The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-04-23
Gne1ttelIiaettrer
The Railroad Meeting Last Evening.

The Rnllfoau Meeting Last Evening"
An interesting meeting relating-to the
projected Wheeling s. Lake EnelRailFoad
and to the projected Railroad Bridge
was held last evening in the Chamber oI
the Second Branch OF Council. No public
notice Of the meeting had been given, yet
the chamber was well filled with citizens,
many of thOm among themost substantial
In the city, JOEL WooD, Esq, President
OF the W. & L. E. Company, and II. B.
WILSON, Esq, Of New York, chief con.
tractor with that company were present.
Capt. ANDREW WILSON was called to pre-.
side over the meeting. Mr.. WILSON (ofN,
| ~ by invitation spoke to the meeting at
some length in regard to the financial
prospects Of the W. & L. E. Company,
in regard to expedients Tor coupling
the road and bridge so as 10 secure
their mutual success, and Of the valne Of
the proposed road to this city. So much
was said by him and those who after.
wards participated In the discussion that
We cannot attempt this morning more
than to present few of Mr.. Wilson'S
most important suggestions.
Mr. Wilson said that whenever the
local subscriptions along the line of the
road were made up according to the terms
OF the contract $4,000 o mile) the con.
tractors were ready, without waiting upon
the 60 days notice to which they would
bc.cntitlcd, to begin at once and put a
sufficient force on the line to build fifty
miles Of road within six or eight months
from the day oil commencement. They
were prepared to build twenty miles be.
fore requiring the payment ot any money,
only wanting guarantees that the local
subscription was secured and the money
ready to bo paid when the work was
done. He said in his opinion the sub
scription by Wheeling was the initial
point for the success Of the undertaking.
The negotiations for money were based
upon that, and the aid proposed to be
given by the municipalities in Ohio. He
thought the interests Of the city demanded
immediate action, conditioned as it Is on
having the line brought into the city
limits. In order to come into the city 1t
was necessary to build bridge, and that
necessity coupled the interests Of the two
enterprises together. He threw. out, as q
suggestion more than as matter OF pres.
ent advice, the idea that in order to
coAlesce the interests Of the two under
takings, as to the mode OF financing, that
the Railway Company might, If they
adopted his views, increase the amount Of
the mortgage proposed to be put on their
line from $4,000 per mile to $4,000.
This increase would be equal on the whole
line to 100000; and this let the
Company subscribe to the stock OF the
bridge. In his judgment the first mort.
gage bonds Of the Railway could be float
ed for $4,000 per mile with the bridge
connection as easily as $4,000 with.
out it. This suggestion would be,
course, subject to theapproval Of his as.
sociatcs in New York, and of the Board
OF the Railway Company; but he had no
doubt of their concurrence in it. In this
way, with subscription by Wheeling Of
100000 and Of 100000 by the G.&P.
Railway management, which tits assert.
cd would be subscribed, the Bridge Com.
pany would have q basis of 100000 on
which TO issue bonds for the additional
capital required, Coupled with this, the
necessary traffic contracts to be made be.
tween the Bridge Company and the
Wheeling s. Lake Erie and G. & P. rail,
roads, not only secured the success of the
bridge but would make it paying stock.
&c estimated that tho use Of the bridge
would be worth $4,000 ayear to each
road. By making suoh arrangements as
these the financial plans for both bridge
and railway would be rendered an
immediate success.
President WooD made some encour.
aging remarks concerning the progress
and prospects Of his Company in the mat
ter Of the local subscriptions. More than
hall a million Of individual subscriptions
had been secured, and now that mu.
inequalities had been authorized by q re.
cent law Of Ohio to subscribe, large addi.
tionaI subscriptions by the cities and
towns along the route were so certain
that he was prepared to say that If Wheel
ing subscribed tho sum indicated by o
former pledge Of Council (ssO0,OOO) the
success of the road was assured; and his
Company was now ready to accept the
subscription ON the terms prescribed by
the net Of the Legislature. = - ..
Various points were raised and discuss.
cd by THOMAS SWEENEY, Gov. STANTON
. Col. AhLIsoN, Capt, COCHRAN, and AIessrs
WooD and WILSON; but time and space
DOT not permit any further. report this
morning.
: fElsLET' telegraphs from Washington
TO tue Boston JoHrna! that Chief Justice
Chasc's friends regard him as placed by
: tho porLorehu-c rNo,,..., F'N~H "