The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-01-09

cash capital to expend, we will 20 into
the cost Of the plant as it stands to-day:
Total cost Of plant.....;rr.- sl,2ss,sll 81
Deduct construction I'm
4 tangible asset .-......-..... S2l5 003 OIL
Deduct shrnkase in val.
tie OF wells................. IS, 900 90
Deduct shrinkage In val
'ue OF pipes, 10 per cens IS, 900 90 49,
I ue Of real cstate.:......;. 1900 co
+ General shrlnkage in val.
ue OF all materials used .st,t 49,
( in construction, tools,
metres, furniture. sta
II blcs, etc, 10 per cent. a,S0S 10
u olal...... lEfs tT 1881 IL
] Z, ,,,s,, sd slgi is &c s g
Estimated value Of
plant. Ss60,069 So
We have seen that there was an excess
over running expenses OF 1851 ,Sl7 OF;
cash capital, 100000; leases, $500, 900;
total, Sl,3Sl,Sl7, which comes within
100000 OF the shown cost OF the plant.
This, then, accounts for the surplus
over running expenses.
Next we will take up the comparative
cost and producing powerof plant ut diff
{ ferent yearly periods up to December ],
1891, as nearly as We can average them
IRON the books.
Cost of Producing
To March 81, lsss...".....- l,las,ll53T i6223e 81
To March 81 lss9....- 6a5 Il 1S6.ss9 IS
To March 81, 1890 ,2S, l33 81 1926 10
To March 81 lS9l........- $50. - 60 1770li G.
To December l. lS9l........ ,SSS ,Sil 81 5000 70
Thus it will be seen that there has
been q steady increase in cost, but no
increase in producing power. The in
crease OF receipts noticeable in 100 and
81 was caused by first, increase OF SO
per cent in metre business, SO. that
these years, taker on basis Of previous
years, would show decided falling off
in producing power. This table also
shows that there has been an average
outlay annually for extension OF lines
equa! to about $4,000. Take this as a
basis, leaving out OF consideration en-
tircly the decreasing power, and it will
show an amount left for division as
Z dividends for tho stockholders equal 10
about AZ per cent on the capital stock.
This brings me to consideration OF
the question OF dividends OF S250,0O0
paid to the stockholders. This amount
6 was paid in four years and eight months
and is consequently equal to a fraction
over 8 per cent per annum. a glance
I. ut the statement of December |, 1891,
as compared with the general state
( mcnt, will show n reduction in assets in
the matter OF leases OF from $4,000 to
$3.50, 900. In boring for gas tho com
pany struck oil, and after, having real.
lied Sl79,290 Sc from the sale of this oil
they sold the rights in the oil lands
with the result shown below: 1;
Il Oil sod.. ......... go. ........s SID 90 81
Rights 2le, go 60s392 go II
" Expense ........... 132e 059 81 5t
Mhterials...... 93SS 2S-Sl6l HI so
Net $3.50 Isl 81
Out OF this money the dividends were
paid. or in other words, by reducing
their. available assets they paid divi.
donds. twill be clearly seen by the
foregoing that no earned dividends have
ever been paid to the stockholders.
The outlook seems to be that, judging
the future by the past, there will be a
constantly, increasing outlay.in order to
J keep the plant up to its present produc-
ing power, which opinion brings me to
# the consideration OF the physical fea-
!. ture. In the consideration OF this SUBJ
lcct lam, and must be, entirely guided
\ blythe figures l get from memoranda
compiled in the office OF the company,
Sandisnot rs sure aguideas their ledgcrs,
(which bear out my financial statement
infpla!n figures with no attempt Mt con-
cealment or alteration, since they were
opened to the present day. From this
r,,np than. Nd -
I with only eleven wells in operation, the
Natural Gas Company Of West Virginia
4 produced more gas and showed more
pounds OF pressure than they do to-day,
Y with twenty-five wells in operation.
s9II IA table is then shown which shows
that the entire pressure from the tweri-
ty-two wells now in use is much less
Sthan was the pressure in 1857 from the.
eleven wells the company then had.
II Thctable was prepared from similar
\ ono furnished Mr.. Noise by the compa.
a n.y. The table furnished Mr.. Noise
was notsworn to, but he stated to the
h cominitttee that he understood the
.sscompany would make affidavit to Its
CORRECTNESS. The report then con-
tinuos: n, # 81. & y !; A q
Since the cutting of of the manufac-
turers December j, 1891, the office pres
5fsure has increased, excepting in one
4 instance, and that was caused by very
sudden cold snap. The report then
i5slnentions thirteen manufacturers, pay
eng the company S. ,0l9 per monthlin
Sgasi rents, which were cut off last
n December. The 4 report (, continues:
With these " figures, financial and
h physical, before you, it is for your
honorable committee to draw its own