Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1878-05-29
s3503.0l

Western Union have all failed. I'd
the Baltimore & Ohio r. r. built
competing line and the people OF the
Valley preferred to use that. Notwlth-
standing that the company paid no
salary to Prest. Sec. or Treas, or to any
one else, except the operators and
linesmen,in August 1878 the debt OF the
company as shown Gy report OF the
President at that time was s5Sl2.40
and the Stockholders in general meeting
on December Sd authorized a mortgage
to be made on the property OF the COM
pany to the amount of 100000 and
coupon bonds to be issued to
that amount. But finding the bonds
could not be sold (such was the panic in
internal Improvement. stock and bonds
then. nearly every r. r. and Telegraph
Line iu the land being in default On
their debts) the Board Of Directors
authorized the bonds to the amount oil
$40, 900 to be pledged with W. D. Corse
& Co. OF Alexandria az collateral Sc
curity for the debt, which they were
then carrying 100000 Of the 10000 OF
the bonds only were ever issued) and
by agreement with w. D. Corse & Co.
authorized them in the event OF the
failure Of the company to meet their
Obligation to them, to sell the bonds
latter 30 days ADVERTISEMENT to the
highest bidder. The company after
struggle Of some years found that their
debt was increasing rapidly, that the re-
ceipts Of the line did not pay their In
terest act. and their linesmen and opor-
ators, the only paid offices in connection
with it. And on the 10th of Feby.
1875 the Messrs. Corso going cat o:
business, the bonds were offered accord
ING to terms disagreement at public aue-
ion IN the town Alexandria after 80
days advertisement and brought emily
the sum ofs375O and w. D. Corse & Co.
to whom the debt was due became the
purchaser.
AT a meeting of stockholders held
August 18th 1875 the Present reported
70 .he meeting that he had an offer
from Il. y. Pool Of $4,000 for the Va.
Lines. but doubted the ability of the
party to comply. The meeting however
bv resolution authorized the President
to make the sale to Mr.. Pool, but in
the event that Mr., Pool failed to com
ply then to sell at the best price aud
Germs he could. Mr.. Pool did fail to
comply. AT Directors meeting held
August It'll 1876 the President informed
the board that he had contracted for the
sale of the line to the Royal Land Co.
of Va. for the sum of $4,000 to be paid in
$500 monthly installments and advised
its acceptance as the line was not pay
ing more than expenses, aud the IN
terest on ITS debt was eating itup. The
sale was approved by the board and
contracts signed.
The Royal Land Co. made payments
on act of their contract to the amount
of $4,000. and after holding possession
ofthe Line until Dec. 1877 and having
failed to comply with the terms OF their
contract the Virginia Co. again took
possession of their property, then in
very delapidated condition. The Line
and property of company was then by
demand of the holder of the mortgage
bonds, wv. D. Corse & Co.. and in &C
cordance with the terms of the mort
gage, advertised by the Trustee, {. R.
Hoof, for sale at public auction to take
place on the 29th day Of January 1878,
and on that day the property franchises
was sold 10 w. D. Corse the holder OF
the mortgage, mot to Robt. Beverly as
published in the newspapers for the sum
of S5.l0Ohe being the highest bidder,
the Western Union Telegraph Company
being present and only bidding $4,000.
The entire line property and franchises
Of the VirQinia Telegraph Company was
conveyed by the Trustee to the said
purchaser w. D. Corse by deed dated
February 9th, 1878.
The final act as made to the Trustee
/. as follows:
Jan. lst. 1853 to LIST. mort
gage bonds, soOO6.OC
A ccrued interest thereon, 260O.0(
To I'd. mortgage bonds, oOoO.Vt
, Accrued interest on same, l94S.0(
Total, $l4948
{ Credits.
1877 April I'd. by a.
mounts received
from Royal Land
Ooor.nx $1,000. 90