Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1893-10-26

An Item Ill the lhdltSl ol aCSoullS
to which l call your attention is the
against the Niagara Mill
Company, who owe balance to
Hamilton, Job & Co. ofS43,634.S4. |
have carefully examined this ac-
count, hudiug that there has been
paid by Hamilton, Job & Co. to the
mill company since September 10Th
1880 the sum of SSS, ,S6a IT, and
that the bauk has received from the
mill company, cash direct and cash
by way of collections, the sum of
S4s,aa7.o3, The Messrs, Job are
stockholders III the Niagara Mill
Company to the amount OF 2o4
shares of stock out of S64 issued,
consequently are the largest holders,
and most naturally would be anX-
ious for its success. For this reason
l Judge they have made advances.
The original purchase has been in
creased by the purchase of land to
the amount of about $1,000; build
ing chutes and railways have cost
S. building fish ladder has
cost ST ,6S4, aud a new boilder and
machinery and repairs have cost
several hundred dollars more, Ad-
vances have been made to o. p.
Abrams of So, 700 upon contract
for logs which are not yet delivered
and the delivery of which is i'll
doubt. The mill company at the
time of its failure had lumber on
hand to the amount of say 50, 400;
bills receivable So, ,647I personal ac-
counts $40, so. The value OF
the real estate at the lowest proba-
bic valuation may be considered at
$40, $50, So far as | have been
able to investigate the mill COM
pany's affairs l should judge that
the business will likely realize con-
siderable less than 1t cost. would
call your attention to the condition
of the bills receivable account, in
which find it, This account calls
for notes to the amount of SIoa ,7o9,'
I77.
An inventory of the notes iounC
in the custody of the bank as made
by the assignee and examined by
myself amounts to S7S,39A44 al
apparent ehortage of S2A3I5.43
| have given examination to thi
, matter considerable time and an
satisfied OF the impossibility G
Strengthening it out satisfactorily
for the reason that | find tn
/ amount of SroS,925.4 4S entered NJ
/ on the cash book at various time
p either TO the debit or credit of tina
{ account without word of eXplar
a alton as to whom the money wa
/. loaned or from whom the none
: was received. If there had been
Il record of such notes properly keI
d il would have been easy to dete
S mine what notes were missing
From the best information ca
e secure by this examination | al
l. led TO believe that two notes, OF
/, ofsI3, 900 and one of $500, tot
t, SI3, 500 given by Messrs, Jacobs
& Neugass, were used in the purcha
e of the one-half lot and building a
joining the bank building N
= property was bought for $40
rs and these notes used In payne
but no entry was ever made as
% the purchase Of the property or t
II distribution of the notes. r
49, same may be said with reference
q the purchase OF the property know
lie as the Cauthorn warehouse prop'
I'd ty, and also the property mortgag
o. by +. J. Blair TO secure certa
n notes and which was sold under
as execution TO the Messrs Job.
he entries were ever made OF The
llf matters, and these notes with e
/ hundred dollars Of outlawed not
EN- will practically make up the dc
r. cheney, and this, believe, is a c.
OF rect explanation Of the matter
81 | am satisfied, gentlemen, Il
he no monies have been diverted fr'
IL the proper care ard custody Of
nix bank by either Of the Messrs. j
ed except the investment made in
Of p1rchase Of the mill property q
do It's subsequent account, and
,cr purchase Of the real estate menti
he ed and the record Of which is TO
ch found upon the records Of this col
ess ty, and their own personal indie
I'm edness to the bank. The valuat
me set upon the assets Of Messrs. Ha
M ilLnn Lob II Co. hy the nssipnee