Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1846-11-26
1000 90 GAPS 63

leaving a nett debt of S52.74l &C
md. The present Indebtedness of the COMPANY
would have been still less, if the debt represented
by the books OF the Company in 1913, had been the
true amount. But a considerable amount of repairs
done IN lS4O, al az and the early part of S4 an
pears not to have been reported by the supervising
officers and charged up in the books of the Compa-
ny as 1t should have been hence the debt of the
company has not been reduced from year To year
s.hce III proportion to the amount of nett profits af
ter deductlng the expenses and interest upon the APP
parent debt for several years.-This fact having
Deen brought TO the notice of the Stockholders, in
1914 an order was made requiring the Board 10 en-
deaVor 10 ascertain, as near as practicable. the true
amount OF liabilities Of the Company; and in con-
formity with which order every effort was made,
through both the President and Treasurer, as well
us by frequent notices in the newspapers through
out the whole line, with the view to effect the re-
quislIions of said order Notwithstanding all this
was done, IL does appear from. subsequent develop
ments, that the amount OF Indebtedness thus ascer.
tanned and heretofore reported has fallen short of
The true amount. Whilst the Company had little
or no means Of payment, many OF the holders of the
claims, viewing them almost valucless, gave them
sleeves little or no trouble about them other than Gin
many inSiances) to subject the Company to costs of
SUIT Notwithstanding all the efforts To ascertain the
exact amount claims with the view making
some arrangements for their payment Besides, in
the completion of the construction of the work and i'm
the early part OF the repairs when the Company
was without funds, there having been no report of
the date of the issue of the estimates or drafts rven
returned to the Office the amount of interest upon
them could not be reported otherwise than as con-
Jecural. Hence, 1t may readily be seen how i'm.
possible il was, under all the circumstances TO as
certain accurately the amount of the liabilities of
the Company till by an act of the Legislature.
the Company possessed itself Of the means of paw
Inp thcp tl,oc l,i, ,o,,
and when properly authenticated, paid off and
charged up. Hence the disparity in this and for
reports.
Sd. The Company has no knowledge OF more
than three cases in controversy, neither of which,
from the evidence in its possession it is believed
will have to be paid
1th. 1t is, however. thought RIGHT and proper To
remind the Board of Public Works, as we did the
Stockholders in June last, that the Company en-
tered into n contract with the Messrs Pennvback-
er, on the 18th Of December, 1889, TO construct
six miles Of the Valley Turnpike, ''and in consid-
Grafton Of their having subscribed for and taken 432
shares OF the capital stock Of said Company. "a
mounting to SlO,8OO, the said Company guaran-
teed to the said contractors all the stock so sub
scribed for by them, which may remain in teir
hands not disposed of on the LIST day of May, 1876
TO be worth So in-the 500 at that tirne'-under
which guarantee, 1t will be perceived. the Compa-
ny is liable for indefinite amount over and above
the amount now reported which is to be deternin-
ed, upon settlement with said contractors, by the
worth OF the stock and the amount remaining i'm
their hands undisposed Off
9TH. Amount of tolls received with
In the year ending 30th Sept. 1916. SIC 90 Al
Amount received of individuals for
stock subscribed, rs 90
= interest, &C. upon Bonds, I20 90
$lG,2I5 IA
Deduct eypenSpS fur tho ycar 10,