Year: 1874

why the Assignment was Hhue-LsA'


tract from the Report or the Board


OF Directors.


In concluding this exhibit oftbe cost
and expenditures Of building our road
bed we caunot refrain from expressing
our acknowledgements to those parties
who were so generous in contributing
to the aid OF this enterprise by giving
the right OF way through their proper
ty free of charge. If more OF this
same liberal spirit had been exhibited
towards the road by parties from whom
we had the right to expect it, and il
certain subscribers to the stock of
the Company had promptly paid their
subscriptions and thus saved the costs
OF litigation, we have no doubt that the
road.bed would have been finished and
in a solvent condition to-day.


In the absence Of such aid and eu-
couragement the Company saw that
additional means must be raised 10
some quarter to complete the road.bed.
They therefore prepared q form OF
Mortgage, or Deed Of Trust, with bonds
running FIVE years, with the privilege
of redemption after one year. Before
offering these bonds for sale, however
it was deemed advisable to confer with
the authorities of the Pittsburgh, Cin-
cinnati IL St. Louis Company. A COM
mittee therefore OF the Directors had an
interview With VIM. Thaw. Esq, Vice.
President OF that Company, at Pitts
burgh, on the 10th day of
November last, st which inter-
view Mr.. Thsw stated that
even IL our road-bed was completed his
compan, could not so on at this time
with their part OF the contract. They
were willing to carry out their contract
with us and take the road-bed off our
hands as soon as it was completed, but
in the meantime he advised delay rath-
er than sacrifice on our part TO raise
the means to complete the work in the
present condition Of the money mar
ket.


Seeing therefore the difficulty we
must encounter to negotiate cur bonds
and having no assurance tAat any sac
rifice we might make would materially
hasten the completion OF the road by
the Pittsburgh, Cincinnati aud St. Lou-
is company, we concluded to stop ope~
rations until such time as we could see
our way clearer to satisfactory arrsngea
ments in regard to money, and in regard
10 the completion Of the road by that
com pany. In so concluding we may
not have acted wisely. Be that as it
may, there seemed no alternative at
the time.


TO secure its creditors 10 The best
common advantage the Company decld-
ed to execute a deed OF trust on all its
assets and to authorize certificates OF
indebtedness 10 be issued 10 each cred
itor, bearing eight per cent interest. In
addition to this step suit has been
brought against each delinquent stock
holder and as fast as our assets can be
made available they will be distributed
pro rata to the creditors.


The deed of trust had to be.drawn
up as q necessity Of our relations with
the Pittsburgh, Cincinnati and St.
Louis Company. It was necessary 10
order to protect the contract between
us and that company. as all cred
itors can easily see by referring TO
the terms OF the published con-
tract. We had agreed that before this
road could be turned over or accepted
by the Pittsburgh, Cincinnati d. st.
Louis Company. that all debts, liens,
rights of way, &c, should be settled.
II not settled in q reasonable time aud
arrangements made for the completion oi
the work the creditors would haye the
right to require the Trustees to sell the
property. -.


In regard 10 the present condition oi
the road, we may say that the road
bed is generally well settled, having, as
to portions OF it, stood one winter. 1t
will probably stand through this winter
with much less injury. The late fresh
ct has done US no special injury outside
of the corporate limits OF Wheeling,
and even here the damage ia mostly
between Sweeney e. Co.'S machine works
and point q short distance nboye
Jonathan's gut. The FIJI between these
points was mostly made from loom
earth which it was expected at the time
would coon be covered with stoae and
rip.rapped. Owing to the non compile
ton OF the road this was not done. We
may remark in this connection that
the only piece OF road constructed i'm
mediately on the side bank OF the riy.
er is this portion from Wheeling wharf
to the point above Jonathan's gut
From all reports received the damage
TO other portions Of the road iq, COM
psrstively, trifing.


The etons work and bridging along
the line Of the!road. are Of the best class
and we have no apprehensious Of ipju-
~ to it from the winter. The whole
work remaining to be done is go near
ly completed, that it is believed once
operations are renewed, that it can
be pushed through without any great
delay. We pretend not TO say what the
exact cost of completion will be. We
prefer to await the results of this win
ter. Whatever it may be however. il
must be provided by the stockholders
or else they must lose the whole val ne
of the improvement.


In conclusion, we have simply to cay
that our exhibit 10 az full as We know
how to make it and We believe that II


will be found correct f -