Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1899-05-24
SOME INFORMATION.
For Voter or the Railroad sub
scription.

10 settle dispute please answer
the following through the columns OF
your paper:
In regard to the $45, 900 in bonds
to be issued should the election carry.
would they be secured by first mort
gage on the road? Or would they be
secured by mortgage at all?
Could not the owners of the road
bed give mortgage to some person or
company after this stock was issued,
and if they did would not the mort
gage be paid off first, should the
company break up?
am as much in favor of building
d railroad as any one but / do not be-
lieve in voting for something do not
understand.
II it is to be preferred stock not se-
cured by mortgage what would it be
worth any more than common stock
if the road should break up and have
to be sold?
Please publish this and answer
through your paper. VOTER.
Replying to our correspondent we
suggest, first that the court order
provides that not over $780, 900 In 5
per cent preferred stock can be issued,
SIS, 900 of which goes to Valley dis
trict, and $40, 900 goes TO Morgan dis
trict. The district subscription would
be made to the preferred stock, while
all other subscriptions will be made
to the common stock. The difference
is that the preferred stock is to receive
dividends up to per cent per annnra
before the common stock can get any.
thing. If the road earns $4,000 a
year above its operating and other ex-
penses that amount will go to the
districts, and being 5 per cent on $780,,
600 will offset and pay the interest on
the district bonds. The district sub
scription would be to the preferred
stock, and not to mortgage bonds.
No bonds have been or can be issued
except by the railroad, and only after
it has something upon which to exc
cute mortgage.
End The owners Of the rights of
way, or ''road bed" as you call it agree
DO make deed for all they have with
out any mortgage or other lien reserv-
ed, to the Railroad Company and take
their pay in common stock at such
price as the Company may think fair,
or to leave the price to arbitrition.
They do not ask at the rate of $500,
for 500 or 900 feet for a naked right
of way as do one or two persons who
pretend to be for the Railroad but
would throttle it before it is started.
3rd. If Morgan district which will
be most benefited, and that will
have over eleven miles of this road
upon which to levy all its road and
school taxes for all time (now levied
at the rate of 96 cents) is not willing
to be assessed II cents for not over 20
years, and take some small risk, how
can we expect people from abroad to
furnish any money, either on bonds
or stock to build US railroad. Once
built the railroad will always be with
US for purposes of business, and sab
ject to all forms of taxation, and so
reduce our other taxes in every direc-
tion, more than it will increase them.
4th. If the worst should happen
and the road be sold we should still
benefits it would bring, we should get
our $40, 600 back in taxes. The T.
M. & P. Railroad is now paying over
SO, 900 year in taxes in this county
alone, we should have about 800, 900
of additional railroad property to tax
all in Morgan district, besides the
new values it would bring, mills, fac
fnripG n1inoS an9 of np rlla Mt fn no
also taxed as well as give employment
to our people
9TH All The money spent in labor
and material except rails, spikes,
and splice bars, amounting to $751;
600 to $100 900 in this district would
be paid out here before we paid one
dollar of taxes.
9th. Preferred stock should be
worth par, and will be at the end of
five years, when it has had a chance
to earn dividends. 1t could then be
sold and pay off the bonds of the dis
trict before any taxes had been levied
except for the annual interest.
We hope our correspondent will
vote for the railroad. If he does he
will not regret it. He will be voting
with the heaviest tax payers and
largest property owners, who have
made their money because they know
good thing when they see it, and
who know that more railroads mean
more money, more business, better
times, greater prosperity and larger
returns for labor and capital.
LASTLY the road cannot he built