The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-01-22
BELLAIRE AND SOUTBW ESTERN
RAILROAD.
What President Morgan Says In Re.
gard 40 Ats Prospects,.

"Good morning, Mr.. Morgan. What
are you good people of the b. " 5. doing
at present." queried REGISTER reporter
OF Mr.. +. &. Morgan, President of the
Bellaire and South western road, yester-
day afternoon. Mr.. Morgan was sitting
AT his desk in the cOmpany's office busy
making some calculations, but he greeted
the reporter with warm welcome, and
answered cheerily:
"Oh, we're all busy trying TO push
things ahead as fast as possible"
"Whst did you do at the meeting of
directors last week."
1--WE organized Board OF Directors,
numbering fifteen, all well known gen.
temen from Monroe and Belmont coun-
ties. Those from Bellsire are Colonel
b. Z. Cowen, John NJ. Sanders. j.
Booth, Jacob Heatherington and f. q.
Morgan. The most important action
performed by the Board was tho passing
Of resolution to put 100000 worth OF
first mortgage bonds on the market and
ask for eighty cents on the dollar for
them. They will carry seven per cent.
interest, payable seml-annually, and will
be an excellent investment"
"Who do you think will take the
bonds?'
"Well, Pm In hope that the stock
holders will buy all of them. 1t is the
intention of the Board to visit the stock
holders personally and endeavor to per-
suade them. BY doing this they will Sc
cure the road for themselves and will
run no risks. If they do not take all of
the bonds or q larger portion CT them, 1t
may go hard with them, for provision
will be made in the mortgage bonds, that
if the interest is not paid within
four months of the time it
is due, the road can
be sold either at public or private sale,
and the stockholders would thus lose
their money. l think, however, that
the greater part Of the bonds will be
bought by the stockholders, and then OF
course they will be perfectly secure"
"Whst security do you offer for the
mortgage2"
-Four times the amount of the loan.
The road has already cost s240 600 and
when the $4,000 additional is expended
on it, there will be 100000 worth of
property as collateral. This SEQ, 0O0 will
unish the road to Armstrong; Mill,
tweaty-one miles from Bellsire. When We
reach that point we will require another
issue of 100000 worth Of bonds, but we
expect to get ninety cents for them.
This last sum will complete the road 20
Woodsfeld forty.two miles from here"
"Do you think you will make money
enough to pay the interest from the
s:srt2"
"There's no doubt about If; Now I'll
give you some idea of our expenses and
the receipts which we look tor. Twenty
five bushels OF coal will run train two
DAYS, but will base the calculation on
one days running of single train 20
Woodsfeld. Coal Sl00, engineer $500,
brakeman and fireman $3.50, total IS so.
Now say we have ten passengers each
way, that will be $1,000, four cars
of freight at half cent ton per mile,
would be s64; then the express receipts
would make it S. least 800, and the net
gain would amount TO $94 so for single
train. The country which we are 10
open up, Is one that IS we'll settled and is
largely productive, but hss little or no
cutie. for its produce. In that part of
Ohio they grow st least 10000 hogshesds
OF tobacco, and We will carry two thirds
of il. We will also have heavy trade
in Limestone for the furnaces. The read
will furnish splendid coal market for
the mines in this section. There IL net
. single coal bank which amounts 20
Al ything between Bellsire and
Wooisfeld. They pay twelve cents
a bushel Tor miserable coal IN the latter
town st present, while We would furnish
the very best for eigh. cent?"
"How much Of the road is finished now,
and what do you expect to do for the
present"
I'VE hsye FIVE and 8 half miles in