Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-07-06
Will VOTETO MORROW
WHEELING AND LAKE ERIE STOCKHOLDERS
TO AUTHORIZE THE ISSUE
Of Eight Millions of Bonds and -Four Millions Of
Common StOck-A Report That Part is to be
Used 10 Buy the Terminal System.

The stockholders or the NneeIlnB
and Lake Erie Railroad Company will
meet In Toledo tomorrow to vote upon
proposed issue Of eight millions dol
lars OF four per cent. consolidated
bonds. andfour millions additionalofcom-
mon stock. Tue bonds are to be used to
take up, as they become due, 100000
bonds on the Lake Erie division, 81, 00O,-
600 on the Wheeling division. 81, 400, 600
extension and improvement bonds and
$500, 900 Belt Railway bonds, making
Sc. 400. 900 in all. OF the $780, 900 re-
naming the company will use 100000
at once to discharge bills payable Gre
ated against freight earnings and to
provide working capital. The remain
ing 81 900, 900 bonds will be used only
as authorized for the requirement OF
property.
Regarding the issue of $4,000, 900 OF
additional stock, it is announced that 1t
is to be used to buy equipment, enlarge
Wheeling terminals, ETC., )" and to this
announcement is appended an indefinite
parenthetical clause that sit is not In
tended to use this stock for some Tine"
This announcement was made nearly
month ago, and it has since been
persistently rumored that the real
purpose to which the proceeds
OF this stock issue was to be put
was to purchase controlling interest
ia the Wheeling Bridge and Terminal
Company, and make the whole vast
railroad plant OF that corporation In
this city the eastern terminus OF the
Wheeling and Lake Erie system. There
is also coupled with this report,
further rumor that the reported and
denied transfer of a majority Of the
stock of the Cleveland, Lorraine and
Wheeling road, has actually been made
to the Wheeling and Lake Erie.
Yesterday reporter for the REGIS
TER made an attempt to run these
rumors down, with the result that
railroad man was found, who declined
to allow the use of his name, who said
that the report as to the Terminal Com
pany was true, TO the best OF his knoWl-
edge and belief, and that the actual
transfer Of the control would take place
on the first of August. So well settled
was this in the mind OF the gentleman
that he said he had already written a
letter to Oscar Townsend, making aD-
plication for position under the Wheel
ing and Lake Erie management Of the
Terminal system.
Another railroad man said: 81 don't
know whether the Wheeling and Lake
Erie has purchased the Terminal Com
pany property or not, but | believe that
road, or some other one, has purchased
controlling interest in the c., L. d w.
came in over that road yesterday, and
the sidings are full Of coal trains all
along the route. The management
seems to be taking account of rolling
stock, or doing something else OF ma
ture to greatly interfere with the run
ming Of trains"
"Maybe the idleness was on account
of it's being a holiday" suggested the
reporter,
Don't you believe that. Railroad
companies are not given to side-tracking
trains to give the crews day OIL. There
is something else behind the matter"
"What do you suppose is the idea OF
the Wheeling and Lake Erie purchasing
a controlling interest in the Terminal,
was asked gentleman who knows some-
thing about the operations of the COM
panieS named.
81 suppose it is with the idea OF con-
solidating the Eastern Ohio coal trade
under their management and control,
and at the same time of getting into the
city of Wheeling upon an equal footing
with all other roads doing business here.
l can't imagine any better business
move for the w. &c L. e. than to get
hold OF the Terminal. With that
system completed as originally pro-
jected, reaching down into Benwood,
and with passenger and freight depot
located in the heart of the city they
would be in position to swing big
share OF the railroad business OF the city
and vicinity. l don't know whether
there is anything in the reports OF a
deal that are going around or not, but
should not be surprised if there was
something in it,"