The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-11-06
T1e le1mutrat.


THE WHEELING g LAKE ERIE
RAILROAD--ON ITS FEET AGAIN.
It gives us the utmost pleasure to be
able at last to announce to the friends of
the Wheeling & Lake Erie R. R., that
their cherished undertaking has, after
all its vicissitudes, the brightest pros.
pect of ultimate success.
More than once during the past two or
three years the stockholders and the
public have almost despaired of ever
seeing another rail laid, or the debris re-
moved from the track between here and
Huron.
A petition for the dissolution of the
pmpany was filed and abandoned, judg'
Bsnts were taken against the company,
md finally the road went into the hands
ofa receiver, with claims against it, liq.
uidating and unliquidsting, aggregating
about $3O00O0 In this condition of
things, Mr.. W. A. Mack became Presi-
dent Of the company, and at once gave
to its affairs his best efforts.
We have not space to give in detail the
present condition of the Company's busi-
ness. Briefly, the claims against it have
been reduced by compromises to about
$4,000, about $40 900 of which is 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 ex.
perienCed contractor, on more favorable
terms than have yet been heretofore OBJ.
tanned by the company, and with far
better chances than it will be carried out.
The contractor, Mr.. G. r. Griggs is a
gentleman with good recommendations,
and he is backed by capitalists in New
York who have, as we are Informed,
S5000000 at present awaiting invest
ment. His chief engineer and manager
is Thomas King, Esq, who has just re-
signed his Office as one of the principal
engineers of the Metropolitan Elevated
Railway company of New York city, to
accept this position.
By the terms of the new contract, the
road is to be standard instead of mar
row gauge, thus satisfying the principal
objection of many stockholders to pay
ing their assessments.
The company is to grade and prepare
the road for iron, the contractor is to
iron it with steel rails and equip it with
rolling stock, and all the building and ap'
purtenanCes of frst.class road, for $l5-
600 per mile in the six per cent first
mortgage bonds of the company, and
$4,000 per mile, III stock.
The Company are to be allowed as an
estimated valuation of the work already
done, $4,000, which amount is to be re-
served in the bonds first issued. Ar
rangements have already been perfected
for realizing sufficient cash on these to
satisfy the claims of creditors of Compa.
ny, who have compromised for cash
sums, and President Mack expects the
remaining proceeds of these $84 600
bonds to wipe out the other debts of the
Company, 80 as to leave it free of all bur.
den, except that of the first mortgage
bonds to the amount of SIS 600 per mile.
BY this plan all moneys received from
stockholders will go into the road bed,
not dollar being required to pay pres
ent debts. Indeed, it is probable, and
Mr.. Mack, we believe, e,exp poets that sur
plus OF proceeds of the $84 900 bonds will
beleft, over all this floating Indebtedness,
10 aid in the work of construction.
The old bonds Of the Company are to
be cancelled and new ones issued. The
old ones drew seven Iper cent. interest,
and the new ones are to draw but six.
The new bonds and their coupons, which
are already in the hands of the engrav-
ers,, contain q clause exempting the
stockholders from all liability under
them, the bOndholders looking to the
road for their security.
The capital stock of the Company is to
be reduced by the plan to little more
than one half its present amount au-
thorissd. NortOalk Reflector.
We learn that the contract with
Griggs & Co. was fully concluded and
ratified ON the 31st ult at .Urichsville; !;
and Mr.. King, the engineer, is at Nor.
walk to arrange for the completion of the
line from Huron to New London st an
carly day, and also to begin work on the
tunnels at the east end and work through
the winter. We hope to see this road
move on to completion and success.