Y^– Jºſſ]]||||||||}| （IITHIL 7. i ºr, | gº sº. . . . . .sº g º *-es--- Åflagſ; ſº VITUHTITIII III, {{ sº-ºffs * º | ºr [… gº **:: \\ | LIBRARYºº of THE - – = !- i –- ‘. - --- UN IVE ITY OF MI CHI G àN *\ºſſilsº \º ºz. = \º * , 3. -* — — —2. '...} M. º.o.º. R15 PENIN º, º E º : ºfflin º -: - # , 4 e- - ---, \ - - - Ree lass, \?--1-2 ºf A.Y. Nºt - \ 2. oºz Q- *. Cºv. - -- - - - ***. *** ****, * * -- ºr President of Michigar, Petit Co., - - Faton Rapids, Mich. At the annual meeting of the stockholderº on January 3rd last, they requested me to make an examination of the ac- - counts of the Company since its organization. Although then under engagement 1 deferred tºy work for one week in order to make this examination at once, but your unexpected detentiºn - at an inquest prevented. I have taken the first opportunity since that date to do the work. This, in explanation of tº | - º - - - delay º - - - 4. - N - - --- Upon reaching Detroit I was glad to find that you had ºployed Ir.H.E. Wºn Sickle of the Union Trust Company to reqrite the books tºo gº to show what the stockholders, dº some of them at least, seemed to desire in the way of more detail. While your arrangement of the accounts was such as to ºoº the coſt of the severei units of the pient, co-stºne material, labor and incident:1 expenºeſ; entering into their cost.- tº moºt ſiegirºble showing as tº seeze to me- out of aefference to the wishes of the stockhºlāere, the cost of iabor has been eliminated end treated at tº unit. ºther slight modifications were rºde from your classifications. ºur examination and checking of this work convinced tº that it wºn thoroughly and ºccurately done. The condºnºed ºtº- - - - --- - º mont ºf ºhiº. 3 tº as follows: - º - - º IIICHIGAA PEAT COMPANY. Condensed statehºent. April 4th, 1907. webit. Bank. $133.13 V #ccounts Receivable. 1055.36 Bills Receivable. 2896. 75 Plant: Building. $12276.73 Boilers and stack. 5893. 75 Barge. 1024.45 Belting. 910, 40 Centrifugals 7033. 50 Dryers, Elevators and Rollers 8246. 16 Derrick. 2.930. 45 Engine and Dynamos. 6217. 57 Switchboard, Wiring & Electrical Work Ø361.25 Gravel, Brick, Fire Clay, Lime Cement, lumber 4291.50 - Tabor. - - 15504. 54 - Motors. 3431. 18 Miscellaneous Hardware, Supplies etc. 2.193.94 Pump and Hell. 321. OC Press. 2:23:59 Piping. .32 Sluice Way. 913, 30 Shafting and Pulleys. 1935. 52 ºod is . 164. 28 flanks. 68. 75 78556.98 Furniture and Fixtures. - 129.92 - Real Estate (cash : 2579.21-stock 4500.00) 14079. 21. . Treasury Stork & Promotion to clº Expenses: 22619.99 & 32/6 101660.00 Commission & Expenses re sale of stock 25646.96 (Cash #19406.96-$tock $6240.00) Travelling. 2487. 38 Directors Meeting. 96. 60 Miscellaneous 1566. 97 A. Osborne, Secretary 1000.00 Fuel and Cil 1367. 26 *reight and Cartage. 2O37. 48 Horse and Livery 779. Gº Interest and Exchange. 634 - 36 lighting. - 77, 70 Printing, Stamps and Stationery. 441. 72 Rent. 102.5. CO Stenographer's salary. 560. Ct.) Telephone and Telegraph. 532. 3C taxes. ... " 984. O2 39.237, 78 Stock Undermitºting: difference between par value and proceeds of sale of stock 54962. 50 º!otal ºſ. EZ Credit: , Capital Stock. 30C000. GC Bills Payable. 11500.00 £eat Sales. - 426.0% Poſt on cattle gold 1995 85.00 º 54.00 ºccounts Payable. ~ 1156.63. * Total ..?].3221.6% º - The above statement still further condensed by the elimin- - - facts. MTCHIGAN PFAT COMPANY. º Condensed Net Cash Statement. April 4th, 1907. AT Account 8 +eceivable § 1,013. 36 Bills; receivable 561. 75 Plant, : Building $12,276.73 Boilers and stºck 5, 893. 75 Barge 1,024.45 Belting 910. 4Q Gentrifugals - 7,033.50 Dryers, Elevators and Rollers 7,966.53 Terrick 2,930.45 Engine and Dinamo & 6, 217.37 Switchboard, Wiring & Electrical work 3, 361.25 Gravel, Brick, Fire Clay, Lime Cement, Lumber 4, 291.50 Labor ºf 15, 504. 64 Motors %, 48l. 13 Miscellaneous Hardware, Supplies etc. 2, 193.94 Pump and Well 321. OC Prešš 228.59 Piping 1, 560. 32 Sluice Way 913. 30 Shafting and Pulleys 1, 335. 52 Tools T.64. 28 Tanks 68.78 78,277.35 Furniture and Fixtures. 129. 92 *eal tº state 9, 579.21 Expenses: Commission and expenses 19,406.96 Traveling 2,487.88 Tirectors meetings 96. 60 Iiscellaneous 1, 566.97 A. Osborne, becretary 1,000.00 Pue1 &nd oil. 1,367.26 *reight and Cartage 2, CZ7.43 Horse and Livery 779. O3 Interest and Ezchange 57. 35 Lighting. !, 77. 70 ----- Printing, stamps and stationery 441 .. 73 º, Rent 725, 00 Stenographer's galary 560.00 Telephome and Telegraph 532, 80 Taxes _984-02. 32,120. 73 ºi118 Payable 1.000.00 y Total. $12F. E. 57 - CREDIT. - Capital stock 109,792.50. - Bills Payable º 12,500.00 Peat Sales - - 426, CO Profit on Cattle sold 1905 85. CO * left - * l? - 09 122,815.50 * . . . . cº, on ºpi ( New T.T.’ ‘Tºº --- - - - - - - --~7, -" rº-ºp, 27A 7 Nº T. - …' - - - ^2/ . 2.7% ºz. 7. - *…, 4–47…e., A. c-4-(-, * (* 24% ºf ~. . . A737727, ft 24.6%-4- a & & c. ºf r t / / J 22.2 4–4–2, 4 ( ºv/, /zcz - – — — – --> 2, 7. - - ----> -** * - - - --- - - º - ”, *.*. - - * -et. - - - - - - - - -- º - - - . - - - - w -> . º - . . r - - - º - --- : -- - - + -- - º - - - - - The books show the amount of promotion stock and the stock sold to each purchaser and the amount for which it was sold; the amount of cancelled stock and the amount of stock transferred. The Cancelled certificates are all on file. These matters all check tº with an exactness that is pleasing. While the showing in the condensed Net Cash statement, will on account of the exchange of stock in part payment for Real Estate, for Commissions and for advertising in certain cases, not having been passed through the cash account, be different in the aggregate, than the showing made by the stock record of the sales, the net result is the same. The following is the stock record of sales: The total number of shares of stock issued 31,06? of this number there were issued 19,816 shares of promotion stock, leaving the number of shares of stock sold, at prices varying from $5.00 to $10.00 per share- according to the advanced con- Čtition of the work-at, 20,851 ğılöre $. But, the number of shares cancelled for orie reason and another, before payment were 3,118 Leaving the company an income from 17, 733 shares. --- The total sales amounted to #149,845.50 The total cancellations amounted to 23,328.59 Giving as the amount realized from stock sales #117. 523.00 Deducting the Net Cash received for stock as above 109, 792 - 50 —eaves the amount of stock exchanged as part pay- º - - ment for real estate, commission and other expensee # 7, 739-50 º --- Tumber of shares of income producing stock eold 17, 733 *: #1 #1 " promotion stock issued 10,816 27, 949 Total number of shares of capitalization 30,000 fºr n º " now in treasury. -ETFI Per value of stork in treasury. $20,510. - --- matover errore may have been made in the conſtruction and equipment of the plant, I think the record of the money received and of the money disburged is accurately shown on the company's hooks. Very respectfully, * /a, Aadountant. 2 < º., „', ,''; Jº } *~ ’; ‘…ººº… :-） … • ſ^º & . ） ---， -:-: º r， e ºſv., §. T. år，: • • • . .ae-