The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-11-07
rho wheeling and Lake Erie Railroad.

The wheeling AMI Lake Erie Railroad.
NOSrs (Ol Reflector.
II gives US the utmost pleasure 10 be
able al last to announce 10 the friends Of
the Wheeling and Lake Erie Railroad tina.
their cherished undertaking has, alter oil
its viciSsitudcS, the brightest prospects Of
ultimate success.
More than once during the past two or
three years, tho stockholders and the pub
lie have almost destaired Of ever seeing
another rail- laid or the debris removed
from the tIacl; between here aud Huron,
A petition for the dissolution Of the
Company was liled and abandoned, judg.
menis were taken against the Company,
and finally the road went into the hands
Of u receiver with claims against il, llqui.
dated and unliquidated, aggreguting about
100000, In this condition Of things, Mr..
W. a. Mack became president Of the com.
panY, aud at once gave to its affairs his best
efforts,
We have not space to give IN detail, the
present condition OF the company'S mat
tiers. Briefly, the claims have been re.
duced against it by compromise, to about
$4,000, about $4,000 OF It to be paid In
cash, and the residue in the two years
notes Of the company, drawing six per
cent interest.
A contract has been made with an eXpG'
rtenCed contractor on far more favorable
terms than have been heretofore obtained
By the company, and with far better
chances that It will be carried out. The
contractor, Mr.. G, Il. Griggs, is gentle.
man having the highest recommendations,
and he is backed by capitalists In New
York who have, as we arc informed, So
100000 awaiting investment. His chief
manager nd;engineer Is Thomas S. King,
Esq, who has just resigned his Office Us
one oil tue principal engineers Of the Me-
tropolitan Hotel Elevated Railway Com
pany, Of New York City, to aCCeptthis
position.
By the terms Of the new contract the
road Is 10 be standard instead OF narrow
gauge, thus satisfying tho principal objCC-
ton Of the many stockholders to paying
their assessments.
The company is 10 grade and prepare
the road Tor iron; the contractor Is to iron
it with steel rails and equip II with rolling
stock and all the buildings and appurien.
ances Of frSt-class road for $4,000 per
mile III the six per cent tirstmortglge
bonds OF the company, and $4,000 per
mile in stock.
Tho company are to be allowed, as an
estimated valuation OF the work already
done, SSi 900, which amount is to be re-.
served in the bonds first issued. Arrange.
ments have already been effected for real.
izing sufficient cash on these 10 satisfy the
claims Of the creditors OF the company,
who have compromised for cash sums, and
President Mack expects the remaining
proceeds Of these $4,000 bonds to wipe
out the other debts OF the company, so us
to leave 1t free OF burden except the first
mortgage bonds, to the amount OF $4,000
per mile. BY this plan all moneys re-
Ceived from stockholders will 20 into the
road bed, not dollar being required to
pay present debts. Indeed, it is probable,
and Mr.. Mack, we believe, expects, that a
surplus Of proceeds OF the $S4, 900 bonds
will be left, over all this floating indebted.
ness, to aid in the work OF construction.
The old bonds Of the company arc to be
|
ones drew seven per cent interest, and the
new ones are to draw but six. The new
bonds and their coupons, which arc al.
ready in the hands OF the engravers, con.
tain clause exempting the stockholders
from Hll liability under them, the bond
holders looking to the road for their SO.
curity.
The capital stock Of the company is to
be reduced by the plan, 10 little more
than one'half its present amount author
lied.
A meeting OF the stockholders is to be
held at urichsville on the 3Ost inst, to All.
thorize this reduction and the issue OF the
new bonds, and to legaize the branch oil
the road from Milan 10 Huron, which was
not originally authorized by vote OF the
stockholders Mr.. Griggs, the contractor,
has teIegraPhed that he will be present at
this meeting, aud Mr.. King, the engineer,
is also expected.
Nothing remains 10 insure the speedy
completion of the road, but promptness
on the part Of the stockholders who have
not yet paid the assessments OH their
stock, in doing so. A number Of them
held meeting here q few days since, and
We are informed, have given assurance to
the company of their willingness to pay
their assessments, At least thrcc-fourths Of
the Norwalk stockholders who have not
yet paid, will, We have no doubt, do so,
without further litigation. The proba.
ply good assessments us yet uncollected
for
E E6r %SII amount to abou',..'.'"-ss000 900
~ 2j,OOO
For New 5000
Total .,,,,,,,,, ssh ngO