Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1881-11-19
Stockholders Meeting of the
Agricultural Association.


Agricultural and Mechanical Asso-
citation met in Martiusburg on Sat-
urday last, and organized by calling
J. l.. W. Baker, Esq, to the chair,
and appointing w. T. Logan, Esq,
Secretary. The roll was called and
a majority of the stock found to be
represented. The meeting being or
ganized President Baker called upon
Hon. Chas. j. Faulkner to state the
object of the meeting.
Mr.. Faulkner said that he would
comply with the request OF the pres
ident, although his remarks must be
brief, as an important chaneary
cause was then pending before a
special court iii the Judges cham
bers above, in which his presence
was necessary, and to attend which
he had already been summoned.
This general meeting of stockholders
had been called to decide whether or
not they would bring this association
to a close by dissolviug the corpora
tion and ordering the fair grounds
to sold. AS general proposition
the stockholders have the power TO
put an end to their own corporate
existence, but there were peculiar
circumstances in this case that
would make the exercise of that
power one of great delicacy and
doubtful propriety. Large debts
bod baap naptXaota1 by Gonna af tha
directors and endersers, upon their
personal responsibility, based upon
their reliance for indemnity upon
the land and the proceeds of the an
nual fairs. These creditors OF the
as ociation, secured by trust deed,
could order a sale of the fai grounds
at their pleasure, but 80 long as they
did not choose to exercise their legal
right he could not we'll see what mo-
tive could prompt the stockholders
not involved in those liabilities to
desire sale of the fair grounds; they
were subjected to none of the bur-
dens of those liabilities, whilst they
had their full enjoyment Of the fairs
80 long as they were continued.
While no creditor of the association
had yet demanded sale of the fair
grounds, he was aware that some of
them favored such action, and that
they designed, when the grounds
were sold, to buy them in and con-
tinue the regular annual fairs. He,
Mr.. f. was not disposed to encour-
age that proceeding, as it would cut
off some two or three hundred small
stockholders from all interest in the
association, and perhaps cause them
to become actually hostile to the
success of our future annual fairs.
He had no plan Of his own to submit
to the meeting. He thought its best
course would be, not to dissolve the
association, but to leave the matter
in the hands Of the creditors Of the
institution who were its largest
stockholders, and let the fairs go on
as usual, until they ceased to be pro-
ductive of any revenue, and then the
grounds would no doubt be sold and
bought in by those who might think
they could make it profitable under
new organization. He admitted
that there had been much eXtrava-
gance of expenditure and some mis-
management in the affairs Of the as
ISOLATION, still it could have tri-
umphed over these difficulties if the
farmers of Berkeley had given that
cordial and general support to it
which might have been expected
from them. It's grand error
was in resorting to loans of money
instead Of to subscriptions of stock,
and it is now tottering under the
weight of heavy Indebtedness. He
thought the association had exercis-
ed a beneficial influence upon the
agricultural interests of the county
and would continue to do so if kept
up. 1t was the only agricultural
fair east of the Alleghaney noun
tains in West Virginia, and it would
be deep reproach to this county if
it was not sustained under the pres
ent or some other organization. 1t
was for that meeting to decide
whether it would dissolve the present
corporation or not. If now dissolved
it would leave all the debts and liza
bilities as they stand. The fair
grounds would be brought into mar
ket and probably purchased by the
large stockholders who are creditors
by trust deed of the property. 1t
would then pass into hands OF some
twenty persons to the exclusion of
two or three hundred smaller stock
holders, who would lose all the BEN
efits and advantages of their present
state which is valuable for the free
tickets it gives to themselves and
families. He regretted to see how
few of the small stockholders had
attended the present meeting, and if
events took a turn destructive to
their interests they will have them
selves alone to blame for their mat
tention.
After Mr.. Faulkner closed his re-