Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1869-07-29
Raccoon River Items.

| communicated.
The Board of Corporators and Di-
rectors of the Raccoon River Nav. Co.
met at their office, at Zaleski, on the
first Thursday in July, and passed the
following resolutions: .-.-
Whereas, the credit and prosperity
of this Company consists in promptly
meeting all obligations against it, as
they become due; and ..g q
Whereas, the delinquent stock, if
collected, (there being about $4,000
of the capital stock subscribed would
be sufficient to meet all demands
against the company, and complete
the work over sixty miles from the
Ohio river, and
Whereas, the enterprise is peculiar
ly work of and undertaking Of stock
holders, and it would be adjudged by
them bad financial policy for the com
pany to borrow money at high rate
of interest to carry on the work while
enough is due to pay all demands;
therefore
Resolved, that E. A. Bratton, Presi-
dent, be and he is hereby authorized
and required to settle the stock due by
notes atnot exceeding ninety days, or
that collection be enforced by law at
his discretion he being authorized to
receipt for the stock he may settle as
aforesaid: provided that the amount
when paid be applied on the delinquent
stock.
Resolued, that the President deposit
said notes with the Treasurer, and take
his receipt therefor, and that he en-
ploy such legal assistance as he shall
require to prosecute and defend the
suits of the company, and issue orders
on the Treasurer for such services as in
other cases.
Resolved, that the Treasurer be and
he is hereby authorized to make his
deposits of the funds of the company,
collected in Gallia county, in the First
National Bank of Gallipolis, at Gallipo
lis, Ohio; and the funds of the compa-
ny collected in Vinton and Jackson
counties, in the Vinton County Bank,
at Macarthur. ~ go,
The above resolutions look like work,
and if the citizens along the line will
cooperate with the company, the work
will 90 on as soon as the stock is col
lected and the water will permit
Since November, 1867, we have only
had five weeks that the water was low
enough in Raccoon to put in dams or
locks. If the water should be low
enough this fall to put the work in the
stream, it would be great loss to the
people along the line, if it should be
suspended for want of money, when
enough is subscribed to build it over
60 miles. =
This statement on receipts and dis
bursements is published for the pur-
pose of eontradicting some reports
that have been put in circulation, eals
culated to injure the operations Of the
company. Nearly $1,000 of the capi-
tai stock has been subscribed. 4,'l1
| hECElPIs.
Total collections made, s5,012.00
DISBURSEMENTS.
! Paid salaries and exp of Co., S1,073.OO
Blank Books, printing, &c, 1900
Engineering amount, -9L -,le18.O0
Paid on contracts, :. 3,78o0O
.'ls7 81 iE .t5Le.
Total, gT A S5,e12.eol
This shows that the company funds
are not being used up by the officers, as
the total amounts paid on. salaries over
and above stock subscribed Is only
] S823 90 paid out in two wears, ora
paying of cash on salaries Of about
S4OO per year. The men who cireu-
late the report that the officers are
using up all the money of the compa-
ny ought to be ashamed of themselves
for circulating such falsehoods. The
true friends of the improvement wall
understand that these statements are
only excuses for not paying in their
stock. The laws Of the State and the
bylaws of the company require, the
stock to be collected. Those who re-
fuse to pay in their stock are the per
sons who are retarding and keeping
back the work, as the object Of getting
stockholders, was to get the money to
build the improvement. Contracts
have been made for the work, and in
order to meet the contracts the stock
must be collected
2sf kEs IA .BRATT0N.B
July 90, 1869. vCyrrcTyCc -
II An inmate of the county infrmary
, Of Clinton county, at Wilmington
Ohio, was found dead, last Sunday, al
the spring, with his face partly Sub.
merged in the shallow water. q it.was
supposed that he had leaned down t
ont Of