Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-20

The property owned by the Wheeling
Bridge and Terminal Company is to
sold under foreclosure proceedings in
stituted by the Washington Trust
Company, of New York City. Readers
of the Register will remember that a
large number of-the bonds were pur-
chased by Kolb, Loeb & Company,
New York bankers, and that it was
thought at the time this meant that
the B. & o. would take possession of
the property.
1t turns out that the road must be
sold as stated above for the reason
that the Washington Trust Company
have a claim of over $1,000, 900 against
the property. At the meeting OF the
stockholders held in New York lately
it was thought satisfactory arrange
ments could be made to adjust the
order that the road would not have to
be sold at public sale. The directors
since their meeting have been unable
to stop the sale and accordingly the
road will very likely be advertised to
be sold to the highest bidder and at
a very early date. The property of
money and in fact much more than it
was really worth. At the present time
it is doubtful if S., DOC 900 could be
realized by a sale. 1t is said the ter
minals in Chicago are only worth that
much money, SO it is hardly probable
that this sum would be paid for what
property the Terminal owns in this
territory.
At the present writing it might be
probable that the B. & o. would bid on
the road, and should it get in their
possession it would be a severe blow
to the C. L. & w. and w. & L. E. COM
panies.
The latter would then have to lose
much of their lake business. 1t is yet
too early to say anything in regard to
the proposed new Uniontown, Waynes-
burg and West Virginia railway secur-
Ing this property. 1t is not necessary
that they have this property for even
If this line is built they will have
tracks of their own and will not be
dependent on the Terminal to this ex-
tent. Mr.. Nelson c.. Hubbard has been
appointed special master to arrange
for the sale of the road, and under
the provisions of the order of the
Court n bid will be acceptable less
than 3750, 900. Each bidder will be
required to deposit a check with the
master for $685. 900 as a guarantee of
good faith.
In railroad circles the news Of the
Terminal sale is no surprise here. 1t
has been expected for some time and
in fact several of the men have even
been looking for other positions.
Should the B. & o. get possession there
would be many changes and in that
case new faces would be seen here. If
1t be really true that the Washington
Trust Company owns the majority of
the bonds, then the road will have to
go as counsel on both sides have
been heard in the United States Court
and a decision rendered to this effect
The expense of operating the COM
pany is considerable but the receipts
have been larger each year. If two or
three other railroads would use the
lines the revenue would be large
enough to liquidate the claims in a
reasonable length of time. Such a
khing is not very probable at the
present writing for the facilities are
not what they ought to be in the case
of the G. L. & w. in one instance. This.
road used to run its passenger trains
into the city but owing to the service
abandoned them. They receive and de-
liver freight at the Union station,
however. Mr.. Hubbard stated yester-
day that the date of the sale of the
road had not been selected as yet but
it would be announced in the next
few days.