New-York tribune., 1897-01-17
RAILROAD INTERESTS.
THE WHEELING AND LAKE ERIE.
PRESIDENT BLAIR EXPLAINS THE DIFFICULTIES
or THE COMPANY.

OF THE COMPANY.
The appointment OF receivers for the Wheeling
and Lake Erie Railroad had no particular effect on
the stock There was decline OF !. in the pre-
fcrred to IA and OF y in the common TO "a. The
sales were 80 shares OF preferred and 1900 shares
OF common. A. c. Blair. the president OF the COM
pany. made the following statement
The difficulties of this company result chiefly ron
the extremely low rates and Tor soIly Time PAS
prevailing in the bituminous coal traffic. which
comprises more than half It's tonnage Last sprihs
at The opening OF navigation. the .oipa,,s ~
every assurance OF an extremely large business
Coal and ore freight was arranged ior 10 tne M .u
extent OF the cOmpanys capacity. IN ldc', 1t was
actually compelled 10 reuse .urther business TO a
large As soon as me poiiucai eA nm
began. shipments OF coal and other rsi7h' pr
viously ordered were lareey Icduceu anu ~ r,,a s
instances cancelled altogether me eNsynei 49,,
dull business continued not only during tne ileS, ,
Dental campaisn but theie ma go, 80 Th~ com
FOR the better until the present ti.ne. IN, ~, -
since last July. and the iaiilhe Oh ~ than
has been very much greater proper oitlo'a'''' '"
'"T The demoTaIzatioa OF rates in the buminous
coal trade has been without precedent. CO"I Ia n"s
betore known The most necessitous railroad mas
made the rates. and the others nave el,h'. 'i -,
Ing OF the board OF Directors of this company q
ornal protest against the ruinous cutting u in the
was addressed to the o,n'r 'o"'S e7o
Ohio bituminous coal trade ,, ,,or, ,r
Next after bitumnous coa me lasos' go o ,re Ton n.
the con!panvs freight business II he IRON ore III .
and this also has no; moved ar nearly
conpanys docks instead OF being bare; or near. tre
crowded with ore 10 their full capacity ms re-
suits from ideness OF ms. furnaces anu ,
Industries as a consequence OF wnlrn the rdi'ioh"
mas had neither the tonnage INTO those "oIhs
The coal mines controlled by the company nave
been harnpered by constant strike; ana Jus1 hIe.
the election when for short time there sesms9
a nrospeci of improved business strike OF tne
miners prevented Obtaining sufficient coal TO supply
such orders there were.
The recent bank failures in the Northwest. where
A large part of the coal carried over the com,
pany's line is sent have retarded collections and
r,.stricted banking facilities and during the last
few days rumors that the company was about 10
fail nave led 20 pressing demand upon II, when
its present resources insufficient 10 Meet ana
a suspension OF payments has thus been compelled
The interest uDon the bonded debt has been punctu-
ally paid: not dollar is in arrears on tnat ac
count and every effort will be made TO aVoId de-
fault in interest The property itself l. In excel
lent physical condition. having recently rad the
benefit Of large expenditures, both for bettermerts
TO the railway and for additions % the equipment
ard il t. with the utmost regret that the manage
ment has been compelled to Invoke The protection OF
he courts which until few hours ago. We hoped
TO avoid doing.