Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1858-02-13
THE Marietta & CISclNsATI RAiLnoAD-

MeeLlhSQJ iSt0ehttotdefsi- A1O't0H0tdISH.t@ CFet-
itoys-NoaA W;lson's Financial Sehsme.-In
the railway column of the Cincinnati CONNER
cial, we fud an account, In ertenso, of what
was canvassed and proposed at the meeting Of
the creditors and others of the Marietta & Gin
cinnati railroad, at Chillicothe. o., on Wednes-
day last The opinion of the meeting seemed
to be strongly in favor Of exhausting every
available resource to the end Of perfeciing the
connection with the B. & o. road at Parkers.
burg, and so realize the actual saving of So
miles in distance overall other routes. A reso.
luton was adopted petitioning the City of Bal
timore for loan of three hundred thousand
dollars, to enable the Company to extend it's
lines from SCOTS landing to Parkersburg,5 ga
miles. That redoubtable Financial genius
Noah Wilson, President OF the road, was on
hand, with financial scheme as long as long
arm, which, VIC are told, was adopted as the
sense of the meeting. Among the estimated
proceeds of unsold securities to be used in
liquidation of the Company's special bonds,
(now due,) borrowed notes, bills payable and
floating debt, we find reckoned, 100000
Wheeling bonds computed at 60 cents on the
dollar.
We subjoin for7the benefit of those concern
ed, copy of Mr. Wilson's financial scheme
presented at themeetng.
]. That tho creditors holding Third Mort
gage Bonds as Collateral shall surrender the
bonds they hold for twenty cents on the dollar
in cash, which is to credited on their reSpec.'
tive claims, and in payment of the balance
they are to receive Third Mortgage Bonds at
par.
O. That the holders of the Floating Debt
shall have the privilege of taking Third Mort
D.. l.. L. \
cash, and threefourths in the liabilities of the
Company; the Coupons of the Domestic Bonds
past due shall be considered part of the
Floating Debt. And after forty-five days no.
tice of this propositions the Directors shall be
at liberty to make such disposition of the unsold
Third Mortgage Bonds as they shall deem best
Parties holding Income Bonds, as collateral TO
their claims, shall surrender such Bonds and the
Coupons attached thereto.
8. The Stockholders shall surrender one-balf
of the Stock held by them to the Directors, to
be distributed to the parties who take the Third
Mortgage Bonds i'll pursuance of the plan sub
mitted herewith.
4. That the holders of the Special Bonds Sc.
cured by First Mortgage Bonds of the Marietta
q CinciunS,i R. r. Co. at 80 cents, shall take
the First Mortgage Bonds in payments at 80
cents.
g. That those who have loaned to the Com
pany their individual notes, and hold First
Mortgage Bonds as security, shall take them in
pyament at so cents; and those who have loan
ed to the Company their individual notes, and
hold Third Mortgage Bonds as security, shall
take half their pay in cash and half ia Third
Mortgage Bonds at par
6. That the holders of First Mortgage Bonds
of the Marietta & Cincinnati and the Hillsboro'
& Cincinnati Railroad Companies, shall fund
the Coupons and the interest thereon, from Jan.
/, 1858, to July /, 1859, both inclusive After
which the said Coupons and the interest there
on, shall be considered part of the principal
of said mortgage debts, and be entitled to inter-
est. at the same rate, and payable at the same
time, as the interest on the bonds themselves.
z. The Holders ofthe Second Mortgage bonds
of the Marietta & Cincinnati Railroad Compa-
ny shall fund the Coupons and interest thereon,
from November l, 1857, to Nav i, 1860, both
inclusive; after which the said Coupons and the
interest thereon shall be considered part of
the principal of said Second Mortgage, and en-
titled to interest at the same time and payable
at.the same rate; and said Second Mortgage
Bondholders shall also take the remainder Of
the Third Mortgage Bonds, paying therefor sew
enty-ive cents on the dollar in cash.
8. As the adoption of the plan herewith sub
mitted, results largely to the benefit of the
holders of Domestic, Income, and Sterling
bonds, who are not asked to contribute ANYTHING
further, tho holders of all such bonds shall sur
render the Interest Coupons thereon, to become
due up to and including the year 1852; and that
the holders of Domestic Bonds, maturing in 80
shall surrender such bonds and take in lieu
thereof Bonds of 1852 without interest
8. An Independent Railroad corporation shall
be organized under the laws of Ohio, for tile
construction of the road from SCOTS Landing
to Belpre; that said Company shall issue bonds
for this purpose redeemable in ten years, for
which sinking fund is to be provided from the
receipts of the Company under contract be.
tween said Branch Company and the Marietta &
Cincinnati Company.
The. Board have.nO hesitation in recommend
ing this plan Of connection with the North
Western Railroad on the river bank, for several
reasons.
l. That it can be built in from three 10 four
months time; while any of the other proposed
routes will require from Is months to two
yearA-
9. The cost of this branch on the river bank,
including right of way, stations, and other ne.
cessary Recommendations. willn exceed one
fourth the sum required for the construction of
either Of the other proposed lines
The difference in the time of construction is
decisive as to the true policy of the Company
The delay required for the construction. Of any
other than the river line to connect with the
North Western Road, would be fatal to this
Company