Bills Payable book, there are four
promssory notes of the corporation, signed by the
Treasurer and numbered respectively, 1900, 1901,
1902 1908, for five thousand dollars each, issued
May 90 1874, but sciM0ut dates still outstanding,
and for which the Treasurer states he has never
received equivalent. l would suggest that if
those notes cannot be traced or found, they should
be advertised and cancelled to close the same upon
the books. Aud in this connection would sug
gest that it would be wise to have . regulation
that no corporation note should be issued without
the approval of Q majority of some committee of
the Directors, appointed for the purpose, endorsed
thereon, and register Of the same kept by said
committee. The propriety OF this regulation IS
too apparent to need any argument.
In the manner of keeping the detail of daily
cash. and balancing the same. urged some i'm
provemen,s upon the Treasurer, which he readily
acceded to. When these are fully carried out, it
will be comparatively easy task at any time to
audit and trace all the transactions.
In conclusion, l wish to acknowledge the very
great courtesy, and aacrity. with which each Of
fcer in the treasury department laid before me
every account or document which could aid or
make fuller the examination. The disposition was
always manifest to exhibit in the completest man
ner, every transaction, and the most thorough
scrutiny was constantly courted. There is every
reason 10 feel the utmost confidence in the con-
scientious fsithfulness Of the Treasurer and his
assistants. With respect remain,
Very truly yours,
K. STUARTE CHASE,
lIaverhl, May IA, 1875. Examiner.
MAINE CENTRAL RAILROAD Co.
a true copy from Records of Directors.
Attest JOSIAH II. DRUMMoND, Clerk