The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1879-03-06
Railroad Meeting.

miners and others in seeming interested
convened at the Court House this even
ing, to canvass the situation of the roat
and to take measures, if possible to save
the road from sale, and to secure to tn,
stockholders, and some show for theil
investment in said road
The meeting was called to order by
placing DR.. I. r. Monahan in the chair
and J. A. Aleshire was chosen Secretary
Mr.. James Emnitt briefly stated the
object of the meeting; and on motion o.
Judge DuHadway, committee of five
consisting of Judge DuHadway, Lew
DUNCAN, Davis Mackley, T. M. Jones
and Capt. Davis, were appointed by the
chair to draft resolutions indicating the
feeling and intentions of the meeting.
While the committee were out the
meeting were addressed by J. A Ale
shire and John L. Jones, who earnestly
invoked some action to prevent the
scheme of the present management OF
the road in attempting to rob the stock
holders of their investment.
The committee reported the following g
preamble and resolutions, which were
unanimously adopted:
WHEREAS, The S., J. q P. R. R under
its President, VIM. n. Whitley, and the
Board of Directors of said road, since the
fsst day of August, 1878, has been so
mismanaged as to be ruinous to the in
terests of the stockholders, by changing
the character of the bonded debt of the
said road, in this, that the said Board of
Directors being the principal holders of
said bonds, changed the original mort
gage, substituting therefor another mort
gage, which shows upon its face that it is
wholly in the interest of the bondholders
aud in fraud Of the rights of the stock
holders; that the mortgage substituted
as aforesaid is executed for the sum of
100000 to one S. A. Bowman as trustee
for said directors and bondholders, and
who is at the same time the hired at
torney 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 due. then upon
request of one-third of the bondholders,
said Trustee shall file his petition to
foreclose said mortgage; that said .peti-
ton be fled in the Supreme Court of the
State of Ohio, the Circuit Court of the U.
S. A., or in the Court of Common Pleas
at Springfield, Ohio; that upon the filing
of the petition, a receiver shall be ap-
pointed 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 prose
cuted, and upon foreclosure no appraise-
nha1l 14 j
sale all property of every description
whatever shall be handed over to the
purchaser without exception.
WHEREAS, The said management of
said road sought to accumulate a floating
debt of over $250,000 without the means
to adjust the same, at time when they
knew they did not have the means and,
WHEREAS, The stockholders at the
January election for directors, in 1879,
said Whitley, then President of said
road by concerted plan declined to be
again chosen President, although it was
urged by Mr.. Chapman when he was
soliciting proxies, that he would be
President, and that his refusal while
ostensibly claimed, was on account of
health, his real reason was, because he
was to be appointed receiver for the pur
pose of said mortgage foreclosed at an
early day, before the road can show
whether or not it has the capacity and
business, to pay in a reasonable time said
bonded and floating debt; and,
WHEREAS, Said Whitley since his ap
pointment as receiver is still managing
said road in such manner as to realized
as small earnings as possible-interfering
with the coal mines at jackson by dis.
eliminating between the several mines to
such an extent as to entirely stop the
mining and shipping of coal, thus de
stroying the income of the road; and
that said Whiteley has so managed said
road, that no jackson operator can sell
coal in Springfield or elsewhere along
said road, unless they sell to monopoly
of which Whitley and his partners are
the real head; and,
WHEREAS, 1t is we'll known that said
Board of Directors purposely neglected
to provide for the payment of the inter
est on the outstanding bonds up to Jan
uary, 1879, for the purpose of showing a
| cause for throwing said road into. the
hands of a receiver and getting the mort
gage foreclosed and,
| WHEREAS 1t is the sense of this meet.
ing, that all the management of said road
as set out above has been for the pur-
pose of eventually obtaining possession
|
stockholders, and in direct fraud oil
their rights; therefore, be it
ResoLued, That we now organize our
selves into company as stock holders
and creditors of the S., J. & P. R. R. Co.
for the purpose of protecting ourselves
against the wrongs being perpetrated and
attempting to be perpetuated upon oul
rights, and interests set forth.
ResoLved, That committee of three be
selected by this meeting. whose duty il
shall be to employ competent counsel to
investigate the proceedings of the former
directorship of said road, and to ascertain
the rights and protect the interests of the
stockholders and creditors thereof.
Resolued That a suitable person bt
selected in said committee of three tt
organize similar meetings at such places
along the line of said road as may b,
designated by this meeting to solici
those interested to become members o.
said company.
Resolved, That to defray the expense
incident to the employment of counsel
and the holding of said committee O
three be authorized to take the sigma
lures of all such of the stockholders a
are willing to engage in this investigation
to an agreement to contribute to sale
payment a sum equal to 2 per cent. o
their several stock subscriptions, if tn,
same be required to be expended solel
in and about correcting the abuses abov
set out.
The committee selected as provided
for in resolutions consist of the followin
; gentlemen: D. D. DUNCAN, T. M. Jone
! and Capt. Davis. The books were pre-
} sented and several persons signed al
agreement to pay, if necessary, pc