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

TAI. E1lhki. AuC DSlioltC " OOu'u
western Railroad, familiarly called by
the people of the vicinity, "Our Rail
road," after many tribulations and a large
expenditure of money, has at last been
completed, and trains are now running
daily from Wood.field to the city OF
Bellaire, thus connecting the "dark hills,' .
by an iron rail, with the outer world.
The completion of railroad TO this
place has, for long years, been the hope
that has anchored good many citizens
to a county practically shut out from
the world by having no railroad commu-
nieation with The great cities and mar
kets of the country. But after the ex-
penditure of large sum OF money; after
the people of this section have contribu-
ted sums of money, in majority of in
stances, far above their ability to pay,
without seriously injuilng their private
business, he stockholders Of the road are
again asked to contribute $4,000 to en-
able the managers of the road to extin-
guish an alleged floating debt against the
Railroad Company. After represen-
tations that have heretofore been made
by these self-same managers, and after
the people OF this section have strained
every nerve and, in many instances, done
gross injustice to themselves and families
by taking any stock. it becomes serious
question to the stockholder whether he
will again contribute voluntarily, or
whether he will wait, until the courts de-
termine that he shall so contribute.
propose In this article to discuss, at
some leEgth, the management Of the
road, and the arguments pro and con on
the proposition submitted by the Direc.
tors to devise ways and means to pay of
its floating indebtedness.
When it was proposed to huild a roai
connecting this village with the city o
Bellaire, the Directors claimed that il th,
people would subscribe stock to th,
amount OF $4,000 per mile, the roat
could be built, and that the stockholder
would then own the road, and it woult
be controlled and managed by men who's
interests were identical with those of th
stockholders, and it would therefore b
managed in our interest. The money
$4,000 per mile, was subscribed; ha
been expended, and the proceeds o
$3.50, 600 in bonds at 80 per cent net il
addition thereto, anG yet the road is il
debt $4,000. When it was proposed t
issue the first bonds the managers repre-
sented that if the bonds could be nego
tiated at 80 per cent net, the proceed
would enable them to build the road, pu
up telegraph line and leave surplus
But at that time the bonds could not b
sold and it was proposed to raise $50
600 by Syndicate, giving to the men
bers tho bonds as collateral security 10
the loan. The managers represente
that if they could borrow $4,000 ;,
means of syndicate, the road could b
completed to Beallsville. The money wa
raised and expended and the road wa
yet 8 miles from Beallsville. At or abol
the time all the Syndicate money ha
been expended, Mr.. Mooney was electe
President, and he Immediately took ster
! to negotiate the bonds in eastern ma
kets. In circulars issued by him at th'
time, he claimed that if the bonds coul
be negotiated at so per cent net, the ros
could be completed, fully equipped an
: leave a surplus The bonds were neg
tia,ed a, 80 per cent net The road h'
. not got the equipments spoken of /
NJ. Mooney in his circulars. The ros
: has been completed, but the manage
now claim that we are in debt $45, ,000-
1t seems, then, that up to this point
I the history of the road, there has hee
n unparalleled misrepresentation misrepr
b sentation, too, calculated to deceive Il
q stockholders. 1t is probable that l
money could have been raised to bui
the road had the stockholders know
i that $4,000 per mile was insufficient f
g that purpose; but they have relied on t
Q word of gentlemen whom they truste
. and have been deceived Have the m q
> ayers been honestly mistakenp If th
: have, with the means at their commal
e to ascertain cost, &c, of constructio
: they are incompetent to manage al
thing, much less railroad company.
But / cannot think they we're mistake
). for they are not fools, some Of them b
u ing experienced business men. Th
: have spent our money they are deman
r ing more, yea, they are pleading f
o more, representing to stockholders Il
direful consequences that will happ'
: them, if they do not promptly eontri
D ute the $4,000.
With snnh q rncord for rniarnnroao