The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-04-26
The Present status Of the BEL
Iaire d Southwestern Narrow
Gauge.

BELLA1RE, April 25.
Editors IntellIreneer.
In my walks about the city I dropped
10 day or two since at the Office Of the
B. & s. W. Railroad, with the purpose ol
interviewing Mr.. Morgan, President oil
the Company, as 10 the present status,
plans and prospects Of the line. in the
sueceasful completion Of which I know
that you feel much interest, Hound that
Mr.. Morgan waA out on the line ofthe
road, looking alter iu interests, and
therefore in lieu Of an interview with
him, / obtained the following statement
from the Secretary:
As you know, the line from here to
Woods6eld is called the FIRST division of
the BelIaire & South NeItern Railroad,
and is AZ miles in length. Over five miles
OF It, from here to Wegee, is completed
and running, and earning enough TO pay
expenses. There are three trains each
way every day. The balance ofths line to
Woodsfsld Is all graded and ready for
the ties except four miles, tso Of which
are heavy work, the other two being quite
light. Ties are already on the whole
line. There il some trimming up to be
done, and few small bridges, the mason.
ry Of which Is done, are yet to be com.
pleted.
Some time ago the Board OF Directors,
10 order to complete the construction and
equipment OF the road to Armstrong; :
Mills, adistance Of q miles, proposed to
sell $50 900 Of the frat mortgage bonds at
so cents on the dollar. With 81 miles
completed (which can be done in three
months), the Board feel well assured that
the road will deyslope such trade "a
will easily pay the interest on the bonds
from the net earnings, and thereby secure
4 ready sale for the honds at or near their
par value. Al subsequent meeting Of
the Board oil Directors proposition was
made which was deemed more advisable
and the bonds were Withdrawn from the
market. This plan contemplates loan
to the company by the stockholders and
friends Of the road OF not less than $50 900
for one year, to be used in the
construction and equipment Of the
road. The company Is to place
10 the hands OF an agent or trustee, mu.
tually chosen BY the company and the
subscribers 10 the loan, 100000 first
mortgage bonds, which are to be held as
collateral TO secure the loan OF said $50.
900. These bonds bear Z per cent inter.
est, and the company agree to pay said
agent the interest on the bonds for the
use OF those making the loan. Should the
company fail to pay the interest or prin-
cipal, when the same becomes due, then,
after 80 days notice from said agent, he Is
authorized to sell said bonds, or so much
OF them rs may be necessary TO pay the
interest and principal in default.
There Is now subscribed to this loan
the sum Of S4l, 900, and it il expected
that the remainder will soon be taken.
Bat supposing, Mr.. Secretary, your re-
porter suggested, that you do not realize
as soon or As much as your board con.
templates, and that therefore you may
not be able to pay the interest on the
bonds, and that II the road Is sold the
proceeds may not meet the loan, what
theni
Well, in that event, should such .
state Of Affairs occur, contingency which
the board do no. think probable, the per.
sons making the loan would no doubt
buy the bonds, and then under the mort
gauge proceed to cell the road; and II II
would sell for $4,000 and accrued Ia.
terest they would get their money and
IA per cent interest, and II Ii would moi
they would assuredly get the road for
their claim. In the latter event, they
would get 49 miles Of the road, nearly all
graded, ties on the ground, and q miles
equipped in running order for the loan
OF S50000-a road that would have ther
cost the company over $500
In this proposition the Board has
aimed TO make the subscribers TO the
loan perfectly secure, and as an invest
ment i2 for u Il will yield II per cent ts
those making Il. Ia no event can they
lose, "a getting the road for their loar
would be even better than getting theil
money bSck ind IA per cent interest.
The above Is the substance Of the Sec
retarys statement TO your
CeRRRsPoaDEST.