Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1854-11-10

In The Report 81 Tue MuS'es OF i'VHu' NeSV''oS''
viz;
Isl As Preparing aud adjusting Track SS4, lOn.o6
2d As Materials for VtocK 4'viO'oV
Sd Prom. Tlion Of 500 959.76' for Temo-
val Of Material Gftm Slips 100000
All Proportion Of S20,77240' loT Omar
ing, Distributing, Breakng aud
Filling rtacAs with Ballast lO,OOO.OO
9th Foo 'WSlcbmsn for Cuts and .Tun'
Ilels, 0'1lhI0
9th For Bridge at West Monndsvills' s2ECO
7lh Fer tWus Geek Viadncr 2l7I4
9Th Proportion Of S54,l131S 'loT eXcn-
WALTON at The NuHows, miles be-
low Wheeling S'6OO6O
s2ls,7Og.s6
In reference TO The large sum entered ns extra
materials en- hond,' restored by the cOmmiiie TO
account Of TepaTs,' il Is deemed proper to state,
that The nj cpal portion was ascettuined TO Goa
sist Of IOn cross ties, elo., that had BEEN snecih'
cAlly procured for the purpose Of making repairs
he road then nseeS5ary, and, especially for ie-
laying 10 miles Of track, estimated us part Of the
essential repairs Of tile past yeaT These maleTi-
alswere placed ON the line Of tile road some months
previously and tile accidental circumstances oil
general sickness Of workmen 1.-THE vicinity, pre-
vented tie Eelnyng Of said track,
The Committee were further informed that tile
cost Of the alteration Of String 10 Cross Tie Itack
and new Iron, loid during the past year, estima-
ung also l6Hllet lhVlValeul WOulu NC eYuNaiS'N
In cost 10 but % miles Of Road Ie.lbil with new
lion, when the TeQusitiOn OF the Master Of tie
Road (oI the present year is 40 miles, and the
Master Of Transportation and other officers agree
thai the relying Of so miles OF Track, with new
Iron, may be regarded as reasonable average for
the future, ON the basis Of the present trade OF Tie
road.
The results o. stated reduce The amount Of the
net earnings Of the Road as embraced 10 the Re
POI OF The President, preseniedio the Siockhold.
ems, from S9l6,361 81 10 s73l,647 SO.
I'he pfOpHetY Of the charge OF considerable
sums 10 {" ConslIucliou" IN addition 10 those thus
decided to peiIad TO Repairs, was a subject Of
doubt with many members Of the Committee, Tut
as The amount Of such items w0s deemed to ap.
pIoximaie the sum Of those charged TO "ltepoiD,"
The Committee on full review OF the entire sub
ltci, present with confidence their conclusions az
stated, uB In the aggregate equitable and Just,
In The examination Of The general accounts Of
the Company, the Committee discover a charge 10
PIodt aud Loss, which in their judgment is incOT.
rect, Yiz--lhe discount on sules Of The Bonds Of
1885, which for the past year amounted Sl2l,-
16S SO. As II Is believed 10 he In accordance
with the uniform sayslem prevailing In other Rail
TOails, they respectfully recommend that this SUN
be transferred 10 the Construction account, and
charged to The several heads oil Cost Of Road,
Rolling Power, I'd Track and zeal Eslntr, pro
rata WITH the severOl amounts expended under
to invite your attention To the enormous chaTge Of
similar character, VIZ; SI0l ,406 90 discount on
liond OF 1885, sold previously 10 October list,
1863, and TO recommend that this be also taken
from the PEoht And Loss account and chOTged 10
constructions
In view Of The difficulty ofpreparng and digest.
ing The accounts aud statements Of Tue company
preparatory TO The annual meeting Of the sock
holders, as prescribed by the charter we TrOOm.
mend that Tie fiscal year Of the company be clio,
sed on the 1921 Of August, instead Of the S0lh Of
September os al present.
Finding the financial nlIaiTs of the company
much embarrassed, we Reluctantly perform duty
ineXplessing decided regret that. TINT unleT the
circumstances depressing monetary difficulty which
have existed during tile past year, SC large sum
should have been expended In addition tOlhe cap.
ilu We find the construction account to have
been swelsd dnnns tile Twelve months by the
enormous Increase Of Sl,6S2,469 10, under the
Real Rsloly, goo, 100 10
Rolling Power, 650l79 10
Second Tack, 447066 81
CUstof Road, 426,l23 IL
This readily explains tue continuance Of an
embarrassing, unmanageablv aud costly floating
debt
Whilst stlong Teasons have doubtless existed for
potion Of these expenditure, some Of the en-
gIneS having been received on contracts entered
into when no money slTingency existed and some
OF lhe work being essential yet there are items by
the cost 0fwhiclthe CompaRy's present financial
difficulties have been most seriously aggravated
that we do not judge 10 have been absolutely ne.
cessary, and Which therefore both as measures OF
policy and specific expenditure we condemn In
this cOnnexion we call attention ~ the addition,
exclusive Of engines, TO rolling stock, during the
year Of 2O4 calls, Of which are l29ir7n coal hop
neTs, IS gondOlas, end so house coIs. We also
request notice TO The fact, that whilst the officers
Of The road state TO lie Committee that substantial,
brick, iEe.pToof we'll arranged engine houses, can
be erected and completed OF est VI $1,000 for
each engine covered, we fnd among the accounts
for the yeaflhe following eSiTavosant oulays;
Athatusburg Engine house s23,9i0 46; cost
per Engine covered, l,746 90.
AT Cumberland Engine House S24,72l OS; cost
per Engine covered, $2,03l 05.
At Angular Engine Houseat Mount Glare, S42;.
OF, 1885, cost per Engine covered, So, 100 So.
Ia such cases as these, unnecessary egpenIi.
lures have been incurred OF not merely the disnd-
vantage OF the financial embOTTos meMl, but al
the cost Ofl2 per cent per annum TO The stock
holdels. u.a
Inexamining The condition and extent Of Roll
ing Powell as represented by lie Master Of Ma
ehineIy, we find bya recent inventory lint the
actual value exceeds by S64l.6il go The capital
indiOated undeTthat head. This gratifying result
has arisen from the fact, thai when the road was
completed fnt To HaIpeFs Ferry, and subsequent-
" 10 Cumberland, the construction account was
closed in each case, and important additions lo
Rolling Power were effscled, lor which payment
was made from revenue. This machinery having
been since maintained, produces the excess OF
value as stalled.
Deeply impressed with the conviction That ne
Interests Of this community and Of The sloe khold-
erS imperativell demand decided change m The
antf hfnt, tee fnrn M
compohy. by which is embellishments have con-
SANITY increased, we beg 10 submit some inpqr-
tant recommendations. 10 earn mote and spend
less Is tie direct path through Which The company
must retrieve re mpaiTyd credit and financial 10.
Gillon. To accomplish this gfeht desideIalum, We
recommend 10 the siookholdels thai the eopslInu,
lion account be c0sed With The single exceptional
Giching lho1e ipnueo Iequiligg IL We recon-
mend most earnestly and emphatlcolly thatlhe
lcnnslfnclIon Of I6oond lack 81 Suspended nnsil'