The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-01-10

the sodity of your capital lis the amoant of your ab
Your treasurer puts them down as follows:
Stock, including States preferred Sl3 lis 902 90
Bonded debt, including the three iron bonds,
due January l, 1857 January l, 1858 and
January /, 1859, which constitute part OF -
the sinking fund. ,S33 81
Open accounts. eI,Ioeso
Unclaimed dues. d9,saaoo
Washington Branch. ACKNOWLEDGEMENTS. 1s4, LA
s24lSs, O5s 81
This sum of S24 1s6 81 constitutes, according to
your report and its tables the entire amount of the liza
bes of your Company except the balance profit and
loss 1t consists mainly of bonds not yet due but which
you have contracted to pay years hence Is there
any reason why you should not have informed your
stockholders that your Company is also liable for the pay
ment of the principal interest bonds of the North
western Virginia Railroad Company to the amount Of one
million five hundred thousand dollars and that, for sew
era years past you have been compelled to pay the in
upon these bonds and that unless you continue to
claims Of all the creditors of that Company whose claims
prior liens in law upon its property the road must
be sold and your Company either submit to the absolute
loss of this of 81 00O0 incur still further la
bility for millions more9
have not time to enter into all the considerations
which combine to show that there is not the least proba
bility of such improvement in the revenues of the
Northwestern Virginia Railroad, as will relieve your
Company from any part OF this heavy charge during
the last year under the economical management which
has made the Baltimore and Ohio Railroad an exception
to all other roads the continent in the ratio OF its
penses its receipts, the Northwestern Virginia Road
had net revenue of less than $42000 whilst the inter-
alone upon mortgage senior to yours was $4,000;
the expenses exceeded the entire gross receipts by
than five thousand dollars Sanguine: then, indeed must
those be, who think any circumstance is key to occur
in reasonable time which will excuse you from count
ing your endorsement of the bonds of the Northwestern
Virginia Road as amongst your liabilities.
There is also another item which, considering the
avowed theory of your administration, am surprised to
find you have failed to place amongst your liabilities In
December 1856, you declared dividend of thirty per
cent three millions of dollars payable in certificates
bearing interest from June 1857 The legal proceedings
which have prevented the delivery of those certificates
hora nf
dividend shall be declared VALID and as you have at
meeting determination to enforce
the payment the dividend how does it happen that you
omit reckon the accrued interest amongst your
ments Do you consider it just to persons who may be
inclined to purchase the stock that your annual report
should go without the slightest reference to the fact
that there lies hid in the Courts proceeding which,
will suddenly water the existing stock to the extent OF
thirty thousand shares and put into the pockets OF the
purchasers of the dividend orders not only that dividend
ITSELF but the accrued interest," which, at the date of your
report was three hundred and sixty thousand dollars
now since the first of December four hundred and
fifty thousand dollars?
take the liberty, Sir for these reasons of adding to
your liabilities these two sums, viz:
I'd and Sd mortgage Bonds of Northwestern
Virginia Railroad Company, guaranteed by
Baltimore and Ohio Road, of which
100000 is due in 1873, and 100000 in
Interest Te accrued on Extra Dividend Certid-
Gates to June /, Is59..... .............. 800 OO(
1850 oO(
Add liabilities as above ................ "a 1856 05!
And they foot up NEUTRALITY-SUSPICIOUS.. s26 GAG o5s
Add to this the balance profit and loss. 6092 31
And we have grand total Of .S32 13S 81
This, it must be admitted, is imposing sum Of
money be owing by any body natural corporate.
invite scrutiny into every one of its items.
With the exception of the amount due to the Washing
Branch large portion of which goes back when paid
to the Main Stem and with the exception too of the in
terest the extra dividend, which confess rahe
think you will not be called upon to pay, every othe
part of the large of twentysix millions is real liza
bty either stockholders creditors to be met rain
shine
Having contemplated your liabilities, the next sep
to survey the list of assets They are put down as fol
lows In your annual report: