The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-07-12


thinks for these reasons the latter would
offer The plainest sailing, he considers the
risk OF the ocean voyage too great to b
incurred without the preliminary expert
ment Of land voyage Of equal distance
p. W. & X. RAILRoAD.-Brooke county
is to vote to day whether TO subscribe the
additional $4,000 required as the quota
Of that county to finish the Pittsburgh,
Wheeling s. Kentucky Railroad ready ior
the work to be put on 1t by the P. G. &
st. L. Company. The question is being
holly controVerted In the local papers and
in private circles. President Pendleton,
OF Bethany, has written two articles on
the subject, enforcing with earnestness
and logic the need OF voting the subscrip'
ton TO secure the completion Of the work
and thus save the large sum invested in 1t.
He says:
ave get direct advantages in various
WAYS that will repay US. Even should there
he no other returns in the form Of dtVi-
dends, there Is the convenience oil the
road, the enhancement In value Of other
Droperly, the amount Of taxable property
i win add to our county, the new indus.
tries il will develope, the consequent In
crease Of population and wealth, and the
perDetual reduction in our taxes which
mnst result from such increase Of taxable
value.
81 cannot think that any good citizen,
who understands tho nature Of the case,
will hesitate moment as TO his duty TO
himself and his county in voting Tor the
additional subscription. II will be a SER
ious financial injury 10 every property
holder in the County 10 throw away all
the advantages OF this road-and the sub
scription $4,000 already paid, by reius'
ing 10 vote for the paltry addition Of $15.'
OO0-to our stock. Even II l were oppos'
cd 10 this road, could not thus consent
10 sacrifice the interests Of my neighbor
and my county. This road when finished
will be like any other property, subject 70
laxslion-there will be nearly hall mil
lion Of its cost contributed by parties out
Of the county-the taxes on this, for
single year, will be more than this entire
su6ecription-and this, not for one year
only, bot for all time to come. 1t will
be serious public and private wrong to
defeat work OF such direct pecuniary
advantage to the County"
Concerning the agreement with the
Panhandle Company, Prot. Pendleton sage;
"Our contract has been substantially
and truly stated frequently, both in the
papers and in public speeches, made BY
myself and Others. We 0iUs nothing ii
this EorIsn company. ! may STAG briefly
here what we have agreed to do. We
have agreed TO prepare The road bed ready
Tor the ties and iron and. 10 build the
bridges; 70 iurnIsh also ground for depots
and Edings 10 accommodate the people.
To the extent Of the cost Of this, we are
stockholders. The Panhandle company
has agreed to put on the experimenting
tbs ties and rails-to build suitable depots
and all necessary sidings, and TO the ex-
lent Of the cost Of this, hey arc stick.
holders, when the road Is thus Jointly I'm;
ished and AIMED. It is further agreed
that 1t shall DO leased to The Panhandle
Railroad Company, and be run by them
on these conditions: First-the nett cost
OF running the road and keeping 1t in re-
pair Is TO be paid out Of the earnings.
Second-the remainder is 10 60 10 the
making oil dividends 70 be distributed,
first, seven per cent 10 the Panhandle
Company as their stock, and the remain.
der to our company till II amounts also to
seVen per cent, and then, any surplus Is
10 be distributed equally 10 all tho stock.
holders, Thus It will DO seen that the
stock of the Panhandle Company Is not
even secured by 4 mortgage. The road
viii have no debt, and cannot therefore
be sold out.
"The only advantage that the "toreigu
CORPORATION" has, Is that their part Of The
cost of the road il preferred stock"-thal
is. will receive dividend Of seven pa
cent out Of the earnings, ahould tAsy
amount to so much, before we get any re-
turn, This has been thought BY some IA
be unreasonable, but little reuecpen
will satisfy any candid mind thatztti y
nothing but tair. -4n-th the fist place the
Pan Handle Company have no direct In
forest in the road, save AS 1t pays them .
reasonable per cent upon their capital
We could not expect them 10 spend over
three hundred thousand dollars In our
road, without some such assurance that
theyWould get fair per cent on their In.
Vesimsnt"
The Herald Conienses the argument
and the facts In the following paragraph /:
uAdmIt for argument sake, all that they