Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1883-04-02
A CANARD.
The Ownership Of. the c. 4 T.
Railroad. ..,s.
The Report That BY the Terms Of the Char:
fer the Road Becomes the Prop
erty of the State Of Ohio
DENIED UPON GOOD AUTHORITY.

CLEVELAND, o., March 3l.-A report was
published yesterday morning in city pa
per to the effect that the ownership OF the
Cleveland and Pittsburgh Railway is vest
ed in the State of Ohio, and that steps are
now being taken to give the property over
to the State. The ground for this action
is found in section % OF the charter OF the
Cleveland and Pittsburgh road, granted BY
the Legislature of Ohio, on March IA, 1886,
and revised and amended March IL, lS45,
which provides:
THAT if the Legislature Of this State
shall, after the expiration OF thlrty-hVe
wears from the passage OF this act, MAKE
provisions by law for the repayment to the
said company OF the amount expended oy
them in the construction of said railroad,
and the value of the necessary permanent
fixtures thereto at the time, with an addi-
tion of Is per cent. thereon, together wlth
the interest on the cost OF the ROAD at the
rate OF per cent. per annum, unless the
dividends shall have amounted 70 per
cent per annum, of which expenditure an
accurate statement in writing, attested by
the oaths or affrmations OF the officers OF
said company, shall be submitted to the
General Assembly il required, then the
said road and fixtures shall vest in and be-
come the property OF the State of Ohio.'
The matter has not created any great
amount of local comment but stockhol-
der and director of the road says that the
whole matter is agitated for
Misehieyous Purposes,
and he makes the following statement rel
alive to it, and to certain remarks publish
ed at the same time, which were not COM
plimentary to Mr.. Gould: -.
There is such a Provision in the orlgl-
nal charter, as was published, but the OLD
charter granted in 1886 and amended IN
1910 is now nonoperatlye because tne
Cleveland & Pittsburgh Railway ayailed
itself of the new constitution of the State,
and has since made its stock dividends un-
der its provisions unchallenged by the
State 1t has become, as has every rail-
yay in the State, amendable to the new
constitution.
THE provisions of the old charter are
consequently entirely nullitied, and cease
to be operative on the company or the
stockholders.
This matter was duly considered by
both the lessor and the lessee at the time
of the expiration OF the old charter. The
constitution of the State of Ohio expressly
declares that under no circumstances shall
spy debt to exceed $3.50, 900 be incurred by
the State. 1t also specifically states the
purposes for which debt to that amount
may be created, and amongst these speciti-
cations there does not exist any right 10
acquire railway property. There Is no
probability or possibility that any compli-
ca, ~. of circumstances could induce the
people OF IL State of Ohio 10 admit any
such amendment - the constitution as
would permit the opening VI he treasury
doors for the admission of set OF political
Conspirators to work
Such y Scheme.
In fact the whole thing from beginning to
end appears TO be the outcome OF some pro-
life brain to lessen the value of the roads
securities, rather than for any missionary
work for the inhabitants of the State OF
Ohio. The whole animus of the affair is
indicated by the accuracy and veracity with
which the Police Gazette style of attack on
Mr.. Gould is made in a city paper.
"These remarks are emphatically false
and distinctly libelous," says a well known
LAWYER, "and so far from there being any
truth in them, Mr.. Gould was the first pro.
mOter of the plan, and being opposed in its
execution by some of the stockholders who
were not conversant with the situation OF
the psoperty, nor OF the value that would
accrue to them by the completion OF the
lease. he personally purchased at tnat
meeting over 10000 shares of
the stock from dissatisfied stock
holders, at the rate of per cent. above the
current quotations, thus enabling the COM
pletion Of the lease to be brought about,
and making the property the valuable one
that il is to day. The debt OF gratitude due
MIR. Gould for his course in this matter is
of such nature to Justify all the stock
holders of the road in resenting such an
attack upon him.
A. was before stated the above is from
director of the read, and as he was person
ally present at the meeting Mt which the
lease was accomplished, it is TO be pre-
sumed that he knows Of what he is speak
ing. The whole matter is said to have its
origin in Columbus, and there it will pro-
baby find an early grave.