The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-03-28

Annual Meeting OF the Stockholders Yes
tertlay President IIubbRrtI'a Report
An Encouraging showing for the ~.
tuFe-ISrObNbIe Extension Of the Road
10 BenWood.
Tie annual meeting Of the stockhold'
ers OF the p. W. 4 Ky, Railroad Company
was held in this city yesterday at the gem
eral office Of the Company in the freight
depot. There were present WIN. Thaw
and Thomas u. Nesslcr, Esqsp represent
ing the Pennsylvania Company, and u
number Of the private stockholders herea'
abouts-among them II. X. and D. G. List,
NJ. Reilly, Capt, Mcclure, DR.. Logan,
Mortimer Pollock, j. II. Pendleton aud
W. +. Hubbard.
Nj. John Frew, Of the Board OF Com
missioners, represented Ohio county's in
terests, which arc 1897 shares OF tile stock
and $4,000 OF the bonds, aud. on motion
of G. D. Hubbard, was made Chairman oil
the meeting.
The Hon. @. D. Hubbard submitted hit
report rs President, which was as follows;
WHEELING, March %, 1870.
ToUw SOckhOlder Of The Pittsburgh, Wheeling
& Kentucky Railroad Company:
At the time of your last annual meeting
your road had Just been opened for travel
and transportation, aud its future to. a
great extent was uncertain and unde.
terminel. So much so that meeting oil
the Directors on the 20th OF September,
1873, more than six months after the open
ing OF the road, It was thought advisable
10 place on record the fact that the amount
expended up to that time, with proposed
amount to contractors for extra work and
the estimated amount Of needed additional
work, would make total OF nearly OF
quite $4,000 over and above the amount
realized from the salc OF the bonds; and
the further showing Of the lessee that up
to the 3lst OF August there haA been loss
in operating the road to TINT date OF Il, 900
less the unsettled earnings due for mall
aud express service; and that while the
lessee had expressed u willingness 70 adj
vance the ,33j g, amount OF excess III
the cost Of the road above the means pro-
vided, which was estimated at the annual
meeting in March, this company had 10
warrant for suppOslng that the lessee
would advance the much larger sum now
found to be needed, particularly since the
first six months operating the road showed
no not earnings with which the lessee
might repay is advances. 1t was there
fore
RssOlre,i, That statement Of the condi
ton OF the company ut that date, showing
the amount needed to complete the road
and pay contractors be prepared and sub
mltted to the lessee, wi h request that
the sum be advanced, this company agree
Ing that all net earnings of the road should
be applied to the repayment OF such adj
vanCeS to the lessee.
twas further
RtSolrsd, That in view of the TACT thnttht
company would be unable to pay the in
terest on the 5000, 900, first mortgage bonds
for u considerable period, owing to the
facts above stated, the President was di
rectcd to furnish he'bOndholdcrs (whc
are nearly all stockholders OF the com
pany) with information OH the subject, al
such time and in such manner as lie may
judge best, and that ut his direction he
may call meeting OF stockholders OF
bondholders, or both, to take such action
as would confirm to tho lessee the engage
mlcnt oil the Board OF Directors, that all ne
earnings should first be applied to the re
payment OF lessee's advances, until thu
same are paid, unless the same be repaid
at an earlier period by means to be RAISED
by the stockholders and bOndholders.
The largely increased earnings OF Sep
TENDER, and still more largely increased
earnings of October, seemed to render un
necessary any action under the last reso
luton, as these earnings were calculated
togive confidence to the lessee that the
road would be able from its own earning,
TO repay the advances, and within reasonR
BILE time provide for the payment Of thu
interest, at least in part.
BY statement OF the Auditor Of thu
Pittsburgh, Cincinnati and st. Louis Rail
way, lessee OF the road Of this company
made up TO and including the Slst OF De
cember, 1875, herewith submitted, it vii
be seen that the earnings Of the road TO
the ten months to that date were:
6uA uc'khuss''.s.. ..-SSi,olV a
FIuM ptNehEeis',,.,.,,. ..."..,........ %j,OS2 20
EIph mAlN .','... ......,.s+,.,- l,kB o.
from miscellaneous soirrCs-....,.- 500