Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-01-29
'PITTSBURG. PA,


Allegheny County
r. Alexander Lumber Company.
:. 1SSSl6l0-Jan 20. 1897
= In answer 10 a special asking whether
there is any truth in the rumor of their
being in a shaky condition. Mr. joan
Alexander Vice President and Manager
of the Company, WHO aIone attends to its
business here, mas been indisposed and
confined to his house TOT some little time,
which made il impossible for US to get
any fresh figures; Out ii is hardly likely
that even ii he could oe interviewed. a
statement made by him now would ma
terialy differ from full statement made
to US October last showing gross assets
of S452, 450.0S, and liabilities, including
mortgage Of $4,000, amounting to $50
649S9 leaving nominal surplus Of $5o6.-
SG0.14.
Since our investigation at that time
we have made Investigations ana secured
an expert opinion upon their statement
OF that date, which we quote as follows:
:. The second item Of accounts receiy-
able considered doubtful; should not be
in their list Of assets; the plant would not
sell for. $4,000, the buildings for $4,000
The switches should not be estimated at
all but that item given its fullest value
would make the plant, buildings
switches, etc. worth about $l25,000.
"A new plant should be substituted,
giving better service and having an equal
output, at not more than $4,000, and this
would cover three Transplant, buildings
and switches, which they render as a
total of nearly $3o0000. The plant was
built originally upon & rather eItrava-
CANT plan contractors putting into 1t
nearly every conceivable piece of machln-
cry. and fixing their own prices. A great
deal of the stuff had to be torn out, and
other material had TO be put in. so that
cumbersome plant, which could not be
operated to advantage. They require
about twice the amount of men to oper-
ate the plant that should be necessary,
and the whole operation is conducted in
the most extravagant manner.
Their railroad and plant are entirely
dependent upon the timber which is being
fast depleted and when the timber is ex-
hausted these items will have very
small valuation.
do not indicate a profitable business; it
is believed that Mr.. Henry Warden per-
sonally becoming responsible for the debts
good Considerable apprehension appears
to have been aroused BY their hardness
in meeting their engagements of late, and
we understand that some prominent men
ger seek their business except for cash.
One prominent firm, we understand. in
sists on closing their account. for which
reason they have given orders unsolicited,
to other firms, which is considered some
what unusual, and, therefore, led to in
quiry. The affairs Of the company have.
apparently not been carefully and sue
cessfully managed, and their future pros
poets would appear 70 be slightly cloud
ed: while. under ordinary circumstances,
as a running concern, their surplus would
be worth about 100000 but their credit
has been somewhat impaired and it might
be safer now to leave the account as
much as possible in the hands of those
already interested. They have evidently
been hard up for working capital for some
time and when large amounts of credit
is involved, should furnish security.
The averments contained in the
said statement were in many respects
untrue 1t was not true at the time
when the said statement was made
and published. that the second item
of accounts receivable, considered
doubtful, should not be on the plain