The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-04-21
THAT RAILROAD
Which was to Connect Wheeling
with MonOnsahela River.
STOCKHOLDERS ANDPROMOTERS
Ar HnEag,d IN Tying 70 ssttIs Thslr
DtHsrsness : stoskhoiderY Claim ths
Pronotszs want ths ssEaTthv or Itp
Equivaisnt-Ths Mater may n Settled
soon-worh van thea Be s,artsd on me-
oons.rustlsn rshs Read.

Several months ago the protected
Pittsburgh, Mononglhela & Wheeling
railroad. to run from 1IononSahela
City, Pa, on the Monongahela river, to
Wheeling, seemed to have the brightest
Of prospects, and It was said that the
road would be completed within year.
For some time, however, nothing more
has been heard OF the new read that
was to open up new coal field for
Wheeling. The Pittsburgh Post ex,
plains the slump. as follows:
James II. McCreery, who piloted the
Junction railroad through the manifold
difficulties that beset ita birth. concelv-
ed the idea OF the Pittsburgh, Monongap
heln & Wheeling railroad. Mr. Me-
Creery interested some New York pro-
moters in the scheme, and they IN turn
convinced local capitalists that q new
railroad to Wheeling would pay. Two
OF the local capitalists are j. III. Friend
and Harry HoffStot A company was
formed, charter was obtained, officers
were elected and the contract for cons
atructlon was awarded last fall Gen.
G. G. Dacy, Of New York, became the
president, and Mr.. McCreery was elect
ed general counsel, while George w.
Dodge, OF New York, and Mr.. Broad
bent, OF Philadelphia, occupied other
positions.
SO certain seemed the success Of the
project that the Pittsburgh s. Lake Erie
Railway Company. at Its last annual
meeting IN Pittsburgh. entered into
a traffic arrangement with the new rail-
road. Capitalists were taken out over
- nj q
valuable coal lands, and Contractor
Glanninl made preliminary prepara-
lions, when suddenly there was stop.
The promoters and the capitalists tett
out over their respective share Of the
stock and bonds. and that's the stu
alton Just now. Propositions and coun-
ter propositions have been made and II
remains for the promoters to submit
when the capitalists will not open their
pockets.
This is the situation Just now: Messrs.
Dacy, Dodge, McCreery, Broadbent and
others are the promotersi Honstot,
Friend and others are the moneyed
men: Glannlni Is the contractor, and
his interests naturally lie with the capt-
talists. Now, the moneyed men have
come to the conclusion that, as things
are Just now, the promoters have much
the better OF the situation, and that
they themselves, as the furnlshers OF
the cash and credit, should get a little
more than they have and much more
than the promoters. In fact, they have
not the high opinion OF brains that the
promoters have, and believe that money
talks. Consequently they have made
the other men q proposal. They have
offered them certain percentage Of the
stock, how much is not stated. and have
agreed to allow them two places on the
board Of directors. Giannini. backed
IN by the Pittsburgh capitalists, Offers
to build the road, take all the stock and
bonds In payment, and afterward to re-
turn to the promoters certain speci-
Hed percentage.
Mutual propositions have been
drawn up. but none has been signed by
either side yet. The promoters have,
Of course, the upper hand to a certain
extent, as they hold possession Of the
charter and control the stock OF the