The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1888-07-27

passed around in Peasants, Tyler and
perhaps other counties. In 1t appears
this striking paragraph: "The writer is
nominally farmer, but has fully as
much invested in manufacturing and
other enterprises as in farming; in one
branch OF which he has made profit Of
80 per cent annum for five years, while
in the farming business he has realized
4 or per cent"
The Register reproduces the circular
and says: "The writer Of the following
interesting article is Mr.. Robert II.
Browse, one Of the largest manufacturers
and most extensive farmers in Peasants
county, this State" Then there is a
quotation from an accompanying note
from Mr.. Browse in which he says
that everything is lovely in his region
and concludes: Investigation and
thought is all We want" The INTELLI'
GENCER proposes to give Mr.. Browse
without charge, the result Of little in
vestigation, and that will give other PEG
pie some food for thought.
The branch OF manufacturing in which
Mr.. Browse "has made profit OF 80 pei
cent per annum for five years" is the
Belmont Mill OF this city, in which Mr.
Browse and his wife are stockholders
The history Of this concern is vel
known in Wheeling, but it may be new
to many OF the readers Of the Browse
circular, and so it is worth giving in con
dcnsed form.
In 1879 the Belmont Company failed
being indebted to banks and others, be
sides having bonded debt of 100000
In the summer OF 1879 the bondholder
bought the entire property at public sale
for$l5O, 900, about one-third Of the value
In the reorganization the company was
stocked for the fullamount OF the bonds
A month or two later the iron boom o.
1879 struck the country, and as conse
quencc the capital stock was doubled.
In the first five years tho Dividend
aggregated IS! per cent. In tho pas
four years there has been just one divi
dend, and that was per cent divi
dend in January, 1887. 1t might have
hurt Mr.. Browses argument to tell this
but it is necessary TO truthful state
ment of the case.
About n year ago the capital stock wa
increased to 100000. About six months
ago the whole concern was bonded t
trustee, for the sum OF 100000 Il
enable the mill to run on in the hop,
that better days may dawn on the iroI
industry. Within the past four month";
Belmont mill stock has sold on thu
streets of Wheeling atsixty cents on thu
dollar. Mr.. Browse may have all ht
wants now ut from sixty to seventy cent
on the dollar. We doubt whether hi
will take very large chunk, for, witt
the exception Of three cents on the dol
lar in January, 1887, he has not hada cen
from his thirty per cent stock for three
years. If the Mills bill were to become
a law and Mr.. Cleveland returned to the
White House, it would be long time
before Mr.. Browse would see even q
three per cent dividend. He would dc
much better to place himself where he
was in 1878, on the side of the bond.
holders, for in the. course OF human
events history may repeat itself.
Mr.. Browse and his associate bond.
holders picked up for song thing
which was unusually good while circum.
stances were favorable. But their gain
represented u disaster to the unfortun-
ate persons who lost every dollar they
had in the Belmont mill. 1t has not
occurred to Mr.. Browse to dwell on this
phase Of the case in support Of his theory.
Neither did it occur to him during the
time OF his large profits that they were
too large, that a greater part ought OF
right to go to the wage-earners Of the
mill, or that he was robbing anybody by
taking his share OF lucky bargain.
While nominally a farmer and a
manufacturer, Mr.. Browse-is in fact a
politician, and that is what is the matter
with him. At the same time there is
such thing as honest politics-which
fact he seems to have overlooked in his
desperate desire to make votes for the
English policy of Free trade, to which
he has shown himself much attached.