Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-07-08
ADDITIONAL STOCK
TO BES INSCRIBED BY Tue WHEELING AND
CITIZENS RAILWAY COMPANIES.
A Special Meeting Held Yesterday to Devise Means
To Again Put the Road on Solid Basis-ths
Plan Outlined What the Proposition
Means.

A special meeting was held OF the
stockholders OF the Wheeling and Citi-
zens railway companies yesterday after
noon at the office of the company on
Tenth street. 1t was quite a large
meeting, there being nearly S15O,0OO
worth of stock represented. Among
those present from out of town were A.
B. Cham pion, A. NJ. Jolly, A. r. Leyda,
w. R. Kimball and w. w. Hazard,
The purpose OF the meeting was to
consider an important circular issued
by the company since the last meeting,
in which it was claimed that it would
REQUIRE some $1,000 to put the plant
upon a substantial footing, and in order
TO raise il an assessment Of about $50
per cent. on the par value of the stock
would have to be made.
Judge Jacobs presided over the meet
ing, Mr.. Hazard acting as secretary.
Much desultory discussion took place
upon the best plan to extricate the COM
pany out of its present complicated
financial condition.
In addition to its floating debt OF
about Sos, 900 there is a bonded debt OF
5000, 600.
Before adjournment resolution was
passed to the effect that additional
stock to the extent of S300,000 be sub
scrlbed to the Wheeling Railway COM
pany, and il nine-tenthS Of the same be
not taken within five days the agree
ment to stand void. The following was
the agreement passed:
We, the stockholders Of the Citizens
Railway Company ana the Wheeling Kali
way Company, do hereby agree one with
the other and each with all that upon the
increase of capital stock OF said wheeling
Railway Company $500, 900, we severally
will take our said increased capital stock,
the number of shares of 800 eacn set oppo-
site our respective names. This oolgatlon
to expire in five daysfrom date hereor, I'M
less within such time the stockholders OF
said Companies representing the amount OF
nine tenths of the present capital STOCK
thereof have subscribed thereto.
Subscriptions TO said increased stock TO
be paid as called for by the directors OF
said company and subscribers hereto sew
orally agree that in case our subscriptions
to said amount within said time that meet
ing of stockholders of said Wheeling COM
pany be called for purpose Of making such
increase, and directors are requested upon
necessary signatures hereto as above sta
ted, to at once call such meeting, and the
holders of stock in said citizens company
agree they will exchange ten shares OF
their said holdings in said citizens compa-
ny for one share Of such increased stock.
w. W. HAZARD, Secretary. {
This sum II subscribed Is to pay OF
the floating Indebtedness and to build .
new plant entire commensurate with
the necessities of the business and a
plant that would make money.
According TO the statement OF several
stockholders, it was shown by the secre-
tary that under the present system, the
company's tai expenses were averag-
ing about 50, 500 per month more than
the receipts, therefore something radi-
cal had to be done, and done at once or
she concern would be compelled to go
into bankruptcy.
Mr.. A. r. Leyda, of Beaver Falls, one
of the large stockholders, made very
lucid statement Of the situation, as he
saw 1t riding over the entire route yes
terday morning. On the Island he had
TO wait thirty minutes for car. This
he believed should be reduced to ten
minutes. Mr.. Leyda was also Of the
opinion that in the very busy portion OF
the city the interval should not be
longer than from three to five minutes.
The cars should be kept clean, we'll
equipped and in good condition for
everyone to ride in. The preservation
of the rolling stock was another consid-
GRAFTON. The tracks ought to be laid in
such a manner that the cars would roll
along easily and uniformly over the en-
tire route, thus saving big money in re-
pairs.
A stakeholder, when asked, said:
1.-THE reason for increasing the stock
on the Wheeling Company alone is that
the Citizens Company works under a
special charter and the stock cannot be
increased without an act of the Legisla-
tsre."
The new stockholders are men OF vim
and seem to know their business, and
inspired the old stockholders with re-
newed confidence. They evidently
mean what they say, and they were
among the first to show their faith by
their works by subscribing $4,000
worth of new stock.