The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1889-03-21


gained, The Wheeling 4 Lake Erie
will now be forced 20 carry thelf coal
10 Huron over the o. o. q, " ! ROAD
and their Immense Tonnage WIN DO lont
10 Cleveland, The wheeling y LAKE
Erie would have tapped the valley at
Valley Junction, and II would have
made q short haul, whereas now. forty
cents d ton will have 10 be paid the lee
Line for tho use of their tracks 10 llur-
on, don't see how Carnegie can bet
ter the earnings of the Valley unless he
builds about afty miles OF road from
Valley Junction 10 steuhenyllle,
Mr, V, n, Everett waa found Ia his
office at the Union National lianh ana
interviewed upon tho deal, Mi Everett
was not 80 retiCent as q few days ago
and spoke more freely concerning the
transier "What Is the present statnh
OF alfairaP' was asked him,
"Well, the negotiations arc pr0glehh'
ing faYOrably We are getting along
slowly, but the result will be thai Cleye
land viii have tho new road, TWIN DO
one OF the most important events IN
favor of the city that has happened for
years. Cleveland will have q new llfat
class road 10 Plttabufg and IN that way
will be brought In contact wl.h large
fields for commercial enterprise, ~
would be difficult 10 measure the value
Of the benefits that the city VIII re'
Oeiye,"
oOan you state approximately when
the deal will be contaminated
oNo, that cannot be done, II la a
mammoth enterprise you Know, ana
there Is much 10 be done IN accomplish
ing II. Such work sometimes uikeh
months or years,
III Is reported that the directors are
10 meet tomorrow for the purpose OF
making the transfer
"There is not the slightest truth In
that report, We have not gotten that
far along yet, -,--.
"Wnl there be plenty OF business for
the rOadY'.
ayes, the facilities OF the lines now
connecting this city and Pittsburg are
INADEQUATE ron TnE RUsHEss,
Freight is not handled as promptly
as II should be, and that is the reason
that 80 much coal and iron ore business
IA diverted from Cleveland 10 other
parts of the lake. With the improve
facilities Cleveland will regain much OF
that business
Who has charge OF the bonds OF the
city9"
SThe commissioners Of the sinking
fund
"The bonds we're taken In payment
for terminal facilities, we're they notY'
"The Valley Railway Company pur'
chased and paid for the terminal prop
erty. Through the Board Of Public
| Works of the State the city was per
mltted 10 dispose Of certain property.
The land was sold 10 the railway for
| S2G5OOO worth Of per cent. ArBt
mortgage bonds, which are q lien upon
the entire road. II was q line invest
ment for the city and has paid well,
The interest on the bonds per year has
been slS,55O, and for the past ton years
$685. The bonds are now worth
SLID, and can be sold to-day NJ that
price. The increased value OF the
mortgages is then, sGB,2JO, This sum
added TO the interest paid In the past
makes a total OF e25l ,750 or nearly
double the face value OF the bonds"
"llas the city voice in the transfer
OF the road p
"The live voting trustees Of the bond
holders hayea voice IN the matter, ana
the Mayor, by virtue OF his Office, is
one OF these trustees
"Will you not state definitely the
plans of the syndicate that will pur'
chase the roadp'
al hardly think IL my place 70 do so,
The promoters OF the scheme should DO
the hrst 10 tell what their purposes are.
It's u magnificent enterprise, though,
and viii meet with The hearty approval
Of the public"
10 was learned that the voting trus'
tees Of the bonds had signed documents
consenting 10 the transfer Of the stock.
IL is also reported that there Is a little
speculation going on among some OF
the Valley people, The annual meet,
ing OF the stockholders OF the road will
be held April n, Three OF the nine di'
reGtOrs viii then retire, and men repre-
senting the Carnegie Interest will be
selected,