The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-12-23

WI be our stock in the road; and the
only difference between their stock and
OuIs viii be this: theirs will be preferred
aiOek loE7 per cent interest That Is TO
i5y, OUT Of the net earnings Of the road
fhn interest on their stock h to be paid
iillL II the road should uOt make more
than enough TO pay them the 2 per cent
interest on their stock, We would not get
any interest; but if the profits will pay
more than per cent on their portion oil
the stock, then we come in for the excess
till our per cent Is also, il the excess is
that much; AMI ith Is more then the eX.
cess amer each has had Z per
cent dividend the excess is equally
diVided-the object being simply 70
secure the Pennsylvania Company
interest ON their Investment at the
rate Of 7 per cent, or whatever part of
that rate the net profit might amount TO
il less than that. Their stock in the road
is 70 be as said for putting on the ties,
iron, and for building sidings and depots,
but not for the equipment Of the road
with rolling stock nor for the run.
ming OF the road. For equIpping and
running they are TO be paid out Of the
earnings Of the rOad-the usual rate Of
charging for running road. 1t is very
common thing for railroad companies TO
run roads for other people who have
made them. Alter they have been paid
for running the road, keeping an accurate
account Ol the expenses oil running It and
Of keeping II in repair during the year,
the net profits are 70 DO set oil as diVi-
dGndS, and they receiving seven per cent
on their stock and we coming In for our
dividend afterwards. 80 that they Gun.
not sell our stock. II Is not mortgage,
but simply preferred stock, the only dif'
terence between them Gnd ourselves being
that their stock Is what Is called "prcier-
red"
Mr.. swEENBY-TheY have no lien on
our stock. ......
Mr.. PENDLETON-NOlien on our stock
whatever. II there are no profits they
do not get any, II tue road makes moth.
ing they get nothing. Dir, Scott said he
had no hesitation in making that arrange.
ment because he had no hesitation in say
Ing the road would be a paying road
that 1t would have local advantages equal
to the road on tho other side Of tho river
and terminal advantages greatly above
that road inasmuCh as il would como
right into the city instead OF being on tho
other side Of two rivers; and, therefore, Us
that was q paying road he did not sec
how this could fail 10 DO a paying road.
Besides we would have the advantage Of
uniting with road already constructed
connecting with great cities cast and west
without any Of the difficulties aud expense
that attends the running OF now line
into or through city, such US VIC would
have TO meet II We were building q new
line say To Pittsburgh.
Mr.. JOHN r. lUDBARD-The advAn.
tage oil the prelerrep stock arrangement
would be that they could not sell US out,
and II II was mortgage bonds they could
and that we would have a representation
on tho road 10 see that the thing went on
oil right, from the fact that we had some.
body In the directory.
hr. PENDLET0N-Our stock could
not DO sold out unless VIC chose 10 sell it,and
as 10 control VIC will have just about as
much Rs they will.