The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-12-02

the amount still required to liquidate
all accounts for grading and bridging,
l am now prepared to cay, that in my
opinion, it will require for the final set
Element OF all claims on above accounts
the sum OF $50 900.
The available assets, exclusive OF the
uncollected private subscriptions, &C
cording to the Treasurer's books, are
in round figures $4,000. leaving q de-
fciency OF cay $4,000 to finish the
roadbed. The character Of the work is
entirely satisfactory to me, and from
present indications should judge that
three weeks of work in fair weather
would complete it. When this is done
I will be ready to report to the Pitts
burgb, Cincinnati and St. Louis Rail-
road Company applying for its accep-
ance. Very Respectfully Yours,
NJ. J. BECKER,
Chief Engineer.
The Board had at that time in the
Treasury $4,000 in addition to the un-
paid subscriptions, nominally $4,000.
Realizing that additional money would
have to be raised to complete the road
bed, the company had form OF mort
gage or deed OF trust prepared with
bonds running five years, with the priv
elege OF redemption after one year.
Before offering the bonds for sale it
was deemed advisable 10 confer with
the P. C. e. St. L. Railroad Company
and Committee OF the Directors had
an interview with VIM. Thsw, Esq,
Vice President OF the said railroad
company, ct Pittsburgh, on the 9th OF
November lsst, when Mr.. Thaw stated
that if the road bed was completed his
company could not 90 on with their
part of the contract, and advised delay
rather than sacrifice, on our srt, to
raise money to complete the road bed in
the present condition. OF affairs. And with
the view OF completing the road when
his company is ready 10 perform their
part of the contract, he drew up plan
which he was willing to recommend TO
his company, not to be binding on either
party, but suggestive Of how the road
might be finished without requiring
this company to raise any more money
than would pay its present indebted
ness. A copy Of this plan or sugges-
ton is herewith submitted.
"At conference in Pitts
bursh between Messrs Hub
bard and Mcclure, of the P. ". &
X. railroad, and VIM. Thaw, Vice
President of the P. C. & St. L. railroad
company, November 9th, 1873. it was
stated that Mr.. Beckers' October 10th
report to the P. w. & K. authorities
shoEs that his estimate to COM
plete the P. ". & X work would re-
quire $4,000 aud the assets are about
$4,000 exclusive Of unCollected pri'
yale subscriptions. Since that date part
of tie incompeted work has been done,
but part remains incomplete, end there
are now some debts unpaid for work
done.
without com hitting either party it
was agreed that it WAS useless at press
ert to incur further outlay on the track
for the mere sake of completing it this
fall.
Since the means OF the P. W. d K.
were so lar exhausted as to require some
negotiation TO obtain the means for its
completion, and the condition OF the
country particularly in the construction
of railways was such as suggested
delay rather than sacrifice, as basis OF
understanding for such suspension OF
work it was suggested that further
outlay stop, and that the P, W. u K.
Company should have Mr.. Becker re-
survey and report what would be the
cost OF completing the P. ". d K.
side OF the undertaking, which amount,
with one half of the cost OF repairing
any injury to the work from d clay
might be assumed by the P. c. d. St. l..
railroad, when the work is resumed, and
be chargeable to the P. w. & K, rail
road and payable in the came form as
the other work TO be done by the ?. c.
IL St. L. railroad, but in addition there
to. 1t being further agreed that the
arrangement contemplates the payment
by the ?. w. g. K. railroad company,
OF all debts already Incurred without
resorting to any form CT security to
raise money that will impair or inter-
fere with the priority Of the P. c. d
st. l.. railroad company owner
ship and the contract alter the latter
had done her share OF the contract"
This company seeing the almost i'm
possibility OF raising money to complete
the road bed, in the present condition
OF the money market, and in face OF
the fact that the ?. c.. & st. L. compa-
ny could not at present 60 On to iron
and stock the road il completed, deemed
it advisable 20 stop operations and e4-
penses until such time as it may be
determined how the road is to be ironed
and stocked. We may not have acted
wisely in SO doing, but there Seemedto
be no alternative.
To secure its creditors, the company
has given deed of trust on all the as
sets, and authorized certificates OF in-
debtedness to be issued to each creditor.
Suit has been brought against each
delinquent stakeholder and as fast as
these assets can be made available they
will be distributed, pro rata 10 the credit
ors.
Wemay say in addition that the road
bed is well settled and will probably |
stand this winter with much less in-
jury than last. The stone work and
bridging is OF the first class and is not ex- !
pected to be damaged in any respect. |
The whole work on the part OF this |
company is go nearly done that it is
believed, unless the engineers are very |
greatly mistaken that it will not re-
auire more than $4,000 to $4,000 to
repair any damage that may &C.
cur during the winter and COM
plete the roadbed ready for
the ties aud rails. This amount
in addition to the balance OF indebted
ness which may remain unpaid from
III a ,rosaot ocseta Of the cAmpsny will |