The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-07
some of the Facts Connected With the
Failure Of the Mingo Furnnce. -llN


Failure of the Mingo Furnace. r!N
Our attention was called yesterday to a
showing up of Mingo Furnace affairs that
appeared in the Pittsburgh Leadera few
days ago. The statements therein made
are not news by any means to the stock
holders Of thatnnfortunate concern. They
were current here, as between individuals,
during the summer, and were to have been
furnished for publication in the lNTELLi-
rESCEn at that time, but for prudential
teasons on the part OF the directors were
withheld. The statements in the Pitts
burgl. paper are predicatcd in the main on
facts broughtto light by Mr.. Harry Cald'
well, Of this city, who was engaged as an
expert by several stockholders to over
haul the accounts OF the concern after its
failure. Mr.. Caldwell could only make
partial report as to what he
discovered and suspected, owing 10
the fact that he was shut oil
from the books ut the close OF the sec
oulweck. lie did the best he could in
that short time, and cleaned enough to
satisfy the stockholdersthat theyha been
badly dcluded MS to the status oftheir con-
cem for at least three years before 1t failed
lteems that at the annual meeting IN
April, 1875, the Presidents report sum
married. tho years business us follows;
Metal on hand April !, 1874, 4lf tons;
made during the year, l2,451 tons; sold,
1854 tons, plus 50 tons arising from
difference in shipment weights, ETC.; total,
l?5l9 tons, leaving 37S tons on hand.
In 1919 the meeting was greeted with
the following: Metal on hand, 31S tons;
made during the year. l4,0Ss tons;
bought, 592 tons; total, 1883 tons; sold,
l4,7lO tons, plus l04 tons, difference IN
weights, etc, equal to l4,Sll tons. This
should leave, April /, 1876, 1,077 tons.
Ia 1911 the business was reported 10
stockholders MS follows: Metal made, y,
@t0ns; bought, AS tons, equal to l3,o5S
tons. Sold daring the year, l,Sl5 tons
On hand, MS shown by books, l,eS3 tons.
The Presidents report gave tho material
on hand rs 2,Sl5 tons-eleven hundred!
tons too much. The monetary value OF
this fictitious metal was $50 per ton, or
S!400O. Further, the committee ascertain
I'd that there was really in that year q
deficit in assets (metal, &c. )of fully 24,VOgg,
10 that the real variance from facts was 81
most $4,000.
Again, when the committee got downito
!lSI7.IS they found the following showing
BY the books: On hand, 1858 tons; made
during year, l4,l25 tons; bought l,al
tons; equal to l7,l52 tons; sold, 1897
tons, This left ,225 tons. But again the
officers report comes forward With o state,
MeRt to the effect that there were on hahil
3,Sll tons! BY actual investigation Just
Nv tOns were found "on>hlnd." In this
case the over-estimatcd value OF metal was
$i9,OO7! aTy7 on
In reply to n question by the Pittsburgh
L1aiT'' reporter, addressed, we presume
TO one Of the directors) as to why "all this
"" done" It was answered that "it wal
done TO enable the works to get more
credit and to induce the unfortunate
stockholders to swallow more bonds"
1t seems that in addition to what il
stated above in the way OF fictitious as
S'', another item to the extent o.
$3.50 was discovered in "matorial oyel
inyoiced," Also that in Accounts Re
'elyable' they unearthed, given as "as
Sets, an item Of SlO,Ol3 10. This wasn't
an asset by any manner Of means, as fur
lhCr research showed It to be charge tol
furnace repairs" aud loss on some iror
purchased. L.. .--g-s
1t seems that "thc total 'exaggSratiOn
C,,PeHonal property given as assetsot tht
a'nso Works, the committee found tc
ioo'np tlIc nice sum of s74,47S 49, besides
Some SIl,5Oo Of worthless personal &C