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

Upon the first and second items cost of road and upon
the reasonableness of estimating them assets without
deducting the large sums which were thrown away in
b,rJng the money expend,d on them I.shall make no
remark I content to take them as they stand
The next item is the rolling power This is put down
at the large sum of which is suppose its
cost arrived by estimate or less consistent
Whether it is proper regard entitled be consd
cred good for that amount depends large extent up
the condition of the machinery and upon this point
ct between the President of the Company and the late
Master of Machinery. By Mr.. Tyson's report, notwh-
standing the large expenditure within the year
for repairs of machinery appears that only sixty en-
gnes have been thoroughly repaired during the year
against hundred and sixteen year. and against
one hundred and forty in 1857 This circumstance
of ITSELF is calculated to excite suspicion as to the
real condition of the mach merry and this suspicion
is still further encouraged by Mr.. Tysons declaration,
that the tonnage engines the second third and fourth
divisions and Northwestern Road have deprecia
in condition In addition to this Mr. Tyson declares that
AZ cars have been broken up during the year.
thirty house and thirty light gondoa unfit for
service There is still another circumstance which tends
to show that the Company is willing exhibit in the
usual way the condition of its machinery. Heretofore it
has been usual publish in the Annual Report state
showing the number of locomotives the miles
&c per mile run, and with margin for Remarks
in which the condition engines of the
year. was ser OUT III some ueta' ms Is Whony
omitted this yearthe first time, suspect, for tN enty
years When add to this the fact that the
Committee on transportation and Machinery have in
duced Mr. Addison of Mr.. Tyson's subordinaes,
illustrate yr. Tysons report with various contradictory
notes and comments it must be conceded think that it
will require great confidence and credulity to put down
this item of rolling stock as quite equal to that much
cash hand the payment debts Let pass how
ever.
We to class of 'Assets'' whose value be
estimated with greater certainty The first is the debt
due by the Central Ohio Railroad Company
S441 81 1t is curious to how this debt has ucuated
In the 30h Annual Report it precisely the
In the 31st it put down at S4593s1 In the 32d at
s444 49, and in the last it has got back to its condition
in 1856 1t is easy enough to conceive how it should in
creasebu it will be mystery to most people how it
diminish The bonds the fourth mortgage of the Cen
trail Ohio That Company paws no interest on the first
second, third other senior securities. How is it, then
that the interest this particular appears have
been paid or at least is not charged against til How
ever TINS may be- It Is certain mat this sum of is
written off
The remarks apply to the debt due by the West
Railroad Company and the Welsburgh and West Newton
Plank Road Company, amounting in all to S43 241 They
absolutely and irredeemably worthless Next
the smple contract debt of the Northwestern Virginia
Railroad Company amounting to 81 500 This is put
down as good asset to be relied on hereafter and at all
times as part of the property of the Baltimore and Ohio
ment of its debts Now let us look little into the rea-
sons for This exnectation The Northwestern Virginia
Road is lO4 miles long or thereabouts and cost be.
eve considerably upwards of six millions of dollars
OF this about Ave millions of dollars is bonded debt
half million Of dollars BEFORE the Raltimorr and Ohio
Railroad Company can realize anything for the interest
road must increase SO as to paw its worrying
which cannot considering its condition be safely put
down for MANY wears at less than 20 per cent of the
cost Of widening and arcbnp its twenty odd
tunnels and vertical cuts which will certainly for long
time reuuire large Outlays for construction and
Of least three hundred tbonsand dollars for in.
tarast rnon the debt of the Comnanv The charges
for construcon must he maid If at all ont of reyenne
and II viii he moderate estimate 70 mt them down at
ten per cent of the gross receipts The working
and will fms absorb at lea eigby ner cent
of the rscaints Inon This hasis the viz
o;na Road must earn inst Il 50o 0no or he
ra ro, can gst anytbng tosard be rrncnsI mr. intar
t - tbe s, 1vbcb Won mt down amnnast wnnr assets
as good and n, aabIe
These assets Sir which every one 7 think must adj
init are wholly unavailable and worthless sum up as
follows.
Loan to North estern Virginia Road 7e5 1926
Central Ohio Observation-Disclosures. 44l,37l
Pittsburg and ConnellsviIIe stock. $4,000
West Newton Plank Road . 6O5O
Western Telegram Company 2leI
80 a7ee3s
In order Sir that l NAV afford to your Company a re
spectacle precedent proper mode disposng
assets of this Sort beg leave submit the following
the last financial OF your great rival
the Pennsylvania Railroad Company:
Balance credit of profit and loss latter charging to
this the original subscription to the Marietta
''and Cincinnati Railroad COO, and to the Springfield
land Mt Vernon Road S1000 00 and the income bonds
received interest from the Marietta and Cincinnati
1897 $780, also discount upon Company's dollar bonds
1924 ASA and sundry other items the whole amounting
"to 81 1S2,9S2'D
1t must have been hard trial no doubt, to Railroad
thus to dispose of more than million of assets by