The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1893-10-27
THE CORVALLIS GAZETTE, FRIDAY, OCTOBER 27 1898

from an estimated increase in the
valuation of the banking house
building and fixtures. I find, how
ever, that Zephin Job is indebted
to the bank in the sum of ST., 7,454,
of which amount $15,64S.71
is on open account, and 81, 1,S05.5O
is in notes, and that B. r. Job is
Z indebted to the bank in the SUM Of
Isl ,0O2.19, $5,345.31 being on open
account, and $1,656.88 in notes.
These two accounts and the obliga-
tions are legitimate charge against
any interest the parties have and
amount together to $24,456.7S as
against the capital stock.
find that the expense in the
conduct of the business from jan
uary 1, 1887, to January 9, 1898,
and chargable to expense account,
to be $28,925.44 and losses on long
and short account to be $2,638.32,
a total of $31 ,563.76.
I also find that the revenues de-
rived from the business to be as
follows: .....
From the interest fund. $29, ,105 16
From the discount fund. 9,557 81
Total. =. $3s, ,662 73
This amount ($3s, ,662.72 less the
expense account and the long and
short account, a total of $31 ,563. .76)
shows a balance of $7,098.96, which
is the net amount of the profits as
the result Of the workings of the
banking house for six and one-half
years. In the matter of expenses I
do not find that any rent has been
charged for the rooms occupied dur
ing the time mentioned. I do not
find any profits outside of the busi-
ness, properly pertaining to the
banking house, and to thes best in
formation arrived at do not think
that any profits have been derived
from outside sources by reason Of
using the funds of the bank. I do
not find that any action has ever
been taken with reference to the
disposal..o ..of. accounts or notes which
may have been deemed worthless
or partially SO, but that all of them
have been treated as good and none
of them have been chargedato. profit
and loss. I find that certain invest
ments have been made in real
estate to the net amount of $26, ,246.-
13. In this amount there is includ-
ed 81, 1858 paid for land which
the books do not give any informa-
tion as to the property purchased or
location. II
An item in the matter of accounts
to which I call your attention is the
obligation against the Niagara Mill
Company, who owe a balance to
Hamilton, Job & Co. of $43,634.84.
I have carefully examined this ac-
count, finding that there has been
paid by Hamilton Job q Co. to the
| mill company since September 10Th
1889, the sum of $SS,862.77, and
that the bank has received from the
| mill company, cash direct and cash
by way of collections, the sum of
$45, ,22E93-- The Messrs. Job are
stockholders in the Niagara Mill
Company Ito the amount of 204
shares of stock out of 1854 issued,
consequently are the largest holders,
and most naturally would be anx-
ious for it's success. For this reason
I judge they have made advances.
The original purchase has been in
creased by the purchase of land to
the amount of about 5000; build
ling chutes and railways have cost
200; building q fish ladder has
cost 81 1884, and new boiler and
machinery and repairs have cost
several hundred dollars more. Ad-
vances have been made to O. P.
Abrams of $1,000 upon a. contract
for logs which are not yet delivered
and the delivery of which is in
doubt. The mill companySat the
time of its failure had lumber on
hand to the amount of say Sc, 400;
bills receivable $2,647; personal ac-
counts $19,778.5O. The. value Of
the real estate at the. Lowest proba-
BILE valuation may be considered at
e10 OS0 g. Iali $50