Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1885-10-24

and that the oCga, zatior j oSseu upon
ingenious a.d well conceived
business methods which enables the ceItih'
Gates to be pooled ard held ae @ whole, to
be mspaged ami manipulated as one inter-
es: and G. the same time to give each in
dividQsl holder . convertible Geceip', from
the Farmers Loan ard Trust Company OF
New York, which is negotiable and mar
ke:able upon the New York Stock Board.
This method enables al the certificates TO
yemaiu pooled with the Trust Company
and at tee same time gives TO each indi'
yidual holder the privilege Of speculsung
upon his investment by selling the receipts
representing the certificates, on the Ne"
York Stock Board.
TIE importance OF this o;gar izaloa
must 70: be underestimate BY the tax
payers of West Virginia /; is now egi,
dent that a strong syndicate does exist
that these certificates are p0ol,d
and held ia body b.
the Farmers Loan ard Trust Company Of
New York, and that i. is backed by such
strong financial institutions as tie First
National Bank CT New York and other
wellknowu Wall St.set hackers and that
tie trust COMPANY 5 receipts have been ell
sravsd to comply with tie requirements OF
the New York Sleek Exchange md that
they have been admitted to the dignity CT
a place on the New York Stock Board.
The advertisement Of the syndicate states
that these receipts are issued under an
agreement with tie First National Bank Of
New York sud other holders Of the certi.
fca!es. and the agents Of the movement
now beirg conducted fer The settlement OF
TIA. portion Of the Virginia debt represent
ed by these certificates"
It is important tho. il should be Under
stood wha. is meant b. such a pool, and
how such matters are usually managed
in Wall street. These certificates
amount to about fifteen millions Of
dollars, with Interest io7 fourteen years, the
principal aEd Interest amou n'iug Tow to
over tweaty- five millions OF dollars. 1t is
stated tha. these certificates are TO be de-
posted With the Farmers Loan aud Trust
Company Of New York u1der On agree
meut WITH conditiors-one Of the import
ant conditions will be TO deposi: with the
certificates small percentage in money 10
create fund for expenses 10 he used by
The agea.s Of syndicate for the ",nrcmcR
ao,r tsiI,y roudurj,R." if,he holdera de-
post with their certificates one per cent. Of
their face value in moueyit viii create
furi Of $3.50. 600 TO be used ~ the agents
OF the movement" in such methods es may
seem best adapted to accomplish rs ends,
which are, FIRST to Great" . speculative
advance in the price Of these
certificates in Wall street cid then to
secure in some way or in some form the
payment of the largest amount possible
from the taxpayers Ct West Virginia. The
State Of Virginia, in the settlement with
her bond creditors. made nearly fourteen
years ago, was forever released from any
demand for the payment Of these certih-
l. - .L-,,ll ,E-T-prA5 .l,,
tariIy assume il in {. settlement 10 be made
by her with the State of West Virginia.
No settlement hos SiGce been asked Of
West Virginia BY the State Of Virginia,
nor will any ever be asked. The holders
Of the certificates, by their own agreement,
cannot lo5h TO Virginia for payment, hence
the effort is now TO be made to saddle upon
West Virginia the responsibilities of a
transaction in which che was never con-
suite. took no part, ror had any
knowledge Of Whist was transporting. What
ever relation West Virginia could under any
circumstances. bear 70 the Virginia debt
Is with Virginia, and no: with the hol3ers
Of the certificates issued BY that safe. II
is not. however, our purpose TO discuss the
deb, question OF this time, bu; 10 bring the
taxpayers Of this State face 10 face with
the clearly defined fact that powerful
influence is on foot to fAstsn this debt in
some way upon West Virgins, and that it
makes no secret Of having agents with an
abundance Of money at their disposal to
work it up There is, therefore, no doubt
that under various DISCUSSES it will, from
time TO time, seek to gain control OF our
Legislature, and to open up negotiations,
or to inausurate some form Of arbitration
to involve the State with these fictitious
certificates. II is now time for our PEG.
pie 10 open their eyes and TO view
with jealousy and suspicion all
efforts of the agents Of the syndicate to
work Up this scheme under DISCUSSES.
If Mr. Mason is the agent of the syndi-
cate in this State, which seems 10 De ad-
mitted, and his paper is its orgao, 10 work
up the tax schemes and Legis shye tickets
in that interest, then its free circulation
throughout every county in The State is
easily understood, and the tyee education
to which he is treating the people Of the
State with such virtuous parade is only
thin disguise.
The REGISTER has paid very little atten'
ZION 10 the alleged existence Of such
syndicate and its plsrs ss long as it was
based only on rumor, but now that It has
assumed definite shape and formidable
proportions, it will keep It's readers IN
formed as the scheme develops
HhEGAN