The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-07-09
WILL BUY AT 70 CENTS.
A New Proposition to be Presented
to Stockholders
IN STREET RAILWAY COMPANIES
Tho only Alternative is to Stand the
Assessment for BettOrments or Sell
TO tho nov stockholders or tho
Roads viii be Forced to Sale at a
Sacrifice.

The situation in regard to the street
railway companies was the subject OF
interested discussion everywhere yes
terday. OF courss it was Of special in
tcrest to local holders of stock in either
the Wheeling or Citizens company,
but the general public also felt that
things had reached a critical point, and
that upon the outcome of the present
difficulty depended the question
whether the city was to have an Of
acont street car service.
Upto yesterday the situation seemed
10 BIO that tho stockholders must
either stand the assessment-tor that ts
what it practically amounts to-ncces,.
sary to repair and newly equip the road
and the plant, or allow the road to be
put up nj forced sale for the benefit Of
It's creditors. 1t was unreasonable to
-guppose that the 3 stockholders
would long continue to- operate the
road at a loss Of 5000 per month,
which the company has sustained since
january !. The local stockholders who
refused to put up their proportion OF
the cash necessary to rehabltitate the
property could not reasonably expect
The new owners OF a controlling interest
In the roads to put up all the money
needed, a the debts due to bad man
acement aud short sighteduess, make
the road paying and substantial prop
,ertv, and let men who refused to do
anything towards redeeming the
wrecked roads share proportionately
In the profits. Apparently, however,
some of the large local holders Of stock
did expect Just that, 1t looked very
much as If the creditors to whom the
companies owed about $GS,0O0 would
force the road to sale.
Yesterday, however, a new plan was
suggested which may result in redeem
ing the property on an equitable basis.
It ia understood that the new stock
holders approached the largest local
owner of stock with a proposition to
buy his $4,000 or SO OF shares at 20
cents on the dollar, and that after CON
alteration he agreed to sell on these
terms. The offer was conditional, how.
ever. II is to hold good if all the local
stockholders will either sell to the re-
cent purchasers OF stock ut 70 cents, or
put up their Just share of the money
needed to pay of the debts and rebuild
and equip the road and plant SO as to
put it on a paying, business-like basis.
This offer is to remain open to all stock
holders for about five days, and ii in
that FIVE days it is not accepted by all
of them there is little hope OF saving
the property from sale.
Said a we'll posted man last night:
"ShTewd as these newcomers are, there
is no doubt that they were bit when
they bought that stock. The situation
that now stares them in the face is just
this: They must either lose the good
cash they have invested here, or put up
more to save it. Ii l were a stock
holder aud had the money to invest,
would contribute. my share to revive
the property, because while l do not
think many dividends will be paid for
some time to come, | am sure these
mon will in the end make OF the roads
q paying property, and a credit to the
CommunitV."