The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-04-23
TIE RAILROAD MsEr1SG.-A meeting

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of the members of the City Council and
of the Board of Supervisors, with many
of our leading citizens, was held at the
Second Branch of the Council Chamber
last night. Mr.. Fl. B. Wilson, of New
York, who has the contract for build
ing the Wheeling and Lake Erie rail-
road. and Joel Wood, Esq, were pres
ent, for the purpose Of giving such in
formation in regard to their road as
would be Of advantage to the Council
and Supervisors in determining the
question OF subscribing to the capital
stock Of the Lake Erie road.
The meeting was called to order by
&c. Smith, Esq, on whose motion
A. Wilson, EGG, was elected to preside.
R. II. Corchran appologized for the
absence OF Dr.. George Baird, who was
kept away BY sickness in his family,
and introduced Mr.. Wilson, Of New
York. We give brief synopsis of his
remarks;
| had no idea that l would meet so
many OF our citizens, but expected to
see few gentlemen privately to talk
over the financial part OF the work. My
interest is now, / presume, "a great as
anv gentleman in the city. have taken
a fiscal contract, as it might be called, to
raise go amount Of money to build this
great roed equal to the shareholders
amount. 1t mig Int be considered strange
that should take contract OF such q
kind il advance of an engineer re-
port. have had spme experience in
railroad building extending over twenty
five years and sent gentlemen over the
route to examine it, so that am salts
fed that | know about as we'll what it
will cos, as if such report had been
made.
should first speak, suppose, of the
provisions OF that contract. By its
provisions there is no possibility Of fraud
or fsiuTe, as the bonds and mortgages
are to be placed in the keeping OF a
banking house in New York, as trustee
10 hold until the road is completed. l
know this is an unusual provision, but
| consider it most wise one, as do all
the banking houses in New York. The
Bank OF Indemnity OF that city, COM
posed of August Belmont and other
like men, are only TOO willing to take
the t-usteeship.
Speaking of the Baltimore and Ohio
railroad, he said, it is one OF the strong
est corporations Of the country. 1t had
built Baltimore, and that city in turn
had buit up the railroad, and the only
mistake that had been made was 10 not
having that road cross the river here,
instead Of four miles below. Finish the
Lake Erie road, and YOU will have the
Baltimore and Ohio road knocking at
YOU. doors for connection. The Penn
sylvania Central is also interested in
this road. 1t makes this route fifty-one
miles nearc- to Philadelphia hy way OF
Orrvi.le from ToleI3 and the Fort
Wayne road.
BY this ROAD YOU have,cqual connec-
ton with Lake Erie as Pittsburgh.
The ore of Lske Superior and the vast
beds of iron ore lying within fifty miles
OF this city to the northwest are brought
to your doors, and you become the rival
OF Pittsburgh.
But must talk of the financial con.
dition Of the road. There is certain
amount OF local subscription to be made
before the work can be commenced.
can in sixty days, nay, in thirty days,
be ready to PVT a force OF men on that
road that shall finish fifty miles and
rut the cars on il in seven months.
lie spoke disparagingly Of the pro-
visions Of the law requiring the compa-
ny to bring its road across the river, but
said the Lake Erie ROAD was prepared
10 ACCEPT the conditions lie was OF
the opinion that the two interests
should be connected, and then he was
satisfied the money necessary to build
the bridge could be easily raised Let
Wheeling give subscription Of $780,
600 to the railroad and 100000 to the
bridge and both will be built.
He thought that the bridge would
earn $4,000 from the Lake Erie road
and $4,000 from the Cleveland and
Pittsburgh; this would give ten per cent
on q million. Now, the railroad has
determined TO issue mortgages OF only
SIG ,0JO to the mile. This is a less
MORTGAGE than any other road in Ohio
is saddled with. Conld they not in
crease this to SIS 900 and let this
amount 90 to her credit for shares in
the bridge project. These questions
should 20 together so as to have no
jealousy or disccrd.
will close with the general remark
that those localities that lack energy
are always outstripped by their more
energetic and enterprising neighbors,
even though the former may have had
every advantage at the start. You are
well located to have a most thriving
and growing city, and it is in
your hands to shape the future.
II answer to question Mr.. Wilson
said:
am satisfied that the success Of this
enterprise depends on what Wheeling
shall do, and that therefore she should
subscribe to the limit allowed her by
law. 90 from here to Sanduskv and
| knew that the first question will be
what has Wheeling done? and what
she does will affect Sanduskv, Norwalk
and other cities in Ohio. Nearly half
a million has been subscribed by parties
along The line. | and my associates
are prepared to 90 TO work and build
not less Il an twenty five miles of the
road without asking for cent.
Mr.. Thomas Sweeney asked how
! Al