The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1876-07-25
The QuesilOnS Before the stock
holders Of the R. s. y. w.

. Cul. SULLIVAN, PRESIDENT OF tue Bell
aire and Southwestern Railway, has is.
sued q circular, by order of the Board,
in which he explains at length the oh
jects sought by the propositions submit
ted to the stockholders We have not
room at present for the entire contents
OF the circular, but summsrize such parts
Of tins most interests our end OF the
line.
The name OF the road, "Bellaire and
Southwestern" was fixed upon because
it was the design, repeatedly announced,
to include an extension beyond Woods
field but that part of the proposed line
between .Bellaire aud Woodsfield, known
as the "First Division" was and is in
tended to he 6rst completed. 4
Itwas estimated that it would require
8l2 900 per mile to build ard equip this
division. and accordingly it was deter
mined to raise half the sum by subscrip-
ton, and the other half by. mortgaging
the road and its appurteuances.
The stock half has been subscribed,
and it now remains for the stockholders
by their votes to authorize the Board to
issue the bonds. The mortgage to sc.
cure these bonds will cover the road, its
property, franchises and privileges, and
nothing else. ~ : : 80 -
f Tae necessity for giving the Board
power to issue these bonds must be plain
to every one Tue subscription half will
not build the road the bonds must be
authoriz d, or the road must, be a5an.
doned until the Stockholders take an in-
telligent view of the subject,
The importance Of the subject cannot
be overestimsted Without it there is
no certaiuty that the bonds would have
! any market value. Ga this subjec: Col
SULLIVAN says: f; IL .asI..,. :.
"But such bonds, if understood to be
upon aroad terminating finally at Woods
fleld, where there would be no connec
ton, present or prospective, for concen.
tration and distribution of freights and
passengers, would have no market value
in the money centers or with rail and
machinery manufacturers, either on sale
or as colaterals; and without such sale
or availability as security, we should
have to pronounce your enterprise abso
lutely impracticable and necessarily TO
be abandoned. sH
BIT with the plan of extension to the
proposed final terminus at Athens, our
road would have the following CONNER.
cial connections:
Ist-Marietta, Pittsburgh and Cleve-
land R r +a tpai -
2d-Muskingum River = slackwater
navigation.
3l-Marietta and Cincinnati R R (B.
& o R RI '9s p a5 yEs aai
Columbus and Hooking Valley
r R. astl - ~ %
5thAPomeroy and Athens R R (nar-
row gauge proposed.
6th-Zanesville and Caldwell marrow.
gange) inc ,rporated. '7D"a T
7til-McConuelsville and Caldwell
sng ,ested as an extension Of the C,lum-
fbus and Mineral Valley r R &!
"rbe two latter enterprises may be
partially contingent upon our a,inpiing
the Caldwell route to B verify. Ifamore
southerly line should be adopted by our
company, they might still make advan
tageous c,nnecion with US" ,e;;t
The extension, or "Sscond Dsvisi M
will be required to raise by subscription
the same amount per mile as the First
Division, and will be mortgaged to the
same amount All the proceeds Of the
bonds OF the First Division will be ex,
pended on this Division.
The circular then proceeds to show
most conclusively that no stockholders .
liability can possibly be increased. by
any of the propositions submitted.
/ 1t notes the.fact that the seven Direc.
itors of the road hold more stock than
any other seven stockholders. and have
therefore more to lose by any action
which would injure the stockholders. s,'
i In conclusion the circular says:
I "The propriety Of this measure seems
to US 90 self-eyident that it ia difficult tc
make an argument in its favor which
isill not appear to reflect upon the intel
lligence OF our stockholders. II the line
TO Woodsfeld will pay, certainly an in
crease of nearly. double tue distance
, with .fve absolute and tWo prospectiv,
commercial connections, must give ,
large Increase OF value to the line
probably tripling or qnadrupling th,
: prospective traffic of the First Division
"Bat unless you vote for the extension
and corresponding measures, what assa
rance have you that you will be able Il
build even the First Divisions Yor
certainly cannot do it without autboriz
t ihg mortgage loan, as invariably indi
3 Gated in the past; and even II you should
authorize the amount required for tn,
First Division, and do not give assent t.
the extension, you do not furnish us tina
class OF securities required to complete
the contracts for rail and machinery
! and upon 8 failure. to complete these
fcontracts we are thrown back upon I'll,
K, stock as the only resource for buildin.
the road, and as that would be totally
insufficient, the work would necessaril,
have to stop, unless We should be guilty
of the bad faith of sqaandering you
means without the hope of beneficial re
suits. 1t is not merely a question o
convenince and matter that can b,
, rectifed at another time Your neglec
to be present in person or by proxy,an
to vote now at this first meeting of th,
stockholders, will throw back the worl
for another season at least, land probabl,
involve much greater difficulty and cos
in negotiating new contract for raj
E and machinery" t.. 1i,g gs+.-
. These facts are established to an ab
: solute moral certainty: -
! 1st. To authorize the extension viii
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