The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-05-26

WHEELING, W. Va, May ~, lS9i.
To he SOtkLO,derG Of the WAeiing Bridge Com.
pGmy.
No report was made at the annual
meeting on May l, owing to the absence
OF a majority OF your board OF directors.
4 report has since been prepared andi is
herewith submitted to you:
There has been u ruUor in circula-
ton that your company has Il large
floating debt, and is not receiving tolls
enough TO pay its operating expenses.
This is entirely false. as the floating
debt has been paid, 4 part by the sale Of
properties acquired in tho purchase OF
rights oi way for the Approaches and
that were not necessary TO the business
OF your bridges. Tho balance of this
floating debt has been paid by tolls.
that otherwise would have been divided
among you in dividends, We think it
more desirable to apply the earnings in
this way. This debt, having been
paid, We now have nothing to
provide for except repairs. operating
aud fixed expenses, and. notwithstand-
ing all reports 10 the contrary, your
company is receiving toll in excess OF
its expenses, and VIC feel justified in
promising you your first dividend on
July !, OF one, and possibly two per cent
out Of tho earnings to that date, besides
placing 4 reasonable amount 20 q sur
plus fund, to be held to cover repairs in
the future. Tho condition Of your COM
pauy on May l, 1894, shows assets in eS.
cess of Liabilities TO the mount ST..
ooS2 80. The interest IN bonded in
debtedness OF your company is fully
provided for by tolls rcceived.irom the
street car company, which are paid
quarterly. and the contract with the
street car company runs tho same
length OF time as the bonds, viz: thirty
years IRON January !, 1891. And this
contract has not been violated in any
manner whatever by US, notwithstand-
ing reports that have been circulated
by persons not Informed.
Realizing that the competition for
business with the Wheeling and Boil
mont Bridge Company had resulted in
a cutting OF rates hat was reducing the
regular revenue OF both, the directors
Of the two companies came together
and, after several interviews, succeeded
in coming to an agreement that will
prevent any further cutting in the fu-
ture.
They also determined to abolish en-
t;rely the. system OF monthly family
tolls because it was unfair and unjust, q
family Of man and wife. paying the same
as Il family OF six, eighto or ten members;
and because OF the difficulty the'col-
~lectors had in keeping track Of those
VINO had not paid; and because it is an
established rulo in all methods Of trans
portation to charge for each service
rendered, communication rates being al
lowed where more frequent service Is
given.
Representatives from bothcompanies
made several visits 10 Pittsburgh and
consulted the officials Of oil the bridges
between that city and Allegheny. These
sputleuenh have had probably the largest
cSperioncein the world with toll bridges.
Tho schedule, OF rates decided on was
almost exactly the same as the Pitts
burgh-Allogheny bridges, bnt the OIL
cials there thought our. rates too low,
consideriugour much smaller patronage.
When the new schedule was posted it
created great dissatisfaction among the
residents OF the Island, who evidently
overlooked the very low rates they had
enjoyed for go many years and tho
increased bridge facilities that they
now have, and tho advantage afforded
them by the splendid electric car
o,.atapN u-htak hnn pr,nIltV nv
hapced the value OF. their property.
A committee OF six gentlemen called.on
US, expressed thor dissatisfaction with
the new rates, aud offered to give US the
patronage Of 500 Island families il We
would restore the old rates. This they
could not possibly have done. and it
was alterwards,learned that they had
offered tho patronage OF 600 Island
families to the directors OF the Wheeling
and Belmont Company. As there are
only 9S6 families on the Island,
it would DO interesting to know how
they would have undertaken to per-
form tho contract il each CON-
pany bad accepted their offer. We
stated to them that We had a duty to
fulfill to our stockholders, who had not
received one cent OF income from their
capital invested Tor three and a half
years; that as soon as q ravenue exceed
lug q fair dividend was assured, the
Island residents would receive the ben
eff, of reductions in the price OF tickets;
and that wo did not consider the rates
eYorbitant. but fair and just, and that
We had no desire to impose on them, as
1t was to our interest 10 retain their
patronage. The interview was a pleas
ehs one, lasting over two hours. and
when they left they thsnked us for
stating our position to them so fully
aud frankly. We did not notice in the
newspaper accoua.s thai. they had re-
ported this interview fully to their
meetings. At any rasc the dissa.is!ac.
lion increased until 1t found expression
in. the establishment OF q Jerry limo. and
| so far they have not been able 10 deter