The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1894-02-02
E. w. HADLEY'S REPORT.
A Review of His Management
of o. P. Afairs-$Io,ooo
asked for Services.

CORVALLIS, Jan. 81, 1894.
Hon. J. c. Fullerton, Judge, etc.
DEAR S1R-Herewith beg to transmit
my final report as receiver of the Oregon
Pacific and the w. V. & G. railroads. The
report covers the entire period of my re-
csiverahip from March 9th. 1898, to Janu-
ary 5th, 1894, and consists of balance
sheets of the general and subsidiary ledgers,
statements of assetts and liabilities, de-
tailed statements by months of cash re-
ceipts and disbursements, and detailed
statements by months and divisions of the
cost of operation. To this have added,
in compliance with your order of December
20. Q list of all employees, with their rates
of pay. This list 10 transcript of the rolls
spon. January S. 1894. The books and
vouchers, which are the vouchers for these
accounts. are not fled herewith; first, be-
cause Of their bulk and voluminousness,
and. second. because they form q part of the
permanent records Of the properties. These
books and vouchers, however. are all upon
ukO Al euV OuCCo vi viz uCAOhN0AV
niss.
This being my final report, beg to call
your Honor's attention to the fact that for
my services - receiver of these properties,
I have been paid only the sum of $1,000,
this sum having been allowed me con ac-
count" BY your order Of July. ls9s In
this connection desire to submit few
fscts.
PIRST-That entered upon the dis
charge of my duties as receiver upon the
9th day Of March. 1898. and from that date
until January 9Th, 1894, a period Of practi-
sally ssn months. have devoted nay entire
time solely and exclusively to my duties as
snch receiver.
SECOND-That to the discharge of such
duties brought the accumulated expert
snes of eighteen years of consecutive rail-
road work, which experience is my capital,
and which has been of the greatest benefit
10 the property under my charge.
THIRD-Itfurnished in the state of Ore
eon, bonds to the amount of $50, 600, and
having been appointed by the state court of
New York. receiver of the company's prop
srty in that state, also furnished bonds
there in the sum Of $4,000.
FOURTH-That when assumed charge
of the property, found it carrying a debt
in the shape of receivers certificates, of
$500, 900; in debt to its employees for labor
10 the amount of $l27, 900, and owing $25,-
600 for material furnished. That by reason
of tho confidence inspired by my appoint
ment, was at once able to dispose of $4O,.
600 Of my certificates at par, the amount
being paid .out to the employees upon their
back pay, of which ::they stood greatly in
need.
f1FTH-That by dispensing with various
officials, reducing the salaries and force OF
employees, fcanceling contracts, and the
intr oduction Of economical methods OF oper-
stion, the properties have been operated by
me at total annual saving of about $780,.
COO. Twenty thousand dollars of this was
ssyed by reductions of force and salaries in
the general Office; s4,5On by reorganizing
the San Francisco Office: SC. 900 per annum
Ay utilizing the tug in freight and passenger
service; $40, 900 in substituting wood for
coal under the. boilers of the steamship.
An average saving also. of 20 per
cent has been effected in the cost of almost
every article purchased, blythe close atten .
ton to the:buyins of supplies.
SIXTH-Prior to. the appointment OF a
rsceiver the company employed the follow.
ing general officers: A president, first
yics.president and -general..manager, seo-
end vics.president, third vice.president
and treasurer, q secretary and assistant
treasurer, and that all of these officers were
continued under the first receivsrship at
salaries .ggregating about $780, 600 annually.
Phat personally assumed and carried on,
- far - the receivership is concerned, all
Ahs duties Of the foregoing officials.
sEvENTH-ThatI found the property
entirely without insurance, and as the river
snd ocean boats were subject to extra haz-
s,d. and il was therefore necessary that the
uroosrty should be insured. That no funds
fsr the payment Of premiums were available,
bat in spite Of the rules OF the insurance
Union, forbidding the acoeptance,of anything
but esin for premiums, and in the face OF
many difficulties, finally succeeded in
protecting the property by placing insurance
,oo, II 10 the auountaof 1924, 900.
KIGHTH-I have made many and i'm.
psrsans improvsmeutssto the property in
the shape of repairs ito track. bridges,
nssivs power, and equipment, SO that the
pAysieal condition of the property Is fully
30 per cent better than when 1 assumed
charge Of it.
And isstly beg TO assure your Honor that
The sucesssful operation of these properties
fer almost yesr, burdened AZ they were
with dsbts innumerable. has involved the
most psins.taking care, and has been ac-
somplished only by great personal exertion.
That numerous serious complications have
arisen through the fact that the properties
were not earning sufficient to pay their op-
Grating expenses, employees have been
ssvsrsl times upon the point OF striking,
,srsons furnishing material have been on
shs verge Of refusing further credit, and
snly through my personal sxertions, and the
confidence Of such employees and persons
in the personal integrity and honesty Of
purpose of the receiver, have such crises
been averted.
In view. therefore. of the above facts, l