The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-12-20
THERAILRoADs.


SAID weN-known Wheeling railroad
Official yesterday afternoon; "see II de-
velepments do not bear out Whist pre-
dlct-that the Baltimore & Ohio Will ae-
qulre the Wheeling & Lake Erie and
Wheeling Bridge & Terminal railway
properties before long. You viii notice
that there are on the Wheeling g. Lake
Erie reorganization committee friends
OF the Baltimore & Ohio; in fact. they
are men who have been identified with
the reorganization Of the big trunk line.
look for the speedy acquisition Of the
coal road by the Baltimore, and with
out the Wheeling Bridge & Terminal as
connecting link, the Wheeling & Lake
Erie will be Of comparatively little use
to the big system. The Terminal stock
holders. In my opinion, viii be glad to
dispose Of their interests IL the Battle
more & Ohio would only offer to assume
the bonded indebtedness, which Is about
$500, 900. The stock, about $l,000,O00 Is
anything but a source OF revenue to It's
holders. OF the million In stock, 100000
IS held by Ohio county, but unlike the
Pan Handle, It hasn't proved a paying
Investment, and no doubt the county
commissioners wouldn't object to un-
loading. especially as their Object-the
building OF the terminal system-haS
been accomplished"
In accordance with the order Issued
by Judge Taft on Saturday the Wheel
ing & Lake Erie Railway will be sold
In Cleveland within the next three
months, says yesterdays Cleveland
Leader, A special master Will be APP
pointed to conduct the sale, and the up
set price has been fixed at $i,500,0OO. TO
cover $6,b00,000 consolidated mortgage
indebtedness and $1,000,000 Of receivers
certificates.
The main line Of the Wheeling & Lake
Erie runs from Toledo to Martins Fer
rs, a fraction over 21S miles Branches
extend to Huron and Steubenvllle' and
OF an arrangement with the Wheeling
Bridge G. Terminal Company. The
road was placed In the hands OF receive
ers january IS. 1897, MyroE 7. Herrick,
OF Cleveland, and Robert Blickensderfer
of Toledo, being appointed to that OF
Ace. A few days later committees We're
named to protect the holders OF the
different classes OF securities. but IN
February OF this year these committees
were. merged Into one committee GU re-
organization. consisting OF Louis RITZ.
geEalOe .dHOEBG NOPHSAle " EANA'Aa~e..S
Tod. Eugene Delano and William a.
Dick, all OF New York.
The road has always been considered
by the bondhOlders good property, Its
difflcuItles having arisen from the fact
that a large amount OF money was spent
for betserments and extraordinary ex-
penses required to put 1t In good coTdi-
ton Since passing into the hands OF
receivers Its annual income has been
considerably more than Its annual
charges.
The sale now ordered is in pursuance
Of the plan OF reorganization proposed
BY the committee. The property VIII
be sold under foreclosure Of che consol-
dated mortgage. First preferred stock
will be issued to the amount Of $500, 600.
second preferred stock to the amount
OF $7.O0O,00O and common stock to the
amount OF $l5,0OO.O00. OF the second
preferred stock $5.OOO,000 Is to be used
partly in settlement OF the existing
boating debt OF the company, and the
balance for additions and Improvements
20 the property. Each class OF pre-
ferred stock Is to be entitled to- per
cent dividend when paid out Of net earn
inEs. The first preferred stock VIII be
distributed among the consolidated
bondholders in proportion agreed up
on. An assessment Of $12 and 50, re-
spectively, will be levied upon old pre-
ferred and old common stock.