The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-07-23

by the unfortunate stockholders Of the COZ
poration lately known as the @. 7. V. W.
4. R-there is q well grounded sus.
picion that the process by which
the railroad running from the
mouth OF Black River on Lake Erie, to
Bridgeport on the Ohio, was scooped by
the Ptesident-(Mr. Selah Chamberlain)-
and few OF his financial colleagues at
Cleveland, will not begin to .tbear the light
Ofday. The report Of the Master Commif'
sioner at Cleveland, ID whom was referred
the petition OF 8 second mortgage bond.
holder for redress Of grievances in the
matter Of foreclosure leo far as said mort
cages were scaled down by III throws q
strong light on the discreditable motive Of
the whole business, and certainly puts Mr..
Chamberlain in an attitude that no hon.
est man would care to occupy. Asa mat.
ter Of news to many OF our readers
although it is not very late news-we make
the following extract from the commission.
ersrsport. a-i
It is conceded that two days before the
above note was made and delivered, Selah
Chamberlain, the President OF the company,
made to Robert l.. Chamberlain, the payee OF
said note, who was his nephew, gift Of the
exact amount expressed therein, and for the
very purpose Of loaning the sum to said COM
pGny. While It appears from the evidences
81. al Al fytl ~ hnA
nreviOusly passed between the parties, tue
isliicance OF this special gift appears from
the conceded fact tnAt It IVES made for the
express purpose OF enabling the donee TO
make this loan upon the remarkably tavora-
bic terms for him, expressed In said note,
and upon the equally favorable terms TO The
corporation, OF Whicu the donor Of the gift
was President and which were presumably
made with his knowledge and approval.
Il does mot appear In evidence
what efforts were made BY the
officers OF the company 10 psy
said note and save 4 large amount Of securl-
ties pledged tor lis payment. But from the
time the defendant road passed into the Gus
,ody OF the Receiver Of this Court It's receipts
anu expenditures are matters Of record, and
Tom these 1t appears that the receipts were
AbGnt 800 900 In excess Of the disbursements
dGriLG tee eleven months OF the Receiver
ship and that At the time demand was made
upon the maker for payment there were
funds In the hands OF said Receiver which,
Eppu proper application and representation
OF tle facts 70 the court, might have been ap-
piled, by Its orders, 10 the payment Of said
NOts in part ut least, 20 as TO save TO the conf
parry and creditors the valuable securities
pledged aud then liable 10 immediate sale
aHd sacrifice under the sweeping powers con.
ierrsd upoa the trustee by the terms OF said
note,
A representative CT the 1SrHILroENcER
meeting Mr.. W. W. Holloway, Of Bridge
port, last week-who was a director in the
old corporation-asked him for some par.
tieulas in regard to II. Mr.. Holloway
freely expressed the opinion that the
above transaction was but q speci-
men brick OF the whole cunningiy de-
vised plan by which the stockholders were
virtually robbed Of their property. AS
proof Of it he referred to the fact that the
financial report OF the Company for the
year 1851 Issued as late as March, 1889
shoNs sd that there was on hands in the
treasury OF the Company an unexpended
balance, applicable to the payment Of In
terest on the debt, sufficient to pay nearly
per cent. on the entire mortgage indebt'
edRess OF the road. Moro than this. Mt.
II. had conversations time and again With
Mr.. oAcar Townsend, receiver Of the e'road,
in which the latter expressed the belici
that II he was let alone he could bring the
road Out all right and cave the magnificent
property to the hestockholders. But 1t seems
that the policy wRsnot to let the road have
ashow, but to squeeze 1t by such Sharp
and unscrupulous practices as the. one ex'
posed abOYsby the Commissioner. =