Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1881-11-19

sense of the meeting to be tested, he
would move the following resolution:
ReS0lced, That this meeting de-
clines to take any action looking to
the close of the association or to the
sale of the fair grounds.
The motion was recorded. Mr..
Wisner, after stating he proposed to
offer substitute, laid,
He was not in the habit of dis
guising facts and If he had nail to
bite as duty he would bite at it.
The association was hopelessly in
debt, and whilst admiling the beau
tiful sentiments uttered by Mr..
Faulkner, yet he knew it took dol
lars aud cents to pay debts. There
was a chancery proceeding in the
cncuit court to ascertain the pro
rata responsibility of the guarautors
after eliminating the irresponsible
ones, and it was idle to expect guar
entors to be subjected to legal pro-
cess to compel either the borrowing
OF money or the sale of their prop
erty. 1T the present association con-
submitting to .dis treatment and
co 1senting to hold their lien in abey-
ance. The guarantors had already
paid ten thousand dollars, or at least
assumed it, and the remaining in
debtedness, though carried by the
banks on the payment of the inter-
est, was liability hanging over them.
The agricultural interests demanded
an annual fair, and as it rested solely
with the guarantors as to the con-
tinuance of the present association
or that the property should be appli-
ed in liquidation OF their liens and
responsibilities he thought it proper
as stakeholder and not a guarantor
to rest the question solely with the
men who had the liability on their
shoulders, and therefore he offered
the following:
Resolved, That the Directors of
this association be, and they are
hereby authorized to sell the prop.
erty of the association and pay off
it's Indebtedness, unless the guaran-
tors of the debt, by their agreement
in writing to be filed with the direc-
tors ON or before the first day of Feb
ruary, 1882, agree to hold in abey-
ance their lien or liens for period
of ten years, in which event the di.
rectors are authorized to continue
the association.
Judge Faulkner said he opposed
the motion and the substitute,
though seconding the substitute for
the purpose Of argument. The Judge
explained that it would be impossi-
BILE % allow the stockholders Of the
association chance to continue bv
Increased subscription If the substi-
tute was adopted, and the original
motion provided no remedy if it was
adopted. The large body of farmers
and small stockholders should be
permitted to have every opportunity
of paying off the Indebtedness in any
| possible manner, so as to hold their
rights already acquired; and al
though only s Efficient stock thus far
had been actually subscribed to
about pay for the land, still, il the
guarantors were willing to add the
payment already made to the capital
stock then a preferred stock might
be issued to meet outstanding liabil-
tiles. 1t would operate against the
fair if the POS stockholders should
be cut off. as it would put their in
fuence against the association. Mr..
Ridgeway inquired il the 225 stock.
holders were not better able to meet
the indebtedness than sixteen guar
antors, and if they stood on their
rights why didn't they assist n
Judge Faulkner continuing said,
that was the right he wanted to give
them, so that they might issue the
preferred stock if all other liens were
removed.
Mr.. Wisner called his attention to
the fact that his substitute did not
provide for the issue OF preferred
stock, but that the guarantors should
their liens in allegiance for ten hold
years, they virtually owning every
their.
The Judge recognized that and
said it did not therefore provide any
means or suggestion for the payment
so as to issue preferred stock.
Mr.. Wisner proceeded to reply to
the Judge, when Judge Faulkner
said he would favor the substitute if
modified so as to permit the guaran-
tors, if willing, to take stock for
their payments already made and
permit the association to issue pre-
ferred stock, and thereupon Mr..
Wisner said he would so modify the
substitute, and presented it as fol-
lows: Ms.
RESOLVED, That the Directors of
this association be, and they are
hereby authorized to sell the prop
erty Of the association and pay off
its Indebtedness at the request Of the
guarantors, or either Of them, and