The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-07-08

mentS,
A special meeting of the stockholders
of the Citizens and Wheeling Railway
Companies was held yesterday evening
Mt the Office of the companies on Tenth
street, and majority Of the stock hold
ings Of each company was represented.
Judge Jacob was called unanimously to
the chair. A detailed statement of the
debts and liabilities was made, and ii
was shown that the bonded debt Is
100000, the floating debt $4,000, and
that the road had beer. losing s., 900 per
month since January /. Experienced
electrical railway men, it was stated,
had ascribed the financial losses to the
bad condition Of the track and the roll:
ing stock, the inferior electrical equip
ment and the bad management the
roads were afflicted with. All the debts
mentioned were contracted under the
former management
These facts were brought out in the
general discussion, that preceded the
presentation OF paper, in which q
plan was formulated, looking to the In
creasing OF the capital stock OF the
Wheeling road to 500, 600; the exchange
Of the stock OF the Citizens road for
new stock OF the Wheeling road; the
payment Of tho floating debt and the
spending OF 100000 in betternlents.
These betterments include extensive
track repairs, new cars and new motors
single trolley for double trolley; extra
equipment to meet extraordinary oc-
casions, and the general putting Of the
road on footing with those of Pitts
burgh, Cleveland, Cincinnati and other
cities, where electric power bus proved
30 great q SUCCESS.
The following plan embodies the
idea, tho carrying out OF which, as one
OF the stockholders put it, would mean
the preservation of the property.
THE PLAN PROPOSED.
ave, the stockholders Of the Citi-
zens' Railway company and the Wheel
ing Railway company do hereby agree,
ono with the other and each with all,
thatupon the increaseof the stock Of the
Wheeling Railway company to S400, 900,
we seyerally will take OF said increased
capital stock the number Of shares, at
Sl00 each, set opposite our names.
This obligation TO expire five days from
date hereof, unless within such time
the stockholders of said companies,
representing nine-tenths OF the present
capital stock thereof, have subscribed
hereto.
Subscriptions to said increased stock
to be paid as called for by directors OF
said company, and the subscribers here
to severally agree, that in case OF sub
scriptions 10 SAID amount within said
time, that a meeting OF said Wheeling
railway company be called, for the pur-
pose Of making such increase, and the
directors are requested, when the neces-
sary subscriptions hereto shall have
been obtained, to at once call such
meeting, and the holders OF stock in
said Citizens Railway company agree
they will exchange two shares OF their
said holdings in said Citizens company
for one share OF such increased stock"
The above agreement was signed by
L. 7. Stifel, holding eight shares, Mrs.
+. stiieI, holding seven shares, and w.
W. Hazard, representing 1920 shares,
the holdings of the parties who recent
ly acquired stock.
Should this subscription be made, it
means that 100000 will be exchanged
for Citizens railway stock, $500, 900 to
be expended in betterments, the re-
maindef to be used to extinguish the
floating debt. The shares OF the Citi-
2ens' are said to be worth about $50 each,
those OF the Wheeling road 500 each,
hence in the exchange two shares OF
the former are TO be given for one of the
latter. Several Of the stockholders.
notably Mr.. Hazard, expressed them.
selves kindly regarding the small hold
ings Of stock Of those who might be IN
able to make the subscriptions, but
nothing definite was done in this re-
gard.
WHAT THE INCREASE OF sTocTMEANs.
"If," said one of the new stockhold-
ers, "the large local stockholders sup
port this plan, as the new corners have
shown their willingness to do, by their
stock subscription OF 1920 new shares,
the plan will be carried out and for
the first time in the history Of Wheel
ing her citizens will have an electrical
street railway, thoroughly equipped
with all modern appliances. A trip
from the heart OF Wheeling to Benwood
or to Martins Ferry can then be made
in twenty minutes. It means the abol-
ishment Of all horse cars and the sub.
stitution OF electric cars, and it means
state Of affairs Of which Wheeling can
justly be proud, end which will add to
her financial strength aud commercial
standing, as well as TO the comfort and
convenience Of her citizens"
, The new stockholders were not we'll
pleased with the way the proposition
and plan mentioned have been received
by most OF the local stockholders. As
one OF them said at tho meeting, these
seem to prefer to remain quiet, and let
the new blood do all tho work and bear
NIL the expense, If any improvements
are to be made They cannot for the
life Of them see, why they, Just come
into the company, should be required
to pay all the debts contracted by the
management OF the company, Of which
tho old stockholders were part and
parcel.