Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1889-12-05
WITHDRAWN.
Mr.. JOHN SWEENEY GIVES UP THB STATS
PAIR PROJECT.
An Interview With Him. in Which he Defines hl'
Position The Other Side Of the Question,
and tho Present Situation.

Yesterday morning Mr.. John IL. S6ee
ney called upon Secretary George Hook, o
the State Fair Association, and Withdrew
his offer to take twenty five thousand dol
lars of the stock of the Association, ant
was handed the draft for Sc, $50 rendered
By him at the meeting of the Board of Di
rectors, at the Court House, Monday after
noon.
During the day Mr.. Sweeney said to
reporter for the REGISTER
1.-THE proposition made by me has beer
Withdrawn, and the matter is at an end
There was noe enough il it for me to en-
gage in a fight about, and 1 concluded
after comforting with other interested par
ties to allow the thing to drop"
"Will it come up in the stockholders
meeting"
cit may come up, but as the proposition
has been withdrawn, the action taken BY
the Board Of Directors in referring TIT
matter to the stockholders, can hardly BE-
Of any force, as there is nothing 10 refer. y
Gust what was involved in the PROPOSE
tom"
NR. swERNEY's POSITION.
Nothing more or lees than this: Ny.
self and Others looked the ground over,
and came TO the conclusion thst the State
Fair Association might be made very
much better thing than il is, both for the
stockholders and the general public. We
saw large business possibilities in it. Ths
capital stock Of the Association is $35 900
Having determined to 20 into the matter,
there was choice of two plans. One was
to buy up enough stock to get control
of the Association. and tire other
was to bring about an issue of new
stock, aud buy up only 80 much OF The
old as would give US control. There were
Sl2, 500 of bonds outstanding; the Lilley
property, which was very desirable, would
cost IS, 500, according 10 our estimate, and
the two would eat up S2l 600. Necessary
/ improvements would call for about So, 600
more, and we concluded that il new siock
to the amount of S25, 600 could he issued,
we would come out all right, and make
! the Association a more valuable property
than at present. We preferred this plan,
because, if we got control By buying up
the old stock, the additional money would
have to be put in anyhow, ard it was
deemed beet to keep Is many of the old
stockholders ia I'D possible. In pursu-
ance of this plan, we began to buy
up stock, and at the came time
The resolution authorizing the issuing of
So. 900 of new stock was offered in the
Board, and was clrTisd. AT that time,
and before the resolution was presented,
| asked the question if there would be any
opposition from any quarter, and WAS told
that there would be none. l went ahead,
surprising all was right, until confronted
by the obstacles made familiar through
the papers. Having no desire to anta2o
nize any one or any interest, and not deem
ing the matter, as | have said, worth fight
ing about, ! withdrew from the field.
think can afford to stand upon my record
in the matter and 20 10 the public"
THE OTHER SIDE.
Tho position of the present management
of this State Fair Association seems to be
about this:
After adopting the resolution authOriz-
ing the issuing OF the additional stock, a
feeling thst;perhaps the Directors were not
authorized to take such action was
aroused, and after celebrating upon it, il
was referred TO counsel for AN opinion.
This opinion confirmed the doubts of the
Board Of Directors. aud thus the matter
was referred TO the meeting Of stockhold-
era, to be held Saturday ntx'.
The situs.iOn at present is as follows:
Mr.. SGeeuey's proposition has been with
drawn; the Liiley farm, IT ID believed, is
in the possession Of the State Fair Associa-
ton, and before the next annual fair, will
have been Incorporated in the grounds,
and this will necessitate very considerable
additions and improvements, fcom sll OF
which the public will reap a substantial
gain