The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-05-01
$4,000


,OOs
} This will give You road entirely com.
pleted and equipped, with every facility
necessary for handling all the traffic and
afFording comfortable transportation for
all passengers who may seek the road as q
means OF travel, with an unfunded debt OF
not more than $6l,0
This, while considerably greater than
was anticipated during the progress OF the
work, is not so formidable when compared
with the experience which has attended
the building OF other railroads.
One year ago, or about the time the
road was about one-half completed, 1t was
assumed that the collectable stock, to-
gether with the proceeds OF the first
mortgage bonds, would lay the iron and
equip the road with an amount OF rolling
stock.
This assumption wss based on the es-
Inmates OF engineers, which estimate, how
ballasting and the full equipment OF roll
ing stock which has been found necessary
in order TO operate the road successfully.
In short, the road and equipments as is
generally the case with enterprises oil the
kind, cost considerably more than the es-
Inmates, while the available stock SUBJ
scripiuns, as is likewise often the case,
proved to be very considerably less THAI
estimated. ~
These combined causes, TO which may
be added the largely increased expenses
rendered unavoidable by the unusually
open and wet winter, have co-eperated to
render necessary, and, indeed, unayoid-
able this floating debt.
This Indebtedness, however,, ,slthoSSS
largyesnt;lg considerable sum Of money,
| Is not large, when the present value OF the
property Of the company is considered.
The total cost, as shown by the state
ment, having been, In round numbers,
$450,000, while the same property would
cost to-day at present prices for iron, ma
terial and labor, not less than 5000, 900.
Your road, then, when entirely completed
and equipped, will, according to these fig-
ures, be worth sl50,0O0 more than 1t cost.
About the first OF February last, the as.
sets and liabilities were estimated as near
ly as the then condition OF the work would
admit Of, and submitted to the. Board OF
Directors, at meeting called for that pur-
pose, on February l2.
After q careful consideration OF the
question as to how TO provide for the float
ing debt OF the Company, at as early
day as possible, resolution was passed,
by unanimous vote OF the Board, author
izing and directing the proper officers oi
the Company to issue Second Mortgage
bonds, not exceeding in amount seventy
five thousand dollars, TO run for period
OF ten years: 20 bear interest, payable semi.
annually, at the rate OF six per cent per
annum., These bonds, which are secured
by o mortgage on the entire property Of
the Company, are now ready for the mar.
ket and ought to meet with ready sale to
the stockholders OF the Company. That
they are perfectly safe, and will ultimately
prove profitable investment, there can,
in my opinion, be no doubt.
The earnings oil the road during the past
four months, though season OF the year
the most unfavorable for travel and traffic,
have been such as TO demonstrate beyond
any reasonable doubt, that with such in
crease Of business as is already forshad.
owed and rendered certain, during the
coming year, the revenues will be sutti.
cient to pay. operating expenses and more
than provide the interest on the first mort
gage bonds. The earnings amount now
In gross to about 800 per day, and 1t is per-
leclly safe to estimate that these earnings
will be increased on an average OF at least
so per cent when the summer business
opens up, and the road is put in condition
to handle with dispatch all the traffic that
can be controlled by 1t. This would be
ample to keep the road in repair, pay all
operating expenses, and provide interest
on the entire debt, making the second
mortgage bonds worth their face.
Taxing the history and experience oil
other local roads during their tirst years
of existence as q guide forour estimates OF
increased business, We may very safely
conclude that the business OF the second
and future years will at least double that
OF the first on your road.
This will bring our gross earnings to
s6O. 600 per annum, which will provide
ample means to meet all obligations and
maintain all our bonds at par
The interest account will only be in
creased 1850 per year by the second
mortgage. which Is but $500 above the
amount OF the first issue, had they been
| left, as at first contemplated, at Z per cent
semtannual.
tom figures, costing, all told, both road
and equipments, less than Sll,OOo per
mile. -.
as stockholders oil the company TO give all
the interest in your power 70 the officers
in placing these bonds aud building up a
good traffic for the road, and when the
summer season opens up and the road
shall have been placed in good running
order, and you have accustomed yourself
10 using 1t, you will come TO regard 1t as
lths best investment and most valuable
property you possess. The stockholders
AZ well as The creditors, aud, in iact all
parties concerned have an interest in hav'
Inc the floating debt paid or provided tor
and by this method all parties would be
come aiding TO each other and aiding tc
the company. ,.. . -.
and are worthy Of your careful considera
D tion. Come and see our road aud traye
over II, and give it your influence ant
natTonage, and II you wish 10 know th'
facts in detail, as to the financial manage
ment Of It's affairs, you are requested Z
! 90 TO the books Of the company, as thel
are open at all business hours, and yol
have q perfect right to examine the stat
OF any or all accounts.
By order OF the Board Of Directors.
S. L. MOONEY,
Il President
a N. HoEPFLER,