Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1880-01-22
From the Springfield Republican, Jan. IS.
BODYssNATCHHNGs

| Ihe Cost OF the Ss }. q r. Narrow
Gauge Squeaks and Jibbers an thC
Streets OF sPrIngRieId-meetIn OF
stockholders Last Night and To.
Day.
The preliminary meeting of Stock
| holders of the late s. j. g.. p. Narrow
Gauge was held last Tuesday evening,
in the former offices of the company
on Limestone street, the rooms being
filled with citizens of this place and
others along the line of the road, some
Of the latter arriving just as the meet
ing opened, and attending on invita-
tion. L. w. Haughey, of South
Charleston, was appointed Chairman,
and Frank c. GoOde, Esq, Secretary.
The President, Geo. H. Frey, presented
the following statement of affairs of
the company:
To the Stockholders Of the Springfield,
Jackson C POmeroy Railroad Company:
GENTLEMEN About one year ago
the present Board of Directors was in
Quoted into Office in the regular and
legal method, and with the information
before you at that time, the problem
for said Board of Directors to solve
was, how to float the debt of the COM
pany--nearly 5000, ,000--$45O, 900 Or $780,
900 secured, the balance unsecured.
One month of severe struggling with
the subject made it apparent that the
company had no further credit or the
means of obtaining credit, that liens
upon rolling stock, locomotives, bridges,
and for taxes, were about to be en-
forced, and notice served upon us ac-
cor0lngly.
The trustee Of the bondholders, on or
about the first day of February, 1879,
filed his bill in the Court Of Common
Pleas of Clark county, Ohio, setting
forth the above mentioned facts Cf liza
bility to pay, and asking that Receiv-
er be appointed to protect the property
mortgaged to holders of the bonds, and
give said bondholders such other and
further relief as the equities of the
case demanded. The Court appointed
a Receiver. Then followed pleadings,
regular, irregular and defective, on the
part Of the company, by and through
its Board of Directors and employed at
torneys on the part of some few stock
holders by their proper and eminent
attorneys.
1t is but fair to say that the contest of
the foreclosure and sale of the mort
gagged property of our company, was
very full and thorough, and no proper
line of defense was omitted on our part.
The Court finally, on the 18th of
July, A. D. 1879, decreed foreclosure,
and ordered an appraisement and sale
of the property.
The proceedings under the order of
the Court have been carefully watched
by your representatives, and your in
terests as thoroughly guarded as posi-
BILE, so that at the late confirmation of
sale, the debts of the company are re-
duced in the sum of $500, 900, leaving a
balance of say 100000 unprovided for.
Since midsummer the Board of Direc-
tors has felt especial concern and de-
voted most earnest attention to every
means whereby they may protect stock
holders from the constitutional liability
to respond Individually to the claims of
creditors of the company. Claims to
very large amount are being pressed by
parties, who have been waiting for
time when the stockholders are pre-
sumed to be demoralized by the failure
of the company, and when no organized
and efficient resistance could or would
be made to their unjust claims. Nearly
100000 of such claims, unjust and un-
recognized by us and our predecessors,
are awaiting bearings in the courts Of
Ross and Highland counties.
Arrangements have already been
made by members of the board to effect
ually resist some of these claims, but as
the correspondence which accompanies
thisereport shows, by far the larger por
ton of these unjust claims is in real
danger of being put into judgment and
made available against stockholders on
their constitutional liability.
/ trust the stockholders here assem-
bled and all others interested will give
early and prompt attention to this
matter.
All fraudulent or unjust claims dis
posed of, we may reasonably hope that
the honest debts of the company, some
$400, 900, may be compromised and set
tied without distressing any of the
stockholders, by some equitable plan of
contribution, of which we have already
most encouraging prospects.
Gentlemen, you have been called TO-
gether by parties not of our Board, to
discharge what under our charter and
by law is an annual duty and privilege,
to elect new Board of Directors.
think may say for each member of the
present Board, but most certainly for
myself, that it will be great pleasure
to be relieved from further labor and |
responsibility in your behalf. Impor-
tant as additional labor may be to your
interest, have not the vanity to as
sumo that / alone CAN preform it, nor
that can pretoria it as well as many
others among you. But cannot dis
miss the subject without again urging
upon your attention the very important,
matters submitted in this report, and
that you each individually, along with
a good Board of Directors, must act,
and act promptly, cooperating tOgeth-
er for the common good of all stock
holders. GEORGE H. FREY,
President s. j. G. P. R. r.
Discussion followed as to the neces-
sity Of defending suits against the COM
pany by James Pursell, Of Washington
G. H.; General Jones, of Waverly; D.
F. MOnahan, George Spence and others.
DR.. A. Dunlap, of this city, presented
a resolution favoring such defense and
pledging stockholders to two per cent.