Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1879-03-06
EHEs. ). AND P.RA1L ROAD,
ueet,nE Of s,oo1holasrs As JACKSON


measures, if possible, to save the road
from sale, and to secure to the stoekhold-
ers some show for their investment in
said road.
The meeting was called to order by
placing DIR. 1. T. MOnahan in the Chair,
and J. A. Aleshire was chosen Secretary.
Mr.. James Emmitt briefly stated the OBJ
ject of the meeting; and on motion of
Judge DuHadway, committee of five,
consisting of Judge DuHadway, Levi |
Dungan, Davis Mackley, T. M. Jones
and Capt Davis were appointed by the !
Chair to draft resolutions Indicating the |
feeling and intention of the meeting.
While the committee were out the meet
ing was addressed by J. A. Aleshire and |
John L. Jones, who earnestly invoked
some action to prevent the scheme of the
present management of the road in at
tempting to rob the stockholders of their
entire Investment. The committee re-
ported the following preamble and reso-
lutions, which were unanimously
adopted:
WHEREAS, the S., j. &P. R. R. under
its President, VIM. N. Whitley, and the
Board of Directors of said road, since the
fist day of August, 1873, has been so mis-
l managed as to be ruinous to the interest
of the Stockholders by changing the char
acter Of the bonded debt of the said road,
in this, that the said Directors being the
principal holders of said bonds, changed
the mortgage, substituting therefor an
other mortgage which shows upon its
face that it is Whollyin the interest of the
bondholders and in fraud of the rights of
the Stockholders; that the mortgage sub
stituted as aforesaid is executed for the
sum of $9OO. 600 to one s. A. Bowman as
trustee for said Directors and obondhold-
ers, and who is at the same time the hired
attorney of the said Directors, they being
the largest bOndhOlders. In said mort
gage it is provided that if the interest
thereon be not paid within six months
after the same become duce, then upon
request of one-third of the bondholders,
said trustee shall file his petition to fore
close said mortgage; that said petition be
filed inithe Supreme Court of the State of
Ohio, the Circuit Court of the U. S. A, or
in the Court of Common Pleas at SPRING
field, Ohio; that upon the filing of the Pc
tition a receiver shall be appointed at any
time said trustee shall deem it necessary,
; and that no defence shall be interpOsed to
the action, and no appeal or writ of error
shall be prosecuted, and upon foreclosure
: no appraisment shall be required, and
upon said sale all property of every de-
to the purchaser without exception.
WHEREAS, the said management of said
road sought to accumulate, and did accu-
mulate a floating debt of over $3.50 600
without the means to adjust the same, at
: a time when they knew they did not have
the means.
WHEREAS, the stockholders at the jan
a uary election for directors, in 1879, said
: | Whitley then President OF said road, by &
q concerted plan declined to be again chO-
= sen President, although it was urged by
= Mr.. Chapman when he was soliciting
g proxies, that he would be President, anC
that his refusal while OstensIbly claimed
: was on account of health, his real reason
: was because he was to be appointed re
= ceiver for the purpose of having saiC
mortgage foreclosed at an early day, be
# fore the road can show whether or not j
has capacity and business to pay in reas
% enable time said bonded and floating debt
q WHEREAS, said Whiteley since his ap
~ pointment as receiver is still managin,
= said road in such manner as to realiz
Al as small earnings as pOssible-interferin!
n with the coal mines at Jackson by dis
A. eliminating between the several mines t
ar such an extent as to entirely stop tn
r mining and shipping coal, thereby dc
ot strOying the income of the road; and thf
NJ said Whitley has so managed said rOa
oe that no Jackson operator can sell coal i
al Springfield or elsewhere along said road
unless they sell to a monopoly ostensibl
,s managed by one PemlOtt; but of whic
n2 the monopoly Whitley and his partner
ne are the real head.
th WHEREAS, it is well known that sal
sir board of directors purposely neglected
on provide for the payment of the intere
IT. on the outstanding bonds up to Januar,
ne / 1879, for the purpose of showing eau
eir for throwing said road into the hands
av a receiver, and getting the mortgat
> foreclOsed.
,at WHEREAS, is the sense of this NEE
he ing, that all the management of said rOs
as set out above has been for the purpO
of eventually obtaining possession of sa
road to the entire exclusion of the stoc
te holders, and in direct fraud of the
rights; therefore be it siiG. eI.-
Resotved, That we now organize ou
selves into company as stockholders al
on creditors of the s., j. 6 P. Railroad Coz
- pany, for the purpose of protecting Ou
OuG selves againstathel wrongs being perE
of trated and attempting to be perpetrat
i've upon our rights, and interests above
= forth. ~ s5i'5 5i'a
70 That Committee. of three be select
my by this meeting, whose duty it shall be
lv- employ competent counsel to inYestigs
or the proceedings Of the former directorsE
itv Of said road, and to ascertain the rigl
ly and protect the interests of the stoekhOl
am ers. and creditors thereof.a1 t
vas ReSOlved further, that suitable pers
ara | be selected in said committee of three
III, organize similar meetings at such pIaC
ner along the line of said road as may
ing designated by this meeting, to solicit thc
The interested to become members of S;
ed. company.
~, That to defray the expenses incidt
- to the employment of counsel, and I
mr' holding of said meetings we .recomme
his that said committee of three be authoriz
to take the signature of all such of
- stockholders as are willing to engage
''N' this investigation to an agreement
contribute to said payment sum equa
ght two per cent. of their several stock ST
the scriptiOns, if the same be required to
5ing expended solely in and about correcti
for the abuses above set. out.
arm. The committee selected as provided
ling in resolutions consist of the follow
y as gentlemen: ID. d. DUNCAN, 7. M. Jo
we're, and Capt. Davis. The books were p
t of sented and several persons signed
such agreement to pay, if necessary, 2 per &C
uent on their stock subscription for the p
rem rem pose of investigating the proceedings
lEeq Dy the present management of the ROT
anu anu ahu Lnen motion was made to take u
7suIC subscription for such miners as have b
Gauy | 9 LlroWa y out of employment, and are
'nefs ne6u Oh help. Persons subscribed libera
nary me meeting was a large one, an
llld- genera good feeling prevailed.
stockholuers seemed to be in earnest.
nent mediate action upon the parf Of tba .,
the mittee was urged. After which the nj
walk ing adjourned. po5 II :.
tion, l. T. MONAHAN, Chairman
ured j. A. ALEsHIRE, Secretary.
ed to s----
their Cincinnati Commercial. A New Y
d in telegram states rumor that Mr.. San
Sc of J, Tflden has become speechless, OWN
g de- paralysis OF his vocal organs. Mr.,