Year: 1874




Hon. C. D: HUBBARD, President ol


,bo Pittsburgh, Wheeling & Ken


tncky Railroad, returned home from


the East on Wednesday evening,


where he has been in the inter-


ests of the company. We had long


conversation with him yesterday evening


in regard to the prospects of completing


the road. The prospects are not as flat


teripg as the friends of the company could


wish, and yet they are not wholly dis
couraging. There are two or three ways
in which the road can be completed.


First, there are parties in New York who


will finish the road and put the cars in
motion, if tho company will issue to them
first mortgage bonds, at price to be
agreed upon, and donate the capital stock
otthe road, along with the bonds, and If the
Pittsburgh, Cincinnati s. st. Louis COM
psny will agree to lease the road, when
built and equipped, at a rental that will
psy interest on the bonds and perhaps a
small amount beside as a redemption
fund. This plan is simply equiva-
lent to giving tho stock of the road
to any parties who will agree to complete
II. No doubt the people Of Ohio and
Brooke counties would be very glad to do
this. The only diff1ulty about efeeting
such an arrangement is to get the Pitts
burgh, Cincinnati s. St. Louis road to
guarantee asuf1cientrental to pay interest
and create sinking fund for the redemp-
ton of the bonds. Failing in this, it is
not absolutely impossible that New York
parties may agree to finish the road with
out this guaranty, and upon the strength
alone OF the free gift of the road as it now
stands.


The second plan for finishing the road is
for the Company itself to issue bonds, Civ
ing SO many shares of stock to each buyer,
and market them here at home among
the people of the two counties, at say
seventy-five cents on tho dollar, pro-
vided that prior TO doing SO the
Pittsburgh, CincinnatitS st. Louis Com
pany will enter into such running ar
rangemcnt with the road for all time to
come as will at least give reasonable
assurance to the bondholders OF q. return |
on their Investments 1t is thought that |
the road might be started In this way II
Eastern parties decline to take hold of it.
Two years ago, or when the road was
first started, there would have been no
difficulty whatever in selling the bonds in
New York accompanied by such bonus
in money as is represented now in work
done upon the line. a year hence there
may be no difficulty in doing so but |
meanwhile it is important to get the road |
completed and save expense for repairs. |
Iron can now be bought very low, at
O saving OF say thirty-three per cent as
compared with the price two years ago.
Railroad ties, and perhaps also other sup |
plies, can likewise be bought at decided |
decline as compared with former prices.
All of which has an important bearing |
on the question of profitable return to the |
bondholders. If the road can be put in
working order for materially less than it
could have been finished two years ago,
it has just that much better chance Tor
profits. g.


The foregoing alternatives will be sub
mitted to meeting of the directors Of the
company tomorrow. It is by no
means certain that anything viii result
from them at this time, when financial
matters are so much Unsettled. Still in
view of the possibility OF one OF them
coming before the people Tor practical
consideration, sooner or later, it's wellfor
US all TO be familiar with the situation and
prospects Of the road. .z lit;