Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1878-01-29
wTRANsIENT BILLs-cAsn.

by destroying the s. V. r. r. Company, there will
be available Ihe unexpended balance. of the Ss5O.-
600 Of the cOunty's aubserIption. for come other
railroad project, is, IL il submitted holly unfen-
able.
But is the real meaning to be sttuehed 10 the
terms employed il this mnunication that tho
exercise OF the powers of the eopoEstion hss passed
into Illegal ha nGs, ard that - change OF govern
ment only is what is desirsd? This would P7s.i-
bly, be interFed from the declaration that "tho
Board of Directors have been illegally elected for
the Isst two years" and that it is important to
get rid ct'' the ''PTessnt company" 1t ~ss sup
posed that all questions in relation to the inquiry
who are the stock khoIGers and in What amounts are
they entitled the subscribed stcCk OF the s.
v. H. r. Company, had been settled and forever
set at rest by the litigation in which the county
of Jefferson in its suit against the company had
sought. at an expense of nearly Sl,OOO, TO have
these questions answered. Such shares ard such
shares only as were indicated by the decree ofths
court in that cause. entit!ed 20 voting power.
have appeared at the two last annna! meetings OF
the ockholdeTs and exercised tito privileges thus
judiciopsly awarded to them.
CcncurTiDg with these shares, aud a. the proxy
or one ( the representatives of J1Herscn county,
Col Baylor it is believed, cast the stock be repre-
sented for the gentlemen WEo were elected st these
meetings directors of the company At the lsst
annual mcetiu he presided with fsirnCss and ifn-
partiality its deliberations. and apparently
heartily acq0icsced IN all of its proceedings.
The last statement contained IN Col. BaytoI,s
communication 10 which it is proper TO sIirde, il
''that the present company is 90 hsiPles'ly in-
solvent and fettered by mortgsg ges that capital
ists " i'll not tou-h it,"
nis true that there debts and liabilities
which liens on the property of the eomPsnyS
but it 10 also true, has been repeatedly stated
aud is now reiterated, that upon application the
lien holders by the company to relieve the iucrrn-
brauccs in favor of any parties VIII" Will nnder-
take embark their capital IN the construction OF
this road and take il place OF such liens boLds Cn
the income of the road when conPtructCd, theso
lien creditors promptly responded, cEcsPt the
represeu tation of about SlO.CO0, and .crTrded To
the proposition of the company thus submitted 10
them. 1t is not, then, the undersigned hrmbly
submit. the mortgages or helpless insolvency OF
the :. V r. Il COMPANY that has much deferred
capitalists from investing in thi. entersIise az
other and more PoteptiakreaEons II would rot be
difficult to suCgest. hssideS the 'tTtnEsncy Of the
money market', and the great dcpressiOns ca
peCiaily in railroad inteTeSts-rot lees than 81 of
such corporations having passed, in the ls't pesr,
into the hands OF receivers as-iguees for the
benefit OF crcditoTs-it even miehtte suTrcsSd Co
be possible that capital m sht be driven from all
approaches TO corporation, or its ~o'k. ~hc'e,
very existence has been repeatedly denied, whst
ia said TO be 'fcIitious;" in the hRndb Of illegal
managers. whose "ehartor hss been forfeited"
and the wish If Tot the purpose "xprss'cd by those
having large control over the subject. to dive't the
company OF iha benefit of ono of the largest sub-
scriptions made 10 its caritRl stock.
LOGAN USBrRS.
HENRY u. DAVENPORT,
wM n TRAVERS.
ALEX n. RnTELER,
DAVID BiLLMYER.