Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1878-01-19

ny, what will become of the scheme of
building a narrow gauge road from the
Potomac to Front Royal by the use of
the unexpenGed balance of the county
subscription That subscription was
made to the S. V. r. X. Company by
the people OF the county, who author
lied it by All expression of their will
through the ballot box. Destroy that
company, and what becomes of an IN
expended balance of subscription to a
defunct, extinct and forfeited corpora
ton? Who will be authorized TO use
it for narrow gauges or any other pur-
pose than that for which it was original
" dedicated? The idea then which
seems to be entertained that by destroy
ing the 5. V. r. Il. Company, there
will be available the unexpended bal
ance, of the S25O,000 of the county s
subscription, for some other railroad
project, is, it is submitted, wholly I'M
tenable.
But is the real meaning to be attach
ed to the terms employed Ill this COM
municaton that the exercise of the pow
ers of the corporation has passed into
illegal hands, aud that change OF gov
eminent only is what is desired! This
would possibly be inferred from the dec
laration that 'the Board of Directors
have been illegally elected for the last
two years" aud that it is important 80
get rid of the present company. IL
was supposed that all questions IN rela-
ton to the inquiry, who are the stock
holders and in what amounts are they
entitled to vote the subscribed stock of
the S. V. r. r. Company, had been
settled aud forever set at rest by the lit
igation in which the county OF Jetfer-
son in its suit against the company had
sought, at an expense OF nearly $1,000,
to have these questions answered. Such
shares aud such shares only as were in
Dictated by the decree of the court in
that cause, as entitled to voting power,
have appeared at the two last annual
meetings of the stockholders and exer-
cised the privileges thus judiciously
awarded 10 luelIl-
Concurring with these shares, and as
the proxy or one Of the representatives
of jefferson county, Col. Baylor, it is
believed, cast the stock he represented
for the gentlemen who were elected at
these meetings as directors of the COM
pany AT the last annual meeting he
presided with fairness aud impartiality
over its deliberations, and apparently
heartily acquiescei in all of its proceed
ings.
The last statement contained in Col.
Baylor's communication to which it is
proper TO allude, is that the present
company is SO helplessly insolvent and
so fettered BY mortgages that capital
lists will not touch it.
1t is true that there are debts and liza
bili,ies which are liens on the property
Of the company, but it is also true, as
has been repeatedly stated and is now
reiterated, That upon application to the
lien-holders by the company to relieve
the membranes IN favor of any parties
who will undertake 10 embark their
capital in the construction OF this road,
aud take in place Of such liens BONDS
on the income of the road when con-
slructed, these lien creditors promptly
responded, except the representation of
about $4,000, and acceeded TO the
proposition Of the company thus sub
milted To them. 1t is not, then, the
undersigned humbly submit, the mort
cages or helpless insolvency OF the :.
V. X. II. Company that has 80 much
deferred capitalists from investing in
this enterprise as other aud more Poten
tial reasons it would not be difficult to
suggest. Besides the stringency of the
money markets, and the great depres-
sions especially in railroad interests
not less than 81 Of such corporations
having passed, in the last year, into the
hands OF receivers or aSsignees tor the
benefit of creditors-it even might be
supposed to be possible that capital
might be driven from all approaches to
] corporation, or its work, whose very
existence has been repeatedly denied,
what is said to be Fictitious III the
hands OF illegal managers, whose "char-
ter has been forfeited, aud the wish, if
not the purpose expressed by those hay
ing large control over the subject, to di-
vest the company Of the benefit OF one
OF the largest subscriptions made to its
capital stock.
LOGAN OSDURN,
HENRY B. DAVENPORT,
WIN. Ii. TRAVERS.