The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-12-28
THE p. W. Il X. RAILROAD.

On next Wednesday, January Sd, the
voters Of Ohio county are to express
their approval or disapprobation Of
subscribing on behalf of the county to
the capital stock of the Pittsburgh
Wheeling and Kentucky railroad com
pany. The matter was so thoroughly
discussed last spring and has since been
auu, ravrug no new facts 10 communi-
cate or arguments to adduce, we have
said very little about it of late. How.
ever. as the time when the vote is to be
taken is now 40 near, we deem it our
duty to remind our readers OF the pend
ing proposition and urge their attend
snce at the polls next Wednesday.
The proposition now about to be sub.
United to the people Of the county diff
ters from that voted upon last spring in
TWO important points The sum now
named az the maximum amount of the
county subscription is $22j,000. Of
this, only so much is to be subscribed
as may be found necessary and it is
possible that the work may be executed
at less cost on the part OF this county
than the full sum that a favorable vote
will authorize the Supervisors to pay;
in which case only so many bonds will
be issued as are found actually necessa-
ry. though the sum Of 1925 900 cannot
be under any circumstances exceeded.
The present proposition also differs
from that Of last spring in this, that the
Pennsylvania company, instead of
taking a mortgage upon the new road
for the amount Of its expense in LAYING
the track and furnishing the necessary
equipment. ia to have preferred stock
yielding seven PR cent free Of taxes.
The effect OF this is, that ont of the
annual net earnings OF the road, divi.
dend not exceeding seven per cent must
first be paid to the holder of the pre-
ferred stock before any distribution is
made to Ohio county or other holders
Of the common stock II seven per cent
on the amount OF the PENNSYLVANIA |
company's investment is not realized,
that company will get less; il more
than seven per cent is earned. the sur
plus, after deducting this portion, will
be handed over to the counties that
subscribe. The advantage which this
offers 10 the county over
that of last spring is that the
new road cannot be sold under
the present arrangement as it could
have been under q mortgage. 40 that
there is no danger OF the ownership of
the road passing entirely into the hands
81 a foreign corporation and our sub.
.eription proving dead loss. |; the
road earns nothing for its stockholders,
We will be no worse off than the Penn ,
sylvanians, and they will be required to :
'hare with us whatever loss may &C.
rue. The Var that the road would be
old under foreclosure of the mortgage Il,
vas one Of the main, in fact almost the /
My. objection to the subscription last
pring. That being now removed, we {
xpect to see large majority of the r
otes polled next Wednesday given in |
svor Of making the subscription. The o
Dad will be speedily built when the Z
honey is pledged and can probably be = =
ut in complete running order between Il
and Holidays Cove in one t.
ear from the date Of contract. Il
The advantages Of the proposed road y
nd its use to the city of Wheeling are, a
ls development of new and valuable j.