Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1865-11-10


nected with the immediate business of procu-
ring wood tor the company either road mas
ter or superintendent, (for getting wood is
not IN his department. charging one cord of
wood for hauling another twenty miles.
1t does not seem just and fair to hold Col
onel EoNrAINE responsible for troubles and
nlsfortunes growing out Of the war, and we
think that his enemies are reckoning without
their host if they think that antagonism of
opinion on former political issues between
him and Governor P1ERpoINr will influence
the appointment of State proxies Thus far
| Governor PIERpoNT's course has not author
lied such unworthy imputations upon him.
The prominent subject Of complaint is, that
the surplus earnings Of the road were not
used in making dividends or buying up bonds
of the company, but were invested in Con-
fcderate bonds. This charge is not true
1t seems that it is the practice of this COM
pany to appoint committee at each annual
meeting, whose duty it is to examine the re-
port of the Board of Directors and make a
report to the stockholders at their next meet
inc and to enable them to do this, the Board
of Directors are required to publish their re-
port in advance of the meeting This course
was adopted that there might be full time
careful consideration of the acts and doings
Of the President and Directors, and that the
stockholders should not be taken by surprise
and hurried into an inconsiderate approval of
their conduct. Their bylaws require also
the appointment of a committee to examine.
from time to time during the year, the ac-
counts Of the treasurer
| If there was any thing wrong in the policy
of the Board, the committee on the Presi-
dents report ought to have noticed it at the
last meeting and if the expenditures were
not satisfactorily accounted for, the commit
tee on accounts should have brought it to
light. But it seems there was no complaint
from ether committee. and the report was
adopted and approved. Dividends were
made up to the 18th Of March, 1864. In
consequence Of the inadequaey of the rate
OF copensation allowed by the Confederate
Government, the report of 1864 states that
there was very small surplus, only S162
204, y, unpaid claims against the Conteder-
ate Government, of nett earnings for that
year, and it seems this was distinctly stated
as the reason why no dividend was made
| EoI the last six months of the Confederacy
all who had any claims knew the difficulty
Of making collections, or even settlements
1t does not appear that there were any con-
siderable investments in bonds, the whole
as appears from statement of the Treasurer
being only $243. 800, while the gross
amount Of earnings for the year 1864 was
S., 622 800 but the nett amount, as stated
above, was only S162, 2O4,72 due by the
Government. Whatever may now be said
about expenditures or investments, at the
last annual meeting they were not disap-
proved, either by the Committees or Stock
holders, all of whom had full time before
the meeting for examination. Can honor
able and just men now 90 back and compl lin,
when the investments commenced in 1862,
and were continued, as appears by the re-
ports, from that year?
1t would puzzle any man, however keen
his financial ability or his desire to throw &C: :
sure on the President of this road, to show
how a>divideud could be made among eight
Or nine hundred stockholders. owning from
one share to Eve hundred, when the only
material was few bonds which could not be
sold-in unconvertibc certificates of indebt-
ednoss, aud unadjusted accounts against the
Confederate Government.
It appears from the Tscasurer's state
n,cnts. all Of which are vo,,cIed for by the
committees, that debt to the Richmond,
Fredericksburg & Potomac Railroad Compa-
ny has been paid amounting to $50, 666.s9
that large snm was paid for repairing
one Of the tunnels on the State work, and
also large piece Of ground bought in the
city, costing s555, 1870, which will be required
at some future day. And although the
available funds during the war were mainly
absorbed in expenses Of administration, pay
ing dividends and interest up to 1864, they
did purchase and cancel bonds, as appears
by the Treasurcr's statements, to the amount
Of 800, 609making an aggregate of
S20l ,525. 50 of bonds bought in and real
estate purchased. And thus ends the himsy
arguments against the election of one Of the
most faithful officers that any corporation
ever possessed.