The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-04-05
VERY IMPORTANT INFORmATION,


Tue wheeling, ParkersbnrE and Charles
ton Railroad.
Captain John Mcclure yesterday re-
ceived the following letter from Hon. J..
N. Camden, United States Senator from
West Virginia, in regard to the prospects
oil the projected road from Wheeling via
Parkersburg to Charleston. 1t should be
read with great interest by the people
along the line Of the proposed road:
Capt. John Mcclure, Wheeling, W, Va
MY DEAR sIR-Your letter Of the 2Sth
inst, In reply 10 mine Of the 23d, Is re-.
Cetved,. will say, in roply to the points
suggested In your letter, that the money 10
build the road will bs furnished upon the
bonds and the stock Of the road combined,
H. Is the object Of the parties 10 build the
road substantially and economically, and
to take the bonds Of the road at their, par
value, making the bonded debt as small as
possible; to build and equip the road,
and 10 accompany tho bonds with q
given amount OF stock, expecting that In
turn the stock will have 9 value by which
they will be compensated.
Tho relation between the bonds and the
stock issued 10 accompany the bonds, and
the owners Of the stock subscribed by In.
dividuals or counties at home, would be q
matter OF contract between our stoCkhold.
ers and the syndicate 10 build the road.
Tho home stockholders would organize
the company and own and represent the
franchises, and. be the party to make the
contract with other parties to build and
equip the road In q prescribed manner,
paying for tho same In the bonds and the
stock Of the road. Our home stockholders
would therefore he fully protected In max.
ing subscriptions, since they would repre-.
sOnt the road and make such contract as
would seem fair and right to insure the
building OF the road, and yet obtain such
protection to their stock as would be eQnit.
Ableunder the circumstances. The amount
OF the stock to be issued to accompany
the bonds would be matter to be deter.
mined hereafter, depending upon further
information and acquaintance with the
prospects Of the road.
think II would be fair to our people
that they should have preferred stock for
the amount Of their subscriptions. This
would protect their interests, and render
II immatPrial how much common stock
was issued to 90 with the bonds. The road
would then be- represented
First-By bonds Of the company;
Secondly preferred stock to cover
home subscriptions;
Thirdly common stock.
|. will be seen that the arrangement
Contemplates two contracting parties, the
railroad company and the parties TO build
tho road for the bonds and stock oil the
company, and II Is, therefore, necessary
that We get In shape to mike such a con.
tract by organizing the company, making
the survey and arranging TO obtain the
right Of way.
Since my letter 10 you Of the 23d inst,
l have been to New York and conferred
with parties on this subject, and have eat.
isfaCtory assurances from men Of capital
and reputable bankers, that the money
will be- furnished to build the road upon
the bonds and stock Of the company, II no
unforeseen change occurs In the financial
condition OF the country, and as the
condition Of the country Ia at pres.
ent favorable to obtaining money on legit.
innate enterprises they urge the propriety
OF getting In shape to put the road under
contract rs speedily IS possible.
II the road was under contract, and we
were prepared 10 negotiate the bonds now
or during the summer, the entire amount
OF money necessary could be obtained
promptly. For these reasons l think we
should act In the matter without delay.
tTkn t0noav N kNt1I Tho Rh0u fsat,,
Wheeling TO Charleston can be obtained
more readily than to build any portion Of
the line, even that portion between
Wheeling and Parkersburg; for the reason
that the whole line not only makes i'm.
portant connections through our own
State, but also Ia important as n through
line connecting the Ksnawha Valley and
the Chesapeake 4 Ohio Railroad, and its
western connections with Wheeling,
Pittsburgh and points north. The trade
and traffic In either end OF the road from
Pafkefsburg will be increased by the
business brought 10 II from the other end.
1t Ia thought that tho road as q whole will
pay better In proportion than any part OF
II, and will have more character and i'm.
portanCe. I PRtoe with this view and
think the whole line will pay better than
any part OF 1t.
1 concur In your suggestion that the
better name for the road would be the
Wheeling, Patksrsbufg 4 Charleston
Railroad, instead Of the West Virginia
Southern az was suggested 10 me
by some Of the parties. II will be agree.
able to adopt this name. It's not intended
TO name the gauge Of the road In the
charter. The company will be left to fix
upon any gauge II desires.
think we have sufficiently satisfactory
assurances from reliable sources for the
money to build the road, II nothing tn.
loreseen arises In the financial condition
Of the country ltnow only remains with
the people along the line Of the road TO act
promptly In having the survey made
and to provide for the right Of
way 30 az u get in shape
10 make contract for the construction Of
the road. ! believe the whole road will
be built and running within a year from
the time that this is done.
! fear we will have some trouble In find.
ing competent engineers unemploy
they seem 10 be In great demand. am
making inquiries for engineers 10 locate
the line, and a. soon az l find any, such
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