Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-12-09
BUILD I?
S OF TEE GLASS PRO-
JE0T.
nsns Among Thoss Who Are
ock-If the Present Factories
l'i Be Had, q New One
Might Be- Put Up,

lomen who have been active in the
tier for the past several weeks are
lrrespondingly depressed. They have
lot entirely given up the good fight
they have been making, bat the indis'
position Of those who have the money
10 take stock auguIs III Tor the success
which It had been hoped would be
achieved. Something may come out Of
the letter addressed 10 the U. S. Com
pany, asking for an expression OF
opinion upon = new proposition for
the sale Of the plants separately,
stock iu the u. :. Company,
held in large amounts by Wheeling
people, 10 be taken 10 part payment
but IL Is scarcely probable that the
United States Company would take this
stock at anything ike its face value,
aud as ths market price OF common
shares is but about IS, with as low as 10
offered in some cases, holders are not
disposed 20 sell or transfer at such
figures. One gentleman, large holder
Of stock, told q reporter be would not
transfer or sell his stock At anything
like existing quotations, preferring 70
hold 1t aud either get something like
his original money back or loose IL all,
and doubtless he but reflects the sentl-
ments OF other stockholders. The Uni
ted States Company would, naturally,
not care.to take stock on account or
purchase money 40 a figure much
greater than the stock could DO bought
in the open market, and there you aree
TALK OF WITHDRAWING.
Some gentlemen who have subscribed
10 stock during the past two weeks are
disposed 20 withdraw for various rea-
sons. Gee business man, who put down
his name for ten shares, without hesi-
tatiOn when called upon by the com
rnittee, met one of the committeeman
the next DAY aud sa he misunderstood
the situation, and thought ne was sub
scribing $40 for the benefit Of the idle
glasswOrkers, and not taking ten shares
Of stock. He had his name erased.
Another gentleman, who was lioerI
subscriber, is convinced THAI even the
amount OF stock wanted for tne Central
Company alOne-Sl25, 0JO-wOuld not be
sufficient 10 make the first payment,
provide a working capital, and meet
even the second payment, Tot alone sub
seQuent payments and interest charges,
and dec ared that unless the figure was
raised Co at least Si75, 600 for this Com
paay alone he must withdraw
his subscription on the general
ground that even X S12j,OOO
were subscribed and the Company made
ANYTHING ike the profit which accrued
az the factory last year, It would still be
financially embarrassed when tho second
payment and interest-S59, O0O-came
due. The Central works is understood
TO have made So, 100 net last year, I'M
der the management OF the L. ). Com
pany, but the Office business and admin
istratiOn generally Was conducted from
Pittsburg, aJ q saving or $4,000 over
what it would have cost 20 operate the
plant singly In this city. Deduct.ng
this would leave $4,000 net, ana good
judges figure tina. because Of the gener-
"a business depression this year, there
would not be q profit Of over $4,000
next year, under the most favorable
circumstances, and perhaps not that.
It is held that even 10 So, coo was made
the Company would inevitably 90 hsGn
cially EN- arrasSed al the end OF the year,
when the second payment and interest
charges came due on basis OF $4,000
capital, while with SITS, 300 % SlS0.OOO
OF capital at the start the plant could
be purchased outright for cash, saving
Interest on the deferred payments un-
der the original plan, aud the works
could be- mortgagsi for say $4,000 TO
provide a working capital and could
run along With some show of belOg
good business venture As there is az
present but about $4,000 Of boua hde
subscriDtions % the Central Company,
and about SIS coo of this must be-
worked out by the men, extending over
probably couple OF years, it will be
seen that at least 500, 600 more sub
scrlotions are really needed, under the
theory last above given, before the COM
pSny would be an assured success, and
the prospect of rais no the money seems
decidedly slim just now.
On the South Side the prospect seems
20 be worse, 90 anything, as but about
$4,000 or $4,000 is on paper down
there. about $1,000 OF which would
have 90 beworked out in the same man
ner az 90 the Central.
ItfRa most unfortunate and reyreta-
bic fact that IN an Industrial city like
wheeling, city with so many rich
men and a city where We ind workmen
skilled I'm the Industry ana men Of
means largely experienced in the man
agemens of glass houses, sufficient
stock subscriptions can not be secured
10 preserve a leading and remunerative
industry. Such seems 20 be the situa-
tioa, however.
WHY NOT BUILD?
The situation being 10 this generally
unsatisfactory shape as to the original
proposition to purchase both the old
factories aud start them under new
management, it has been suggested that
il might DO well 70 take up 10 a serious
manner the other thought, TO build en-