The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-03-21
GaeGtttelligettrer:
Conference Between the officials Of
the Panhandle Road and those OF
the Pittsburgh, Wheeling l. Ken.
lucky Company,


the Panhandle Road and those oi
the Pittsburgh, Wheeling & Ken.
lucky Company.
On Tuesday last, at the meeting Of the
stockholders oithe Pittsburgh, Cincinnati
81 Louis (Pauhsndle) road at steuben-
vile, conference took place between the
leading officers Of that company and ma.
orlty Of the Board oI Directors Of the
Pittsburgh, Wheeling & Kentucky Rail-
road Company. The object Of the con-
ference on the part Of the latter was to
ascertain the views OF Messrs. scorr,
MCCULEouGH, THAw, JEwErr aud other
prominent officials Of the Panhandle Com.
pany. asto what might be expected in the
way of aid in the work Of completing and
equlping the Pittsburgh, Wheeling &
Kentucky road. We understand that
these gentlemen were entirely unable to
give any assurances as to when their Com.
pany would be in condition 10 take hold
Of the road and put 1t in operation, even
supposing that twas now ready and wait
Ing to be turned over to them according
TO contract. OF this inability they gave
the Directors Of the Pittsburgh, Wheeling
L Kentucky road such indubitable evl-
ienCe as left no doubt on the minds of
the latter Of the perfect sincerity ol their
assertions. They expressed every desire
and intention 10 carry out the contract Of
their company with the Pittsburgh,
Wheeling & Kentucky road just as soon
as they were in shape to do 30, but for
A"twelve-month TO come," 10 use their
exact language, they had no hope Of be.
in condition to do so.
During this conference the question
came up, in view Of the inability of the
Panhandle company to render any pres
ent assistance, as to whether there were
uot other resources open to the company
lor obtaining the necessary means to com.
pete the road. In reply to a question
touching the possibility and advisability Of
negotiating first mortgage bonds upon
the road, the opinion was expressed by
Col. SCOTT, President of the Panhandle
Company, that q seven per cent mortgage
bond neighbor negotiated for Eng
Iish iron, He said that at this time the
English iron masters were heavily loaded
with iron, for which there was no market,
aud he believed that they would be will
ing tosell enough Of il 10 the Pittsburgh,
Wheeling Il Kentucky Company to iron
their road, and receive in payment for it a
seven per cent mortgage bond, possibly at
par.
Ot course, before doing SO, they would
want 10 understand exactly the condition
ol the road, and particularly they would
want to post themselves in regard to its
resources in the way Of probable business
when opened for traffic. To this end II
would be necessary to furnish them re-
liable statistics in regard TO the
business OF the city OF Wheeling. and
slso in regard to the character Of the
country through which the road passes.
In view Of this expression OF opinion
on the part Of the President OF the Pan
handle road, the Directors of the Pits
burgh, Wheeling & Kentucky road held
a meeting at which they agreed TO recon.
mend 70 the stockholders Of the Com
pany at their annual meeting on the 2sth
Of this month, such action as would en-.
able the Company to issue a mortgage
bond and complete the road. The fol.
lowing resolution, 10 this end, .was
adopted:
RsSolued, That the Directors oi the
Pittsburgh, Wheeling & Kentucky Rail.
road Company will recommend to the
stockholders meeting, TO be held on the
2Sth inst, that authority be given 10 the
Directors to issue mortgage bonds instead
Of preferred stock for the purpose Of put.
ting the road In operation at as early
time as possible.
II Is the intention Oi the Directors 10
present the substance Of this resolution at
their stockholders' meeting on the 2Sth
Of this month, and urge Its adoption as
the most feasible method known TO them
for extricating the Pittsburgh, Wheeling
II Kentucky road from It's present EN-.
barrassed condition, and securing It's com.
pletion within some reasonable period.
The status OF the Company, after the
adoption Of such resolution on the part
OF the stockholders, will be this: There
will be no preferred stock provision In the
contract with the Panhandle Company.
That clause will be stricken out and super.
seded by the provision Tor mortgage
bond. Therefore the Panhandle Com
pany will no longer be a preferred stock.
holder, but in payment Of all its expendi.
lures for ties, station buildings, depots,
&C., will only receive common stock. The
mortgage, therefore, will rest upon this
species Of property as upon all the other
real estate belonging TO the company.
Those who kept themselves posted in re.
gard to the progress Of negotiations
between the Pittsburgh, Wheeling &
Kentucky Company and the Panhandle
Company in the year 1871, will re.
member that the original proposition
on the part OF the latter company
was to "provide the means required
oplAce the track, sidingS, engine houses,
stations and other model fixtures in good
condition iorservice, receiving in payment
therelor mortCaoe honda AZ tho,r W. ,,,o,