The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1880-06-29
B. & 5. W. Railroad.

ED. SPIRIT: 1t is certainly very strange
that no detailed statement Of the tinan-
cial condition of the Bellaire and South
western Railway Company has ever been
gwen to the public, or rather to the
stockholders Of the Company. That the
building OF the road is and will be OF
great and lasting benefit to the people
reached by it, no one for moment viii,
gainsay; nor will proper need of
praise be withheld from those who by
their energy and perseverance pushed
the work to its completion. But at the
same time, the fact that certain officers
of the road have displayed energy and
perseverance does not excuse them from
giving to the stockholders full and fair
exhibit of all the financial transactions
of the Company from its organization
to the present time. Can they do it
Have they an officer connected with the
Company who has the mental and bust
ness capacity to make such an exhibit !?
/, for one, do not believe they have.
There is no accountant connected with
the road that can make such statement
If there is, why not make it Are those
who have been expending the money of
the stockholders, the money borrowed
and the receipts of the road, afraid or
ashamed to make fair statement Do
they expect the stockholders to take
their simple say-so, without evidence,
that all is fair and square2
What the stockholders want, and with
nothing less will they be satisfied, is a
statement showing the day and year and
from whom every dollar has been receiv-
ed from the organization Of the Company
to the present time. That is, how much
has been received from stockholders
the name date and amount, and by whom
received; how much borrowed, from
whom, or how borrowed. II from sale
Of bonds, what amount OF bonds have
been issued and how much money was
realized from their sale, and where and
how and to whom sold; and finally wba'
amount of money has been received or
account of freight and passengers since
freight and passengers have been car.
lied. This, assuredly, is very easily
done.
lst-The amount received from stock
holders-giying names, dates ant
amounts.
2d-Donations, if any, from whom
and when received.
3d-Money borrowed, from whom
when and how much.
4th-Money received from sale o
bonds. What amount of bonds issued
and for what sold.
5th-Amount received from freigh
and passengers.
6,h-Amount received for carrying tn
mail and from all other miscellaneou
sources.
! Next the stockholders want to know
how this money has been expended
every dollar of it-giving day and date
to whom paid, and accompanied by
proper receipted boucher for every dim
paid out. Then the stockholders wan
such an exhibit printed-enough copies
at least, so that every stockholder ma
be furnished with one. But say the oh
jectors that will cost the Company, ma
be, FIVE hundred dollars. Suppose it does
hadn't they better paw it than to be swim
J died, perhaps, out OF five thousand?
Surely all this can readily be done b
the Secretary OF the Company. If b
} cannot do it, one had better he selecte
that can.
, 1t seems that every attempt that ha
, been made by stockholders TO gel fu
exhibit of the financial affairs of III
e Company, has been frustrated by th
, officers of the Company always havin
! some one ready to object on account {
o expense, or moving to amend any prol
r osition seeking light and information
e and referring the whole matter to som
J, committee who are wholly incompetel
: to make an accounting--not from lac
y of honesty and integrity, but from wal
. Of business training.
J., l say, Mr.. Editor, the stockholdel
y will never be satisfied until some snC
: exhibit as is indicated in the foregoin
b, is made. Unless it is, there will he a ra
tling among the dry homes at the ael
Y election of Board of Directors. Wi,
: such an exhibit before them the sIocl
r holders can see Who have paid their stoc
e and who have not; how much has b G
D paid in the way of salaries, and no
: much for all other ordinary and extrao
dinary expenses, aside from the construt
tion of the road. The stockholders war