The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-07-08
selling 2 Per Cent Bonds at so
Cents on the Dollar.

Mr.. Clark Hackney, Washington, and
Geo. Ingram, Esq, WAypesburg, have
BEEN appointed agents TO sell lot Of the
6rst mortgage bonds Of the Waypeshurg
and Warrington Railroad Company.
They can be had on application TO either
Of these gentlemen At about city per cent;
They are 4 tirst lien upon the road, and
a. lie amount Is limited, and they bear
seven per cent interest, they must De .
secure and profitable iDTestnent.-Rd1s'
iactOa, Pa, Reporter.
The above announcement h seeming
contradiction in terms. The idea Of pro-
claiming ths. Secure and profitable
Investment at per cent can be had at
50 cents on the dollar IL, to say the least,
LtAx on the credulity oithe public. II We
mistake not, two lots Of these same bonds
have already been sold at 50 to 90 cents
on the dollar. At first they were limited
to the stockholders, who, as matter Of
privilege, were to get them at IS cent?.
The hrIs $4,000 were thus taken. Now
comes promiseuous offer to the public
a, s cents less, and even tho 50 per
cen, thus realized IL subject to the CON-
missions Of the agents. How comes
It tha. secure and profitable
investment" must needs be offered
a. such frightfal discount II they
are secure, then is it no longer true, !"
the Duks Of Wellington once said 1t was,
that Ghigh interest means poor security"
for these bonds will bear interest at the
rate Of IA per cent. Ard this is the rate
that the poor stockholders must pay be-
fore they get a cent on their investment,
and when they come TO pay them of they
mus. pay two dollars for one Of primer.
pal, and this, too, when United States
government bonds, bearing only 4 per
cent interest, are selling readily at 100
cents 90 the dollar in the town and county
Of Washington.
Why do people in Warrington county
prefer government bonds at per cent to
the ". & W. bonds at II per cent? Il
they esteemed them secure" would they
thus discriminate against themselves ?
And can any bond be considered secure"
that is offered at half priee' "secure"
would seem to be sarcastic expression
under such circumstances. Is 1t not
because that these bonds are suspected to
be Insecure that they mus. needs be given
away at such a miserable price. And
does it not seem strange that the stock.
holders are willing to zee their secure"
bonds sold at such sscrifee-a sacrifice
that they will feel and, perchauce, resent
hereafter. The curse Of the country has
been the mountain Of corporate and IN
corporate debt that has thus been piled
up BY selling bonds at so cents on the
dollar. Itis,he payment Of 10, IL and
IA per cent interest, thus created, that IL
calling 70. such excessive taxation in all
the cities and more than half the towns
and counties Of the country, and filling
the public mind with so much talk about
reputation. It Ia time to put stop to
IT, when capital is begging for really
.r.ecurs" investments at low rates Of inter
est. II the W. & W. bonds are secure
Ills fraud Oh the stockholders TO sell
them a. 80 cents on the dollar, and il
they are not secure it Is fraud on the
public to offer them at any price what