Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-06-27
COMMISSIONERS CRITICIZED


WHeellHS JndI Will enable nef mills TO
secure a rate of freight on Ake equal
to Pittsburg goes without saying, and
such a road would prove a great boon
to the community at large. But the
unbusinesslike methods pursued by
the Board of Commissioners in the
preliminary negotiations will probably
result in the defeat of the proposed SUBJ
scription when submitted to the peo-
pie. (Which result will be quite right,
considering the matter as 1t now
stands.) But, in any event, the loose
business methods pursued by the Com
missioners in this matter are deserving
of the most severe criticism.
The Indifference on their part was
palpable from the very start. when it
became necessary to go out and secure
the services of the most convenient
lawyer lone who was presumably quite
unfamiliar with the work required), to
have him draft the agreement; where
as the proper official for this work
could not be found at the time.
The Commissioners should have as
sumed in the first place that the build-
ing of the Uniontown, Waynesburg &
West Virginia railroad was not de-
pendent upon the subscription of Ohio
county, as merit of a more durable
nature than mere subsidies must exist
ere such vast schemes are launched.
In such case, this road either would
or would not have been built, regard
less of their subscriptions. In the light
of all this. our Commissioners, in
trusted with the negotiations that
meant the investment of SO large a
sun of the peoples money, should have
elected the terms upon which
they were willing TO recon-
mend the investment, and not the
railroad people, and under no consid-
Grafton should they have submitted to
the present plans, which, as proposed
by the railroad people. means in the
end that Ohio county will make a free
gift of $500, 600 to the enterprise, should
the subscription vote be carried.
They, the Commissioners, should
have said to the railroad people, as
they would have said were they invest
ing their own money instead of other
peoples: mo, gentlemen, we will not
subscribe to stock in you railroad"
History has demonstrated that 90 per
cent. of the capital stock of all rail-
roads are eventually extinguished by
the property being bought up in the
end by the mortgage bond holders,
when the stock becomes worthless. The
investment of this money can only be
made when some measure of protection
is afforded for the investment, to-wit:
First mortgage bonds of your company;
and in bonds, and bonds alone, can we
recommend this investment. You may
not propose now to issue bonds Gas
you say, but a railroad without bonds
is an unknown possibility: such do not
exist to-day, and ooner or later they
will need money, and on will go the
bonds. and down will go the value of
our stock. The inevitable will occur,
when the bondholders will foreclose,
and IL investment in the stock will
become worthless"
This is the story of what happened
to our investment of $500, 900 in the
stock of the Wheeling Bridge & Ter
minal Railway, which was made
worthless last month by the foreclos-
ure of the bond holders. This will
prove to be the story, should we in
vest in the stock of the u, w. & w.
Va. railroad, Is it because our people
proved to be such an easy mark in
the Terminal railway matter that we
are attacked again in the same ridicu-
lous way by these e%nterprising Union
town railroad people? If so, our total
loss in the stock of this company
should prove a lasting lesson. Or do
these railroad promoters look upon u
Commissioners as fair representatives
of the business ability, acumen and
foresight of our citizens? In such
event, we can readily understand this
attempted raid on our pocketbooks as
well as on our innocence.
Again had the Commissioners de-
sired to safeguard this proposed in
vestment in the stock of this railroad,
they should have inserted in the pro-
posed subscription to the stock, the fol-
lowing words: Should at any time it
become necessary for the road to Is
sue bonds, then our stock will be on
verified into first mortgage bonds" Or
they could have said: mo bonds shall
ever be issued by the road without the
consent of Ohio county"
Then. again, this special election to
be held on July 18th will cost Ohio
county in excess of $4,000. Had the
Board had the interests of the people
In mind. they would have said to the
railroad people: I'VE will submit this
question at the next general election.
so as not to add any additional cost.
II you cannot wait until that time, then
the special election will be held only
at your own personal cost. You are
the ones who are asking the favor of
us, and you must bear the expense"
This would have been the right way
and the business way. But so long as
our Board of Trade and citizens are
etherized with their present deadly
sense of indifference to public affairs
and public morals, so long will the
present conditions last.
nuIrn OWED