The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1889-12-02
$2B,00O OF STOCK ATRAR.
The Fair Association Can Dis
pose Of that Amount
MR.. SWEENEY's PROPOSITION,
His Friends Believe in whoeling's
Fn,urc-Tho LILLY Property FpF'
chased Can the Board Issue
stock n Mootod Question:

EulWfN-AHV "FS
chased Can the hoard Issue
stock a Moo'od Qucstion@
The West Virginia State Fair and
Erpositiou Association Is about to very
materially enlarge its grounds and ~
That connection there will probably be
important improvements made, and IN
tho not far distant future policy fol-
lowed out that will make the grounds
a public pleasure resort at all times
particularly during the summer season,
A very important and interesting
meeting Of the Board Of Directors OF the
Association was held Saturday afternoon,
at which Mr., John NJ, Sweeney, a menu
Der Of the Board, representing outside
capital, supposed TO belong in Pittsburgh,
presented DRAFT for SG,250 In payment
Of one-iourth Of $4,000 OF new stock
which the people he represents have
taken at par; the balance, $lS,75O, Is 10
be paid January Is next,
At a meeting OF the Board held about
the first OF November, attention was
called 10 the fact that the Lilly property
lying west Of the fair grounds, between
II and the Back river, was offered Tor
sale, and that It would be o very foolish
thing to allow 1t 10 pass into any other
hands than those Of the Fair Assoc
citation. The fact that the As
ISOLATION is yearly becoming
more and more Inconvenience and
crowded for want OF room, and that un-
less the Lilly property was acquired the
AssScnGiati0p would never DO able 10
secure acv other contiguous, property,
was pointed GU: Nnd The purchase Of the
property strongly ICED. Every one gIve
concealed the force Of What ,;.aS 9sld, put
the expense that would attend IL. pu'7
chase made some OF the cautious MEM
bers hesitate In view oil the fact that
$l2,50O OF mortgage bonds arc still out
standing, .ft
1t was while this matter OF the pur.
chase Of tho Lilly property was being
considered that Mr.. Sweeney made 9
proposition that for moment startled
the Board: He said he had friends who
had confidence in him, and with him
had confidence In the future growth and
prosperity Of Wheeling, II the Board
had the authority to issue stock he
felt certain that he could place $50, 600
at par, all the money to DO paid In within
forty.fve days; with this amount OF
money In hand the Association would
be able TO lift It's per cent mortgage
bonds, buy the Lilly. property and have
about 5000 to expend for needed im.
provements consequent upon the pur'
chase Of the property.
Mr.. Sweeney was assured that nothing
stood In the way OF the Board authorize
ing tho issue Of stock up to the limit
named In its certificate Of Incorporation
100000. The present amount Of
stock out IL, In round figures, $50, 600,
and this Is held by about thirty people.
1t was finally decided at this meeting
TO 60 ahead and purchase the Lilly
property without waiting TO SEE
the outcome OF Mr.. sweeney's prop
osition, which some Of the members
seemed 10 consider us somewhat
visionary. Negotiations for Improperly
have been carried on through a third
party, and the deal has been closed at
$3.50, about $1,000 more than the
Board originally expected TO have paid.
When Mr.. Sweeney presented his
draft Saturday some surprise was mani
tested, and the question was sprung as
to whether the Board had any right to
make an issue Of new stock. Mr..
Sweeney recalled the assurances given
him at the last meeting that the Board
had such right, and quite an animated
discussion followed. Finally Secretary
Hook was ordered 10 receive and receipt
for the draft pending a decision Of the
question as To whether the Board has
the right 10 issue stock, by Messrs. II.
NJ. Russell and L. +. Stifsl, TO whom the
matter has been referred. Another
meeting OF the Board will be held to.
morrow evening for the purpose OF hear
ing their decision. :, ~. IN.
In case they say the Board has no
right TO issue stock, the question OF Is
suing $4,000 and using the money as
indicated above, will be submitted TO
the stockholders' meeting To be held
next Saturday.
There is no doubt but that eventually
Mr.. Sweeney and his syndicate will Sc
cure the stock they want. There is also
no question but what the purchase OF
this stock Is a part OF the scheme that
has in contemplation tho erection OF
bridges, whereby the electric cars can
BIO run 10 Martins Ferry.
Aloop will DO constructed Tor the run.
ming OF cars 10 the fair grounds and that
place made an attractive pleasure resort,
easily accessible. It Is us certain Us
things can be that the new bridges are
20, that the rapid transfer service
will be improved till people will
scarcely recognize II, and that
the fair grounds will DO made a
;;.,aRsant resort. All three schemes are q
o. %, ami :Le possibilities they present are
Immense. IccanG energetic men are
in the lead In tnese I'M, I'M
provements, and have mg capitaI
10 back them. They believed in !, suee:!!Ipg
and It's future. Tho new bridges viii =
most important factors in the develop.
ment that awaits business In Wheeling
In the very near future,