The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-06-01
Daylight nj Last for the Pitts.
bnFgh, wheeling d kentucky
Railroad.

4
Hubbard, has been officially notified thai
the Pennsylvania company have at last
taken definite action looking to il
speedy completion. The following Is a
copy Of the document received by Mr.
Hubbard from the company.
"WnEREAs, The Pittsburgh, Wheeling
& Kentucky Railroad Company, In ordei
to complete It's road for the passage oI
trains, from q point Of connection with
the Pittsburgh, Cincinnati & ST. LouiI
Railway near the Steubenyille Bridge, tc
it, proposed depot, Immediately below
Quincy Street in the City Of Wheeling
propose 10 make an issue Of bonds for
100000, bearing 7 per cent interest pay.
able semi'annually tfree Of ta1eS) having
30 years 10 run, and TO secure the same
by first mortgage on its road and prop.
erly and franchises, said mortgage being The
first and only lien thereon, and
WHEREAS, The counties Of Ohio and
Brooke in West Virginia, have full paid
shares OF the capital stock OF said com.
pany, and claims against said company
which are 10 he converted into full
paid stock, to the amount Of about $780,
0lO, which stock they are willing upon
the completion Of said road as aforesaid,
and in consideration Of the advantages
to the citizens OF said counties, 10 assign
and transfer TO any party or parties who
shall furnish the means to 80 complete
said road. And 10 soon as the said
company shall out Of the proceeds Of the
sale Of bonds hereinbciOre mentioned, OF
other means, 80 complete its said road
said stock 10 he divided among such par
ties pro-rata in amount with their respec.
tive subscriptions and purchase OF said
bonds, therefore,
Resolved, That the President, or either
OF the Vice Presidents, be, and he il
hereby authorized and empowered, foI
and in behalf Of this Company, to sub
scribe for 100000 OF the First Mortgage
7 per cent SO.year bonds, proposed to bt
Issued by the Pittsburgh, Wheeling anC
Kentucky Railroad Company, at 90 pei
cantum OF their par value, payable il
railroad iron, joint iastenings and rail
road spikes delivered at the connection
with the Pittsburgh, Cincinnati & St
Louis RSilway, near the east end Of the
Steubenville Bridge, at current market
rates, with freight added. 1t being un'
dcrstood, however, that for any railroad
iron 80 delivered within six months from
the first day Of June, 1877, the price shall
be thirty.eight 1881 dollars per ton.
Pforided, hotnercr, That before any de.
livery OF material shall be made on &C.
count oi this subscription, that all mat
ters connected with this Company, its
organization, laws, &C., including the pro-
posed transfer Of stock by the counties
Of Brooke and Ohio, in West Virginia,
and the proposed mortgage, shall have
been examined, and fully approved and
endorsed by John Scott, Esq, General
Counsel OF Pennsylvania Railroad Com
pany; and
FfOridcd further, That no portion Of the
subscription hereby authorized shall be-
come available until the subscription fol
the remaining 100000 Of said First
Mortgage bonds shall have been made By
local parties, who shall be perfectly salts
factory as TO their responsibility to VIM
Thaw, Esq, and
Provided, That the iron rails and othe
material shall only be furnished as eact
five 10y consecutive miles OF the road bed
from the connection with the Pittsburgh
Cincinnati < St. Louis Railway, near th,
steubenVille Bridge, towards Wheeling
shall have been prepared and made ready
for the reception Of the track superstruc
ture.
1t will be seen by this document thai
the 100000 OF bonds are expected t.
realize to the Pittsburgh, Wheeling & Ky
Railroad SlSO,0OO in cash, which sum is
according to the engineer, abundant!
sufficient to complete the road, build it
depots, &c. The Pennsylvania Compan!
propose to take one. half Of these bonds
furnishing for them the necessary rails
iastenings, spikes, &C., at rate not tc
exceed S3S per ton. The other 100000
are to be taken here and in Brooke
county, or, in other words, by loca
subscribers. For instance, tthe town o.
Wellsburg will take $4,000, and I
number Of capitalists in this cit!
have slgniGed their Willingness Il
take 4 considerable amount OF the bond
provided the two counties decline I,
avail themselves Of the opportunity nov
presented to save half their stock in th
road by taking half the bonds. We "a.
half their stock, because, as is wei
known, the stock is to go, by the terms o
the agreement, 10 the takers OF the bonds
The Pennsylvania Company takes SlOO,
900 Of the bonds, pays therefor 800, 900
and receives $4,000 Of the S3sO,OOt
stock owned by the two counties in tn
road. II the two counties take The re
manning 100000 (payiuS therefor 500,
OOO) they will, Of course, save the balunc
Of their stock, and thu, secure what
everso dividends, over and above 7 re
cent interestlon the honda, the road ma
be able 10 earn. Mr.. ThNw, OF Pittsburgh
expresses the opinion that these surrlu
earnings will probably amount to 7 p:
cent. II he Is even approximate
correct the investment, as now orgal
lied Twill pay handsomely,
The point now to be decided is simpl
this: viii Ohio county take $4,000
the'e bonds, leaving to Brooke count
or to private individuals, to take Il
balance. Itis either this or a surrcnd,
OF all her present investment. There is a
apparently desirable opportunity to sA,
$4,000 Of stock pithoat further erpen.
The bonds will be taken by private pa
ties il not taken by the two counties. "
have seen paper expressing a willln
meas on the part Of several persons
take q portion OF the bonds. They al
altogether the most tempting securi
that we have seen offered TO our comm
nifty for many years.
In case the two counties decline
avail themselves Of the opportunity pr
sentcd 10 save half their investment