The Belmont chronicle, and farmers, mechanics and manufacturers advocate. [volume] (St. Clairsville, Ohio) 1848-1855, 1853-08-12

II was owing ana In wnat tOrm! ana why IL
had received neither interest nor dividends
and. IL interest had been provided upon that
sum, as il should have been, whether there
would have been ANYTHING left to divide
amongst stockholders, and. if so, how much!"
And what is his answer to these simple
inquiries! Why, they are not answered at all!
| He "dudges the question:" aud attempts TO
escape by declaring that am attacking the
| the road" and that, after Mr.. Eaton's
nomination as auditor was rejected, pdr'ous
"rumorS were put in circulation" that con-
fdentiai "letters had been written to the
eastern cities, stating that Messrs. Gallagher
and Jewett had resigned their dictatorship,
and that developments would soon be madc,"
&C., and"that 100000 had been sunk on the
western division alone," and that, lin conse-
quence of these "rumors," "con6dential
communications" and "anonymous communi- |
cations" "the securities OF the road cannot be
sold for as much, by three or four per cent"
as they could before He intimates also that |
these communications had been made for the
purpose of depreciating those securities, that
they might be bought upon speculation.
| know not how it may be with reference
to Others; but 50 far as relates to the author
OF the article signed Stockholders" the
,nsinuation is as unjust as it is gratuitous.
There is nothing hat communication which
can be tortured justly into anything resem-
ling an "ditack upon the road''-nothing
intended or calculated to depreciate its
securities. The writer has never speculate d"
in either bonds or stocks to any amount,
great or small---neither has he had anything
to do with the writing Of letters, confidently
or otherwise, to the eastern cities or else
where, in reference to the management of
the road. He is, and ever has been, firm
and sincere friend of the road-one whose
friendship did not otdepend upon the contingency
ofbeing permitted to luxuriate upon fat an
} nual income of $4,000 or $4,000 from its
resources. The head and front oihs offending
consists in having asked for an explanation
of seeming inconsistency between the
) figures contained in the editorials of the
) Gazette and Courier, alluded to; both of
which were presumed to have originated
+, from "head quarters"
II any injury should result to the road from
J, these inquiries, it is because matters have
] been 30 managed as to preclude a satis-
t factory explanation The fault lies in the
g facts, not IN the inquiries. If the secur-
e ties have fallen in value recently, it has been
II probably, more owing to a loss of confidence
D in the present administration, than to any
e other cause. When capitalists once detect
n a seeming want of candor and sincerity in the
statements of those placed in charge of i'm
. portant enterprises of this sort, they are sure
' to become When they see a
4 directory declaring cash dividends Especially
Just before an election,) when there is really,
) property, nothing on hand to divide, how can
. it be otherwise that a loss of confidence should
) followt That there was nothing, in the case
, in question, cannot be longer doubted; for, if
D we learn anything from President Sullivan's
] article, it is, that the four hundred and odd
n thousand referred to, which was expended
G upon the western division of the road, was
taken from the funds appropriately belonging
r to the eastern division. Upon that money
D the company is paying 8 per cent. interest.
, Why sh uld those holding the stock in the
= stock in the east vision pay that interest,
while those owing the stock in the western
division were enjoying the use and benefits
it!
e May not proceed step further, without
t being charged with "attackng the road"
s and ask Mr.. Sullivan whether, when he went
!. into the New York market to make sale of
! his 100000 bonds, for the payment of which
. the eastern division of the road was mortgag-
. ed, he did not include of the resources of that
I division that same money, as part OF the
i funds 10 be used in the eastern construction! !!
Y and ifso, whether it was not breach of good
: faith towards those who purchased the bonds
D TO withdraw it from its proper department,
I and expend 1t elswhere! | should like to ask
him, also whether 1t was not transferred from
the eastern to the western division of the
road, in violation of pledges made to the COM
missioners ofcertuin counties, who refused to
> make subscriptions on the part OF their
5 respective counties, until pledges were given
that the money should be expended east of
the Muskingum river!
The President of the road complains tina
rumors had got ailoat that "$I00,000 had
been sunk in the construction of the western
division alone" had not heard of the
rumor until saw it in his article; but, in
asmuch as he has brought up the subject,
hope it will not be considered obtrusive to
ask him whether, after the entire line was
put under contract from GAINESVILLE to Col !
umbus-ater the prices were known, and the a.
mountoi excavation and embankment Except
as TO the relative proportions of rock and
earth) aud masonry and bridging were known;
aud after the masonry, grading, &c. between
GAINESVILLE and Newark were nearly com
pleted, he did not make verbal statement,
in which he said there was sufficient funds
provided tor the western Division to complete
and equip it, and also to finish the engine
houses aud shops then in progress of con-
struction in West Xanesvle, and still leave
balanc, on hand of between forty aud fifty
thousand dollars and whether that was not
exclusive OF the amount since borrowed
from the eastern division! and whether il
was not upon the faith Of that statement that
the order was passed for the speedy cons,ruc-
| ton of the bridge across the Muskinruml