Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1856-12-16

BALTIMORE AND ONO R1ILRoAD Extra DIyf-
DESp.-We have RETAINED from saving anything
on this '.vexcd question which has disturbed
the public mind Tot some weeks past. 1t APP
pears, 50 far as we can understand the subject,
that it is comprised in nut she'll The facts
are simply these: The Committee To whom was
entrusted the matter of extra dividend have ex-
amined the books of the company for the past
twenty-five years, and find an accumulation OF
net profits from year to year, up to the present
time, OF upwards. of 000 000-that these earn
Ings were regularly invested, as they accrued
into construction and rec construction. in order
TO finish the road. Now, that the road is fin
isheti 70 the Ohio and the burthen of their float
issss debt cancelled With the aid OF the S. Co.,
600 loan they. negotiated with the city some
three years ago, 1t is proposed 10 do what, as
they say, was always their intentiOn refund 10 :
the stockholders those 5000, 900 OF net earn
ings which was justly due Ia them at Tie time,
in dividends. The proposition is to reimburse
by the issuing of six per; cent. bonds. The road
has not the money in hand to pay back this re-
tanned sum, but they propose, as the best mode
to cancel the amount, this new issue of bonds.
On this the recent discussion in the Council
the board OF directors-the newspapers and the
public has arisen-Some interested in this sub,
ject propose to pay back IN bonds-so,ne in stock,
while others say they VIII have nothing but
e1sh. A1t
There are two questions growing out of the
vic II
clare this extra dividend at this time; and the
other is which is the best TO adopt of the three
modes-bonds, stock, or cash This Is the gists
OF the whole matter, in our Judgment. a large
majority of the Council oppose the bond divi-
dend, but are silent about stock while it is gen
orally understood that stock dividend would
not be objected to. The cash isout of the ques
ton. We learn that the stakeholder directors
would not hesitate about declaring the stock
dividend but for the fear that the city would
send additional directors on her part TO repre-
sent thcincreasc of about ] 0. 900 shares. which
she would be entitled to-giving her some four
more directors The stockholders say if this
We're done they would be voted down on every
question. We beg leave to differ from them on
this point; for If sensible, disinterested gentle
men were chosen for this place, the beliefiS that
on all judicious, practical questions beneficial
to the road and the city, there could be little or
no opposition from any one. Hitis the set pur-
pose, however, of the stoclholder directors to
legislate to the prejudice of the city's interest
tnensthe sooner they are checked the better; but
VIC cannot belieye this of them, although the
suggestion is a natural one from their objection
we deem 1t necessary to give this running
history of the matter. What will be decided
next Wednesday, when the discussion of the
question is to be resumed by the board, We are
unable toisay.i There are a great many objec-
| lions urged against the declaration in bonds,
and as we have said, some against stock, but we
arS satisneu lnat the latter wood be much more
| generally acceptable than the former, as one isa
/ debt and the other only an enlargement of the
capital basis. If the stoekholder directors have
no other reason for opposing stock dividends
than the one named, We think that very in0f-
fensiye one, and one, if realized, would not be
50 objectionable iniits practice as in its theory.
is said, ont of doors, that the stock divi-
dend is declared the Council will pass a resolu-
ton to realize on 1t as soon as possible and, if
they should which is doubtful, claim an increas.
ed representation in the board, it Will be of a
very short duration, for as soon as the stock is
disposed Of the city will no longer be entitled to
the increase gilmore Patriot, Saturday. !.