Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1880-02-24

assurance that the road will be remuneratiys
when fully completed and turned over to the
COMPANY BY the contractors, who. under the
terms of their contract: have Possession of it
is irst-cl.ss in ali its appoiutmonts It's rolling
stock aud equipment strictly first-elass, and the
m9na agement, Of .lts business by thelcontraetors
There is now left little no obstacIe to the
spssaS sSnssrgstlon Of yonT ne Many legal
amongt Of right of way paiddor; And yet there
femaans 10 contract for, or condemn, according
at work with great assidGisy. to 5. cure by CON.
tract TINS right or way AID regret to inform
you that from tho unreasonable high demands
of the land owners, 1T will be compelled. in
law=to secure the same. iEc1 t2fcs'6 = -
:, AS a, Il now appeIaSs ar that portion of road
pleted in aIFsrSl short time. your Board asks Of
Son, at this NEE meeting; such legislation aud sueh
possibie. by and ii ia thsis opinisS Is
tue T. the Sona. ,b.% bsnd
selves. Your Board is Of the belief that if thew
nave nowers they may be enabled to rcdpce tho
rateof interest on the present issue of bonds.if
the they Will agree that sinking fund of no more
fund to; be Invested in the bonds. In carry.
ing ing t tins scheme INTO effect it NAY he advisable
turity of the bonds. .,,g,, - :, -
they may desire to build, bran ehes OF extensions
to your road to points not covered by its present
soatracts or mortRaGes, that you enipow er youf
cOnstrneiion, and t. incIutie in any new MORT
cages said portions SO CONSTRUCTED. in such
amonnt and with such conditions as thew NAV
dssm best for the interest of the Company.
t.arr Your Board y recognizing tue necessity Of
so1sFss so6fFsst Rt9 what Sasy eSnsder fayorable
Company, by which your road n iii 1Saye tbs
free nSe % OF the line along the road, together
free. The Railroad Company FURNISHING pnIes. onss
and the Telegraph Company furnishing q nstru,
mSnts men S batteries and wire, and maintaining the
W n nkEOa Nptf fl,a,,k
yonr Company. save the exponse Of carrying
materials a., and agent of said c'.mpanv free:
In h!cordance with D resolution of your BODY,
passea pass at I S9nr ~ last annual meeting requiring
held bv stockholders VINO have f,iieS to to msns
tue assessments on their subscriptions, yopr
Bon Boar, did expose SAID sfost t. public auction,
-, t-.us teaWM MINIS. JR.. President.
a resolution approving the report was
adopted ..-..,,'....,
Col. r. W. Baylor offered report which
had been made to the County Court of JEFF
terson in relation to the transactions of the
Company, and which the Court had ordered
to be laid before the stockholders' meeting.
The report was signed by Juo Fl. Strider,
Thomas Lock, w. II. T. Lewis and NJ. w
Burr, It advised that further steps be taken
to investigate the various contracts of the Co.
Mr. Stridcr was present, but not being n
stOokholder, was granted tho privilege, by
vote of tho meeting, to explain the action Of
the comm ttee. Upon several of tho points
raised by the report there was an animated
coll"qry between Mr. Stridcr and Col Boyoe,
Indicating wide divergence of views.
The matter was disposed of by motion ot
Col Boyce; that the report ho respectfully
returned to the Comfy Court of Jefferson,
with the recommendation that it make such
investigation and take such action as il NAV
deem proper.
Hon. Sm. Il. Travers offered long series
of resolutions providing for the cancellation
OF all prior mortgages upon the road, and tho
substitution therefor of a now mortgage and
bonds covering tho entire line OF road.
Mr Travers explained the scheme in de.
tail, and showed its advantages. lie was sat-
Ished that reduction of one per cent, n.
least, in the rate of interest which the Com
pany now pays could be effected.
The resolutions were adopted by a stock
vote-thc Central Improvement Company,
represented by Col. Boyce, not voting.
Mrj. A: w. Mcdonald offered resolutions
| in the nature of ga bill of discovery" to find
out what had become of s791 900 of tho ST.
100000 Of bonds which had been turned
over to the Central Improvement Company.
He contended that for work which only
cost the 9. !, Company So 500 mile, secu>
rites TO the amount of SIS 600 n milo had
been given them, which they held to-day 7;
that the settlement made with the q. L. Co.
was fraudulcnt-the stock watered, &c ;, &c.
The passage of his resolution, be thought,
would aid the s., v. Construction Company,
and strengthen the securities Of the road.
He desired to know of Col Boyce per-
tonaliy, who was the confidential agent of tho
q. |. Company, what had become of the
s7S1 600 bonds.
Col. Boyce did not think it exactly proper
for confidential agent to, divulge all he
knew, and declined to crafty Major McD's
curiosity. II the gentleman was out "bopd-
hunting" be was looking up the wrong tree.
Col: Il further said these were matters TO be-
Investigated by the Courts. and were NOT
proper for stock holders meeting. He did
not propose to furnish the gentleman with
any evidence to be used 10 the suits be had.
brought against the G. I. Company. .--
Hon. VIM. Fl. ,Travers made an earnest
and eloquent speech in vindication of the
action OF the Company. 1t was due, he
thought, to the memory Of tho dead MeClel-
Ian to cay that the settlement made by him
as President of the Company, with the q. I.
| Company, was made in good faith and with
honorable intentions, and had been confirmed
by Judge Turner. Mr.. I. said the bonds re-
ferrsd to had been destroyed by himself. and
they would never again trouble the Comdany.
President Mines thought there was no
use in conjuripg up a ghost. He did not
propose to give an order for any bonds ex-
cept for completed road Ii was an ignus
fatuus the gentleman was following, and If
there was anything in it,it wasfor the Courts
and not for a stockholders meeting to decide.
Msjor McDonaId stated, on the au.hority
of deposition of j. p. Green, that the
s7S1 900 of bonds had been cancelled With
the understanding that they were substituted
by like amount of bonds under the SIS, 900
mortgage. ss