The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-05-02

Of the Town-what Was said-Th.
Outlook.
On Thursday afternoon last, Joe
Wood, President Of the Wheeling and
Lake Erie railroad, accompanied by
Fl. B. Wilson, Esq, of New York, r.
Fl. Cochran, of Wheeling, and Lewis
Baker, editor of the Wheeling DAILY
REGISTER, were in Milan, on their way
over the proposed line Of the Wheeling
and Lake Erie railroad. Before leav-
ing they met in the parlors Of the
Brotherton Exchange anumber Of bust
ness men Of the town, including the
local railroad committee.
The meeting was formally organized
by the election Of J. C. Lockwood, ESQ,
as chairman, and Geo Dimon, Esq,
secretary. Mr.. Wilson, Of New York,
who has taken the contract for building
the road, being called upon. said he
came to Milan prepared to find united
community on the building of the road,
He knew that Milan people were anx:
ious to have the road built He had
already been over a portion OF the line
had been among the people at many
points, and was highly grattied at the
prospect-gratifed beyond his expecta
ton. When Mr.. Wood came to hun
in New York, and laid the project be
fore him, he said he felt that his labor
would be lightened if he could find
eastern financial men to back the pro
iect. Mr.. Wilson said that the business
of his life had been financierlng. For
twenty years he had bad more or less
to do with financiering railroad projects
Had spent considerable portion of the
| time in England; at one time
negotiating several millions OF
bonds for the Detroit and Milwaukee
railroad at another time, negotiating
the bonds Of the Cincinnati and Mari
eta road. After listening to Mr.
Woods statements, and examlrlng the
matter to nv satisfaction, thought
favorable of the proposed road, maze
nv propositions and gave him refer-
ences. By the terms Of our contract we
can put the first mortgage bonds on the
market to excellent advantage. We
have the choice Of twelve OF the
heaviest banking houses In New ork
to become the financial trustees OF the
road One favorable term OF the con-
tract ia, that the local banks along the
route become the agents both OF the
trustees and the people, thus affordlng
the subscribers greater security In the
distribution and outlay of their SUBJ
scriptions At least twenty miles OF the
road are to be ready for the iron before
The first local subscriptions are
required. Dollar for dollar is to
be expended with the foreign cap
ital-the capitalists furnishing their
due proportion along with the local
subscriptions. The contract provides
that the local subscriptions shall ag-
gregate $4,000 per mile, with go ;OOo
Der mile OF foreign capital, OF which
SIS 600 il to be- realized off Of the first
mortgage bonds. Should this amount
not build and complete the road ac-
cording to the full terms OF the con-
tracts, the capitalists must furnish the
balance. | have already had propo,
sails in New York TO take the bonds at
ninety Der cent so soon as the local suo-
scriptions are made up, and am conf
dent that with more settled state OF
a fairs growing out OF peaceful arbltra
ton of the Alabama claims, | could
DISPOSE of the bonds in England at
ninety per cent sterling. | mliy realize
with YOU, that many railroad projects
have tailed in this country-local sub,
scrip,ions have been absorbed and
no roads built. But this can
not be the case with this. as by
the terms of the contract, the foreign
capital must be expended along with
the local in its proportion. / am salts
fed that the Wheeling and Lake Erie
road will become great trunk llne'
and | have felt more and more en-
couraged as have continued my tour
along the line. / find things as they
were represented to me, and want to say
to you that am ready to put on force
Of men within twenty days after me
local subscription is pledged, and VIII
have twenty-five miles Of the road at
this end completed in seven or eight
months at the most, and the whole line
in eighteen, provided the local subscrip-
tons be forthcoming. | am to equip
the road at the rate of $4,000 per mile
at the start, twenty locomotives, twenty
frst-class passenger cara, four hundred
coal cars and other cars in proportion,
build all the station houses, shops, etc. {;
in short, place the road in complete
rum nc order. II built, | feel
satisfied the road will become
a great thoroughfare. 1t traverses q
magnificent stretch of country, rich in
mineral and agricultural wealth, and
thickly inhabited by thriving, ener'
cetic people. 1t shortens the distance
from the West to Washington at least
sixty miles; will afford line from
Sandusy or Toledo to New York and
Philadelphia via the Fl. Wayue and
PENNSYLVANIA Central, using nearly one
half OF the Wheeling line, over seventy
five miles shorter than by the New
York Central and over fifty miles
shorter than by the Erie. 1t is also
shorter by at least seventy miles than
the present connection Of the Baltimore
and Ohio railway With these superior
connections and advantages Of distance,
with the exhaustless beds Of coal lining
it's route for eighty-6ve miles, and ex,
tending to within seventy.five miles Of
Sandusky, am satisfied that the road
will pay good dividend from the
start.
Mr.. Baker. editor Of the Wheeling
REGISTER! was called upon and ex-
planned the positions in which Wheeling
| stoo1 The State Legislature has