Evening journal., 1889-05-14
MORE MONEY NEEDED.
wlLMlNGToNs TRAcTloNARY EN-
TERPRisE A BUBBLE.
Lack of Funds May kin the New Eighth
Street Railway Line-But Two Weeks
Remain for Work TO Begin.


Remain for Work TO Begin.
meeting Of business men to take |
decisive measures towards raising the |
stock for the new Eighth street railway,
was held last evening in the Builders
Exchange. j. ii. HofTecker presided
and the following were present: George
Messick N. B. Culbert, DR.. ]. NJ. |
Winner, Joseph Mather, b. w. Taylor, |
William H. Pierson, Archibald s. Reed, |
George w. Mckee. Elwood Garrett, |
Wilmer Palmer, Job H. Jackson, f. B. |
Cotton, Alexander j. Hart, E. w. Head, |
Mark NJ Cleaver, Edgar L. Haynes, |
Thomas Nj. Mitchell, William Fl. Lee, |
w. Bradway, Charles S. Rowland, J. l.. |
Cavender and Joseph Harman.
On April 6, the Wilmington City Rail |
way Company was granted permission to
build road out Eighth street, to be
operated by electricity, provided the con-
struction Of said road be started within
sixty DAYS after April 6. Only IS days re-
main in which the permit will be opera
tive, and the needed amount has not yet
been subscribed.
At the meeting of the stockholders Of
the railway company, the directors, when
ordered to build the road, were instructed
that subscriptions amounting to $3s, 600
must be subscribed before the work was
started. The canvassers started out and
at first were quite successful but finally
the subscriptions came in very slowly.
OF the amount needed $27, 600 had been
subscribed and there the subscriptions
Topped
Wilmington has reputation for en-.
terprise and is said to be especially
favorable to new projects that tend to
increase the prosperity of the city. But
the Evolutionary push of her business
men in the matter has been woefully in.
active and lacking. That such an en-
terprise as the building Of a road out
Eighth street should fail for lack of
funds Is much TO be deplored The pro
ject is not a scheme whereby a per.
son pays something for nothing, but it
is business investment pure and sim
pie. The committee in charge of the
subscriptions are well known and respon-
sible business men aud every share issued
will be worth the full amount
1t is the opinion Of many men that
road out Eighth street will pay divi.
dend In three years. The old road is pay
ing four per cent and is constantly i'm
proving and adding to its facilities For
the new road new series of stock at SO
a share, 50 payable, has been issued and
it will be run as q separate road until the
par value of the shares reaches that of
the old road. To persons owning real
estate on the line of the proposed road
1t viii be a valuable acquisition; real
estate bias adEsadg increased in value be-
cause Of the hew road, ,
.le residents III taae section have Rt |
several times been clamoring for street |
railway and now the opportunity has
been offered them they do not subscribe |
Some persons want to know why the old
company does not build the road as a
regular branch, The directors reply to
This that IL was not desirable to tack
larger debt on the present line, and there
fore made the better plan Of issuing a
new series Of stock. Mr.. Taylor Of Heald
h Company, and a member Of the com
mittee says that he never had any idea
that it would take over two weeks for
the stock to be,srbscribed, and his disap-
pointment at the sluggishness Of the
business men is very great.
As means to hasten the project the
meeting Of business men was held last
night. Daniel W. Taylor stated the OBJ
ject Of the meeting and the matter was
fully discussed. Several present thought
that the proposed line should be continued
down Eighth street; Mr.. Taylor replied
that that would come The road out
Eighth will be begun on the same day
enough stock is subscribed. Mr.. Hof-
fecker said that when the project Of
new company building the
road had been broached he favored It,
but having considered the matter, he
fully believed that the old company
should build the road. He had heard so
many persons asking that road be built
that he was surprised at the time neces
sary 70 get enough subscriptions. 1t is
disereditable to Wilmington and her
business men.
E.W Heald the manager Of the street
railway lines, pointed out the advantages
Of an electric road out Eighth street
When the Tenth street extension was
built, there were but three such lines in
the country Now there are eighty. six
The road is run under less expense than
others. Since that line was started there
has been a steady increase in traffic in
the corresponding weeks. A great
many improvements have been made
and the company has profted by
the experience so that new line could
be,easily managed. AS to difference in
price, the old street railway rails cost
$l20 ton, they are Of iron; now good
cltel TAILS chH De purchased 1of NOS ton.
The.new line will be equal to six to
eight per cent investment in about three
years, according to the statement Of re
sponsible men.
After the discussion the subscription
book was circulated and 600 shares.
amounting to So. 900 were taken. There
now remains $4,000 or 800 shares that
must be subscribed in fifteen days or the
new line cannot be built Another meet
ing win be held on Friday night at the
Builders Exchange, when it is
hoped that a large number Of
Of business men who are interested in
Wilmington commercial property will
attend and lend hand in this matter.
In the meantime subscriptions will be
received at Heald & Company's office,
Seventh aud Market streets.
A Model Farm.