The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-12-09
Interview Between Officers Of the
Lake Shore X TuscRrRWas Valley
Read and Leading Capitalists
Of Wheeling.
Whole Subject Discussed.
A Company to BuIld u Connecting
Road mp Wheeling Creek to be
Organized.
Appointment of Committee to
Obtain Charter.

N1iIroau ana leading citizens OF Vince
ing,
Col. ALLISON said 1t was the wisl
OF the citizens Of Wheeling presen
to hear from DR.. Streator, the Preslden
Of tho Lake Shore & TuscaraWas Valley
Railroad Company, any facts touching
that organization, its resources and pur
poses, and any other facts respecting it,tha
would enable the people Of Wheeling Il
Judge whether II would be advantageous
10 them to make the proposed connection
with the line of railway now being bull
ythat Company.
President STREAToR said his company
was chartered in July, 1870, but not or
ganlzed till last March, They chose him
as President Of the company and no went
10 work. The first proposition was to
raise 100000 by local subscription in
Cleveland and along the line. That was
raised and the next step was to secure
contracts with the Cleveland, Columbus
y Cincinnati and Lake Shore s. Michigan
Southern roads, with which they must
necessarily connect 10 get into Cleveland
and into the Northwest, not having means
to build m independent line into Ceve.
land. The basis OF 100000 on an invest.
ment which would take $3500,0O0, only
Onc.sevGnth oil the amount, was not basis
enough 10 warrant tho attempt 10 build
an independent line into the city, espe.
cially when tho locations for railroad ia.
CiliLies were all so taken up that 1t would
have been very expensive To get good
places Of business, He therefore moved
10 secure certain contracts with these
companies which would give his compa.
ny all tho facilities of Cleveland by con,
neCtiOns at Grafton and Elyrla. lie made
contracts with them iOl pro rating all
business per mile that they should charge
Us nothing for terminal charges; that they
should furnish passenger and freight room,
drpOts, coal Chutes, switches, and
everything our road needs In the city
OF Cleveland except shops, engine houses,
NC
That point gained there was another
thing desirable to us. / then made
the proposition TO these two roads
II guarantee our bonds. In that ]
WAS not so successful. They chose
not to do that on the ground that their
stockholders were scattered all over this
country and Europe, and 1t would be
very difficult 10 get an unanimous vote Of
the stockholders to allow the endorsement
OF our bonds. then moved TO do Rhat
was to us tho next best thing, and that
was that they would give US u contract by
which they agreed 10 set apart 40 per
cent perannum Of the gross earnings oil
all business coming 10 our road over
theirs, and all business going from our
road 10 theirs, for tho purchase Of our
bonds at price not above par. That
they consented to, and contract was
made.
That being done, was then enabled to
make n contract for the construction OF
the road, that guarantee making the bonds
what the capitalists considered good. !
made q contract with Mr. Chamberlain tO
build the entire road from Elyria to Den.
nsOn or Urichsvlllc. He takes the bonds
Of the road and stock, and d worry small
proportion Of money, out Of the 100000
local subscription. We invested $780,
ONO in rolling stock, which we considered
sufficient for the passenger and mercantile
business Of the road, leaving the balance
OI the rolling stock for the coal md iron
business 10 be provided for.
That secures the building Of the road
beyond all question, TO the Panhandle
road, Mr. Chamberlain's contract was
closed and finally finished on the LIST OF
September He has now SO miles OF the
road graded, ready Tor the iron, 30 laid,
and iron for eight more on the
ground. Aud We consider that, with that
30 miles done, as II will be before January
lst, it will be. finished beyond question,
to MassilOn, by the LIST of July, and to the
Panhandle road by the 1st Of October.
That Is the situation We are In Mt this
time.
As 10 the value Of the road when done
it Is not necessary OF this day and age,
with the experience we have had with
rarO IDS In this country, 10 undertake TO
convince any intelligent audience Of the
result. This Tuscarawas valley has five
Or ten times the coal and iron In II 10 be
developed and brought out that the Ma.
honng valley has In II. The MahOning
road Is GS miles Of main line and IL Of
branch, making 80 miles Of road. You
are doubtless familiar with the history OF
that little road, but will state here what
the earnings OF II were the last year. Tho
gross earnings last year were : I,7GO,OOO-
over $4,000 per milo. And tho entire
profits, as you may say, tue main business
Of The road, depended on the iron and
cOal Of that valley. They have forty fur.
naCcs in tina! valley, ind other things In
nFnnnrIinn ThAHo Ia another fact THEY