The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-06-01
MORE RAILROAD TALK.

MORE RAILROAD TALK.
Gov. STEVENSON, in his State Journal,
wants the Wheeling people to stop talk
ing about the new railroad outlets re.
quired by this city and 90 to
work and build them. That's just
what we are now gong to do, Gov
ernor. This is our last talk, and now
comes action.
A year or two ago Ohio and Brooke,
which have together expended some
$1SS,OOO toward building road from
Wheeling up the West Virginia side of
the river to connect with the Pan
Handle Railroad at the Steu-
beuville bridge, jointly and severslly
agreed to give the whole of their eIpen-
ditures in this behalf to any company
who would take the road and finish it.
The officers of the company, known as the
Pittsburgh, Wheeling and Kentucky
railroad, thereupor had careful estimates
made Of the amount of money necessary
to complete the work ready for the rolling
stock, and satisfied themselves that $780,.
600 would be ample for the purpose
They then determined to issue $500, 900
of seven per cent bonds, having thirty
years to run, and put them
upon the market at 90 cents
on the dollar. Application was
made TO the Pennsylvania Railroad Com
psny to take 100000 of these bonds in
exchange for iron and such material as
will be necessary to complete The road
after the bed is made ready. Various
matters intervened to cause delay-un-
necessary to enumerste here-until now.
The Pennsylvania Company has at last
by formal action of its Board, authorized
the purchase of 100000 of these bonds
on the terms proposed, and 1t now re-
mains for the citizens and counties lnte-
rested to take the remaining 100000.
Wellsburg has, as a corporation, already
agreed to invest $4,000 In this way, and
tour or five citizens of this place have
subscribed for about $25, 900 more.
The conditions of the subscriptions to
these bonds are these: For 5000 paid to
the company the subscriber receives
a 81 900 bord and pro rate share OF the
stock already paid up by the counties,
amounting to, if we recollect Alright,
s., 800 with each 81 900 bond. Out o. the
net earnings of the company, the per
cent. interest on the bonds will be first
paid, and whatever surplus shall remain
will be paid as dividend upon the stock.
VIM. THAw, Esq, Vice-Presidept Of the
Pennsylvania Railroad Company, who
has given this matter q careful
and thorough investigation, and
upon whose recommendation that
company acted in Subscribing
to the bonds, Is reported to have given
his assurance to some of our capitalists
that this will prove fifteen per cent in
vestment.
Hon. q. ID. HUBBARD, who has been
indefatigsble in his efforts to bring sue
cess to this road, expresses his belief
that this Is the best investment that has
been offered to our people for years; and
Capt. JOHN MCLURE says that it Is not
probable that such an opportunity for
profitable investment will be again pre-
sented to our people soon.
The Directors of the Pittsburgh,
Wheeling and Kentucky Railroad Com
pany will ask the County Commissioners
at their meeting next Monday, to confirm
their otter Of year or two ago, BY giving
clear title to the stock Of the county
to such party as would complete and
operate the road; and also TO pass upon
the question as to whether it would be
expedient for the county to become
bond-holder of the company TO the
amount of $4,000, thus saving to herself
about $4,000 of her stock. These gen.
tlemen believe the Investment to be q
very desirable one, and they do not want
to be charged hereafter with having COB.
bled it up to the exclusion OF the people
of the county. If the County Com.
missioners are of opinion that it
would be desirable for the county
to take $4,000 OF these bonds, they may
order an election for taking the sense OF
the people thereon but if they think it
more desirable for the county to donate
its present investment to others and
hsve nothing further to do with the
affair, as indicated BY the action of their
predecessors, they will be asked to say
80. Then if this shall prove TO be the
splendid investment its ardent friends
believe it will, the Commissioners alone
will be to blame for keeping the county
out of it.
We may add that the Pennsylvania
Company agree to furnish the iron for the
road at any time within SIX months from
this date at SSs per ton, and it is the in
tention to have the road completed and
the cars running in that time.
Work will be commenced upon the
Tuscarswss Valley road, giving US our
new outlet to Cleveland and the great
West, within the next thirty days, and
the whole enterprise pushed to success
ka