Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1899-05-09
ORDER PASSED.
County Court meets in Special
Session on Monday.

IItStustu-EOItf ntc 1UUuSdHu DOl-
lars is to be The Amount Election
on June Tenth-0rder Amended
Somewhat.
Nearly 500 voters Of Morgan Dis
trict have petitioned the County
Court to be allowed to vote on the
question of subscribing to the Stock
of the proposed Railroad from Nor
gantown to Kingwood. The Court
on Monday the Sth inst. entered an
order granting the prayer of the pc
titioners, copy of which is found
in another column.
Valley District, of Preston county,
voted on the same question on Sat
urday the 9th of May and while a
majority of SO votes was given for
the proposition it lacked 8 votes of
the three fifths majority, required by
law, but realizing that the people are
in favor of the proposition and that
the few votes lacking were influenced
by false statements, misrepresenta-
tions and misinformation, the voters
will ask this week that the question
be resubmitted, and new vote be
taken June 18th at which it is Ger
tain to carry. The largest taxpay
ers and land owners of Valley Dis
trict are actively and earnestly for
the subscription.
IF Morgan District votes for the
subscription, work will begin at
once, and will be pushed as fast as
possible. Cars should be running
to Kingwood and east by way of
Tunnelton by the first of January.
Without the District subscription
the road will not be built. For
twelve or fifteen years every effort
has teen made to enlist capital from
abroad, and to every appeal has the
reply what will your people do to
help? If you have the coal, timber,
limestone, fire clay, glass sand and
other resources for a profitable bust
ness your people must aid it, and as
they will reap the larger part of the
benefit, they should show their faith
by taking stock. Till they do this
you cannot get money from abroad. "
The answer has been everywhere
the same, till all hope has been
abandoned, except by helping our
selves, and voting the aid asked.
The Court order for vote on the
Railroad subscription is in effect
carefully guarded contract, in which
the District is protected in every
proper and possible way. LIST no
bonds will be delivered to the Rail
road Company, except as it finishes
q due part of the road and has the
cars running. No bonds till after
the road is fixed fact and running.
Could any thing be safer or fairer?
we get the road first and pay after
ward.
End The District will receive at
the time it delivers the District
bonds, an equal amount of first pre-
ferred stock, and no more of this
preferred stock can be issued though
the amount Of the two District sub
scriptions, namely $l5 900 to Valley,
and $4,000, to Morgan. All the
rest of the stock subscribed will be
common stock, and cannot share in
earnings of the Railroad till after
) 10 per annum dividends have been
paid out of the earnings to the pre-
terred stock held by the Dis
trict. In other words all other
stock holders will stand back
and receive nothing in dividend
for the money they will put into the
road till the Districts get per cent
on their stock. This per cent will
be equal to the ) per cent interest on
the District bonds and as soon as the
road is fairly in running order the
dividends will pay the interest charg-
es and stop taxes, while the road will
be assessed and begin to pay taxes.
3. The District Stock will be en-
titled to elect three directors TO assist
in managing the road and in protect
ing the interests of the Districts.
Let us select our shrewdest best and
most judicious business men to rep
resent US and our interests will be Sc
cure.
These three provisions Ia the Court
order, and under the law give us
ample security that the road will be
built, before we have to pay, that we
shall have preferred stock over all
Others, and due and proportional rep
resentation in the Board of Directors
by men OF our own selection.