Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1856-06-30

In mr. ;.dj,eefly any portion OF the bonds OF the
Fr,s Million lam. granted by the city o. Bad
timo-ssto yonr corporatiOr, that was to be aP-
pied to tie double tracking OF yonF road, TO
my other ohject2n This question Nj BROOKS.
( tne President, answers as follows, VIZ: 10
yonr third inte7rogatory | reply, that the bal
ance Of the five million loan in the hands OF the
CITY Is lookcdHupon and VIII be treated rs 5Ds-
eifeIly pIc{gef 70 the offsets contemplated BY
the Council. Not II GoAhIF soiR b disert1 81
tier 4irfetIy or iGSirs-tEg to aay atter oge,t.
Gentlemen, what can be more pointed, moro en-
phatic than the foregoing: Who ever read a
more distinct avowal of obligation, a more posi-
tive declaration Of a correct understanding OF
the very compact Inow insist upon, and deter
mination to carry it out And yet, iuless than
five months after this letter was penued, there
comes before your honorable body an apPica-
ton to divert $4,000 of tasse very bonds, not
2 iaaireetIy but directly, to the use OF Z railroad,
not one foot of which lies within the boundaries
of yoar State, and Of whose stock neither they
nor the city own . single share.
Let US. for a moment, loo. into the atfai-s Of
this Northwestern Virginia Railroad Company
and ask, why this amount of money 50 Perenp-
toriIy required, Cpcrhaps we may discover some
thing in their mode OF financiering that will en-
tighten our minds and enable US to determine
whether it would he prudent to grant the loan,1
and what use IS to be made of it? This is the
important question for us to consider.
The Directors tell US that five hundred thous-
and dollars t$500,0 90) will put this road in work
ing order, and if they can get this amount from
the CITY. the whole line will be completed by the
LIST of September next, 50 chat cars can runreg-
ularly over it, and that unless they get the sum
named, noie iBaaeiiatety II cannot mi fStH not
be dane. And WHY? is not tie iron laying at LO-
Gust Point 1000 tons of it) waiting to be con-
yeyed to the line of road? Why is it not rcmov-
ed! The undersigned is credibly informed that
the reasons are as follows, namely: That certain
parties here hold liens upon it, and they would
not permits il; removal until their claims were
satisfied. This iron was bought in England at
about SO per ton.-Oac-half of 1t was paid 70"
with the notes of the company secured by an
hyDothecation lat 10 cents in the dollar of the
third mortgage bonds, endorsed b. the Baltimore
and Ohio Railroad Company-aud the other half
was paid for with the notes of the Company Sc
cured by mercantile endorsements for which the
Company paid ,! per cent. and secured the
parties who endorsed those notes By an hyPothc-
cation at 10 cents ON the dollar Of third mort
gage bonds, endorsed by the Baltimore and Ohio
Railroad Company. the end'rsers OF said notes
were shreVTd enough not only to secure them
selves AS above stated, but also had the iron con-
signed to themselves, becoming responsible for
the freight and duty, and thus they claim 4 lien
on the property.
it's then. no doubt, the attention Of the North
western Virginia Railroad Company to exPend
the amount OF city bonds asked from Us by thc
Baltimore and Ohio Railroad Company, not no
the line OF the flrgInia Naiiroad
Company, bat as follows
To pay e months interest on Debt &iia,"0l
7" Ray frzit,t aat duiy o. iT9n' .: a s9J%5
-
Total repaired .*'2o,Voe
And hence the urgency. 1t will also require
at lcast five hundred thousand dollars t3OO,oOoJ
to finish the road bed, lay :he rails, &c, &c-,
without any rolling power. You will perceive,
therefore, that 1t will require Il million instead
of five hvndred thousand dollars, 20 put this
read in running condition, thereby swelling tbs
cost of it to six millions OF dollars, as
Capital stock paid 5Sa9@
~ mortsass b?ni' endorsed BY me LIT e6I.- =, Gyio l''SV'''
Railroad C,mpauy. 1,Hao,c16
Baltimore and ONO Htlroat c'mplag;... @i','P1
u I rna5 Csn o'ar. :! ,'-.io anu o1,. - oS0n0qi
Amount required As above totsi.............. 100000
N,vtru, ,,,,,o, Ssg9LoT
-. ac In[ Ill. ac .oa,I ,,;tbort ~,
- 'iS Sos' y - ''SS =" 'N@' '' ""'
s4GfP.'i. w., /. ,.bi,I, I'LL cost ,rbon oou,ro,-
= ; . 80 ~ COO nHa III 80
~ ~ ,yy1,gHy1 nnn -, II -
- ~ ~ - 80 ~, :om,Istio' az ,,L;.b a.
-. -. -; p. It,,r. ~ ~ a. P.fima". md obio
y a3.oa5 Tor'naSr baya ol-aa5y sJy,ncaJ eg
5InnGn. 4 Il al: in.t o- avo5 honest "a s,,
- .i.,o So, C;rs,c. iDto MI. ,vo-l or io.c ,,,,
i0o,nss W7onij Il NOT anncor more consistent !;
the Stockholders world 6yIy douLie their sub.
scrir,i ,ns onJ snv tn t!,a y,Gr,d .Sw. ,ra nj J.,s
],yirIing to nav ore sixIh Of the cost of This enter
,riss - F'
A. socrritv oo,;nst lass from those liabilities
tho citv bol6s a first and tbe R1ItiTnora and Obit
Railroad Cornnonv \ second and third mortrag,
on the whole Of the Tortbwestcra Yirsini.
Railroad its RIGHTS and franchises. These gen.
,io+no% ri -. 7I,t rnIrss ya givc tLc,n to a
mnmrI .s,eI for ory scn,riti.s avg wo-.hIass
- -. -
nr;rc;c,I II i irnnosS;iIc ,i,ai . roiIrooJ cam,
ponv romprisin@ omong.t is stockholdcrs som,
IF onr mast rcsnertabic y.s,lthy and enfernriS
;ny ,i,izcns yr;II afe, bayi,g cort~ib,fad mi
one.tnnfG Of no. cost of Vol. of tb1ir ov.y
DToiectina, sar ~ tbil corDnr,tja, iand ~.
s55S ono Inore If we win ncyrr nav Won ybai
we 10 own-tb,t We will ,honio: the wor,
/" y ~ - NJ I'M II W !"