Semi-weekly herald., 1912-02-26
Cop. Mil Statement

PaHJ
Gentlemen:
The undersigned, your representa-
tives, appointed to examine and re-
port generally upon conditions affect
ing your company after thorough,
painstaking and diligent examination
of books, papers and data pertain
ing thereto, beg leave TO submit the
following report:
Owing to the incomplete systems of
bookkeeping inaugurated during the
various administrations and the neg
ligent, careless and inefficient manner
in which they we're carried on it is
impossible for US to render de-
tailed history of the different regimes
containing definite facts and figures
showing the exact manner in which
your companys monies were expend-
ed.
The books have been checked and
re-checked so often, erasures, oblitera-
tions, interlineations and transfers so
frequent and explanations of same by
parties in charge thereof so much at
variance that it would be fool hardy
upon our part to point specifically
the losses and the manner thereof
The difference we find are mainly
due to the extremely loose manner in
which the record of transactions was
kept. In order that the situation
might be made clearer to us we took
the liberty of calling in the various
managers, Mr.. McNicholas, Mr.. Van
banker and Mr.. Brown, asking them
for explanations of different transac-
tons which they gave as far as pos
sible.
We will now give brief outline of
the histohy Of the company and COM
ment on conditions as shown by books
and reports Of the different series of
management.
Company organized May rs, 1908,
and elected as directors w. I. Dar-
lington, r. McNicholas, J. A. Sow
ers, C. I. Tovrea and j. j. McCor-
mick. September II, 1908, the di-
rectors met and organized perman-
emily by electing W. T. Darlington,
president; ]. A. Sewers, vice presi-
dent; and Robert McNicholas, mana
ger. J.J. Mccormick handed in his
resignation as director and o. p.
Frary WAS elected to fill the vacancy.
o. P. Frary was then elected secre-
tary and treasurer.
November IA, 1908, Manager Nc
Nicholas was authorzide to start
feed store on Man street.
January 9, 1909, o. p. Frary re-
signed and j.. W. Turner was elected
in his stead.
July 81, 1909, meeting of the
stockholders was held and elected the
following officers for the ensuing
year: Directors, ]. A. Sewers, Robert
McNicholas, w. T. Darlington, f. A.
Hutchinson and r. l.. Alexander. The
minutes do not show when or where
the directors met and electer officers.
September II, 1909, the minutes
show w. T. Darlington, president, and
James Van Daniker, secretary.
August 5, 1910, at stockholders
meeting, Frank Wride, J. A. Sewers,
r. H. Banks, Robin Frazer and A. Y.
Cook were elected directors. The min
utes show that on July 30, 1910, the
directors met and elected ]. A. Sewers
president; Robin Frazer vice presi-
dent and Frank Wride secretary and
treasurer, but this date is evidently
mistake as it shows they were not ell
ected directors until August 5.
August 81, 1911, at stockholders
meeting John Waters, W. r. Mason,
C. w. Larson, F. d. Bovee and r. E.
Gaines were elected directors for the
ensuing year. September 5, 1911, the
board met and elected r. z. Gaines
president; j. w. Waters, vice presi-
dent; F. d. Bovee secretary and G. W.
Larson treasurer.
Going back to the first directorate
on November IA, 1908 Manager Nc
Nicholas was authorized to start
store at his place of business at sal
ary of 500 per month for services
and rent, 25 per cent of such to be ta-
ken in company stock. November 20,
as shown by his day book, the store
was opened. The company at this
time had funds deposited in the First
National bank, amounting to $3.50.
This money was not checked upon by
McNicholas, giving as his reason his
desire to await the arrival of his bond.
The first check issued by him was on
December %, 1908. Previous to this
time he had been furnishing his own
funds for company use for period
of month and a day, and from time
to time thereafter when company
funds were short McNicholas again
used his own money. May 1, 1909, at
a meeting of the directors the matter
of payment of services came up and 1t
was found there was due r. McNich-
olas for services, expenses and rent
and money advanced S150. j. A. Sow
ers, for services $40. w. T. Darling
ton, services and rent for place of
meeting 800. ]. w. Turner, services
as secretary for four months $40 and
G. T. Tovrea, services $40. On motion
Al II.