The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-05-02
THE FIRST CONFERENCE
Between the Projectors Of the
Wheeling & ConneIIsyiIIe
ROAD AND THE COMMITTEE
OF the County Commissioner Held
Last NIght-No Definite Under.
standing OF tho Proposition
Arrived at Last Night.

oOn40 VI SSaAtl SOAW4n1AVACApt SAA6
Cochran and associates presented
proposition in regard to the propose
loan by Ohio county. The proposition
has already been discussed in the news
papers, but was fully explaine
at last nights meeting. 1t is pro
posed that the county float $780, 90
worth Of her bonds, receiving il
exchange the same amount o
second mortgage bonds OF the new rail
way company, dollar for dollar. In add
ton to the regular features Of seconC
mortgage bonds those the county vii
receive in exchange ior her own vii
contain a unique provIso. They can bt
used in the payment oI freight bills to {
certain extent. For instance: A ship
per, who has purchased from the county
one OF these bonds, desires to senG
freight over the road. He deposits {
$lGO bond with the agent, and ships his
freight. For every dollar he has to pay
for freight he turns over to the railroad
company only 90 cents in cash, the re.
naming 10 cents is charged against his
bond, until it ia exhausted.
During the discussion that ensued the
question was asked: How will the
county dispose. OF these traffic bouds
The average shipper, living outside Of
Ohio county, being compelled TO pay
the par value OF the traffic bonds, would
pay bis money to the railroad company
and refuse 10 purchase bonds. Mr..
Frank Hearne, who was present. made
the point that he did not doubt that the
various mills, furnaces and factories
along the proposed line would willingly
sign an sgreement 10 purchase traffic
bonds from the county, according to
their needs, when they thoroughly ap.
preciated the fact that only by come
such action on their part could Ohio
county be induced to lend her credit.
Mr.. Hearne thought II would be but a
short time after the completion OF road
to ConnelIsville, that II would be ex-
tended to Harrisburg. thus making q
new through line to New York in con-
nection with the Reading system. With
the proposed line from here to Chicago,
there would be Q new Eunk line from
New York to Chicago via Wheeling, 100
miless horter than the Pennsylvania line,
and 900 miles shorter than the Lake
Shore system. Mr.. Hearne's statement
opened brilliant vista to tho minds Of
his auditors, as any one can appreciate
tho benefits Wheeling would derive
from such through line OF railway.
Mr.. GTuss asked Mr. hearne II he
thought it advisable for the county to
borrow up to her limit. Mr.. Hearne
did not think that the county would
reach her limit, taking into considera.
ton the VARIOUS inyesLneu she had
made, OF which the paid up portion
could not DO considered as liabilities.
Besides, Mr.. Hearne stated, the building
OF the road would add 30 much to the
value OF the County's interests, that what
would be the limit now would not be
the same five years hence. "For many
years." said be, pittsburgh has been
draining tue RESOURCES OF q
rich country, which is really
tributary to Wheeling. There is
no reason, except tho lack oftransporta.
lion facilities, why Wheeling gshould pot
get this trsdc, and by the" e"6utiding OF
this railroad she will secure II. For
many years it hes been said that Wheel.
ing should have a line to the coke re.
gions. / have never considered the idea
practicable. until the building Of the
Terminal system was pntiGI way. We
haye now The terminal facilities, which
no road, built for the mere purpose OF
tapping the coke regions, could afford to
construct. We have had to b.de our
time till We caIne into possession ot the
strong combinations now existing. ]
had a talk with one gentleman, who
does not wish his name mentioned, aud
hO 10 willing to guarantee that be will
ship 800 carloads OF coke daily over the
road"
Mr.. McGregor did not think the
people would ratify a loan Of $500, 900.
the amount being 80 large. Mr.. Hearne
thought they would Then they thor.
oughly understood that tie tax levy
would not be increased. The second
mortgage bonds, which The COUNTY ig to
receive, in case the loan il made, are to
bear the came amount OF interest as
County's bonds, and the payment Of the
interest on the tecond mortgage bonds
will furnish the money 10 pay the inter.
est the county owes on her bonds.
Judge COCHRAN and associates ex.
plained why the county can obtain no
better terms from the cspitalists, who
will put up the money for the building
Of the road. Inducements must always
be offered 10 foreign capitalists. Unless
the citizens Of the territory to be bene.
fted by the building Of a road show their
faith in the enterprise, capitalists cannot
be induced to invest. 1t Is supposed
thet the advantages which the aoElty
viii denYe counter. Daiahce any disad.
vantages In the terms offered her by the
builders OF the road.
Mr.. Hall and Mr.. Ewing thought that
the county should have some security
for her money beyond that afforded by
/ secohd morigSge bond. Judge CoCh.
ran explained that the county need not
pay her sIbsCripiIon until 9 proportion
ate amount had been paid in by the
stockholders, in other words, she would
pay in on percentage basis.
Mr.. Ewing thought that the holders oi
the crst mortgage bonds could loreclose
on The road, ahdthps render the second
mortgage worthless. Nj. Hesshe did
not think they would black their own
pyc for the sake Of saving $4,000 annual
interest,
In speaking OF the proposed route
Judge Cochran remarked that definite
line had not been decided on, and that
the road, Of course, would traverse the
territory offering the hest Inducements
he ssid that he thought free right oI
way could be obtained through Greene
and Fayette counties.
It was suggested by members OF tn!
committee that Judge Cochran aud as
sociates formulate their proposition il
writing. Judge Cochran said that hC
was expecting the return from the Eas
Of Mr.. W. A, Lynch, who had been con
Ierriug with the capitalists there, an(
that after comforting with him be woult
be better prepared, Tho meeting a1
ally adjourned, To meet Monday even
Ing at eight o'clock,
Weather Report for April.
@. schnapf, the Opera House druggist
| q. u a "a. 1