The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-07-08

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1858 4 its net earnings were Ss8OlGS
while in 1928 they were &l,994, ,s5s. Hs
alluded TO the fact that we had sold oul
stock, in disgust ~ thAtroAd at 40 cent
on the dollar, whilai Il now pays q divl.
dend on the stock, and stock dividends,
that would be now equivalent to 20 per
cent per annum on our original invest
ment We also sold our Baltimore &
Ohio stock at l0s and 11S, and the same
stock Is now worth 1853 to 40, with q
surplus fund equal to It's capital stock.
In regard to, the advantages Of the p.
W. & Ky. Railroad to the city OF Wheel.
ling, Mr.. HUBBARD alluded to the fact that
we had an immense, coal field along the
river above Us, and some very eligible
sites for manufactures II spread our
factories at oil, It must be in that direction,
for where else can We got We will also
open up an abundance Of coal TO the city.
We will be nearer In point Of time and
distance to the East Taking the worst
possible view Of the case, viz-that the
road will fail to pay intereat on the money
necessary TO complete II, and It would
add only 10 cents to every 800 Of taxa
bic valuation in the county. he there.
fore believed that II would be very un,
wise to sacrifice our present investment
in the road. ae felt as confident now as
he ever did that 1t was q sound and well
conceived enterprise, and that he people
ought to come up to It's support and see Il
out oi Its present difficulties. i4l1I.
Alter Mr.. HuBBARD had concluded his
remarks, the Chairman said that the
friends Of subscription would be glad to
hear from any one present who might
have anything 10 say on the other side.
No one present having accepted the In
vitation, Prof. PRSDLETuS, Of Bethany
College, came forward and followed up
Mr.. HuBBARD's address with some addi-
tional arguments in favor Of rendering
the aid desired by the railroad company.
BE spoke Of the failure to complete the
road In accordance with public expects;
tons, and said that the failure was In part
due TO the fact that the work actually
done with the money exceeded the esti.
mates Of the engineer, and in part also
due to accidents which no one could have
foreseen. Like Mr.. HUBBARD he
was a thorough believer in not only
the public necessity for the building
OF this road but also in It's paying charsc.
ter when built. He spoke Of the valuable
traffic that would pass over the road, and
said that the passenger business Of the
Cleveland & Pittsburgh railroad between
Steubenville and Bellaire averaged more
per mile than on any other part Of the
road. Between these two places 1t aver
aged $4,000 per mile, while on the whole
length OF the road II only averaged
$1,000. The average cost per mile Of the
railroads Of The United States was $751;
1s4. and on this cost they paid an average
dividend Of nearly 81 per cent. He ealluded
to the transfer charges between Wheeling
and Bridgeport, amounting to $4,000 or
$4,000 per annum, which he said would
be saved by this road. In this however
he Is in. error, as the charges in
question are paid by the Cleveland and
Pittsburgh Railroad Company, which
company delivers all It's freight in Wheel.
ing at the same price charged by the
Baltimore& Ohio from the same points
In regard also TO the business between
steubenville and Bellaire, 1t should be eI.
planned that the business per mile Is not
local business exclusively, but includes
tickets cold TO all points, such as to the
eastern cities and to Cleveland and Pitts.
burgh. In conclusion, Mr.. PKNDERToN
could see no reasons iOr giving up the en-.
terprise in which the two counties had
embarked. he thought that all the rsa.
Sons that induced the people Of Ohio and
Brooke to unite in commencing the road
called upon them to unite in fnish!ug Il.