The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-01-07

we are even building one hundred new
coal cars. our present equipment having
proved unable 10 accommodate the con
stantly increasing demands Of our Goa
shippers. Our docks at Black river il
their present condition are fully capable
OF handling three hundred loaded qari
per day OF coal, ore and lumber, and. cal
be increased 10 any extent which the bus
iness may demand.
The gross earnings oil the road for the
first ten months tFeb. LIST to December
1st) amounted to S3l5,905 50, our present
gross earnings being over. $4,000 pei
month; showing very gratifying increase
over the same months Of last season. For
two months Of the first ten We suffered
from a severe strike among the coal
miners which cut our business for .that
month TO n strictly local trade, and o.
course reduced our gross earnings during
that period.
Our estimated average expense fol
working the road this year is SO per cent
Of the gross receipts, and several month";
show much lower rate even than that
named.
The CONSTRUCTION and equipment ac-
count Of the company have each been sep
arated and now stand as follows: u
Capital Stock authorized, si,25O,0Oo;
is1hed ,o55 95(
First mortgage Is year bonds per cent 2'ise,OO(
Second MORTGAGE 80 year bonds 7per cent
authorized, 81 10000; issued........."-eSs 2i0i
On the latter mortgage no interest il
due until January LIST, 1878. No further
issue ofstock or bonds is contemplated or
deemed necessary except as may be re.
quired by the extension Of the line to the
Ohio river.
There is. no debt excepting our bonded
and coupon debt, our bills for supplies
and labor being paid monthly. Under
the old company the capital stock OF the
company was S2,000,0G0 and now stands
as noted above, Sl,O55,950. The new
stock proposed TO be Issued 10 the new
subscribers for tho extension Of the road
must be under tho law authorizing an in
crease Of capital stock by vote Of the
present stockholders, when both the pres
ent stock andthe rev stock will become
the common stock Of the company.
In regard TO the matter OF making the
amount OF subscription to become due,
per cent per month instead Of 10 per cent
as indicated, am Of the opinion that the
best interest ofneither party would hard
ly admit Of that change. Youheed the road
and we desire to build it as soon rs
it can DO done, and after work is
we'll commenced 1t should be pushed
rapidly to completion. To extend the
collection Of subscriptions over twenty
months, when We hope and believe We
can complete the roudin ten months from
commencement, would in my judgment be
unwise.
trust You will use every exertion
to make up the amount Of subscription
indicated in my former communication,
for l cannot help expressing it as my
firm belief that your people can in no
other way so easily and speedily secure
an outlet TO the lake, upon which broad
thoroughfare no monopoly Can dictate
to your manufacturers exhorbitant and
arbitrary rates Of transport, as by joining
hands with US, We offer you short and
speedy means OF connection, not alone
with the lake, but the great Northwest
and this city, the second in size Of our
State through the medium Of local road
owned and controlled in the interest Of
the country through which it runs.
The greatest and strongest argument
which / can offer TO your people
that We will foster and protect your agri-
cultural, mining and manufacturing in
tercsts, Is the one fact that we have done
so on that portion Of our road already
completed, and that it would DO equally to
our interest toextend the same aid to you.
Yours very truly, Z
s. CHAMBERLAIN, PresideaL.