The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1888-03-29
El-. O
Nov. |, Sc. Treas. Hoge nego-
tiated his note as Treas. Of
the Sinking Fund in the Ma
tional Valley Bank for. .... 6,6s


Making tOtal of. .Sl9. 10000
Which sum was invested in city per
cent. bonds al par. These bonds were
never put upon the market, but as the
Sinking Fund treasurer had the money on
hand, were taken up by him at par as
above stated In making this purchase
for the Sinking Fund, Mr.. Hoge, as treas
urer, had on hand 6 per cent. bonds
amounting TO $4,000, which he could not
take as treasurer of the sinking fund, as
that fund was already in advance Of the
amount set aside by law. MIR. Cochran
said he would like to have 81 600. Treas
urer Hoge not deemlng It judicious to adj
sold the bond to Mr.. Cochran, and The
other $1,000 was taken by another gem
tleman; both, as appears from the trans
action, as Investments. The bond pur-
chased by Mr.. Cochran was paid for by
the check Of the Valley Mutual Life AS
sociation, and so far as is known, is held
by that association as an Investment.
After this transaction had been completed
Treasurer Hoge remarked that if at any
time either of the gentlemen wanted to
dispose of their bonds, he would like to
have them for the Sinking Fund. One Of
the gentlemen promptly remarked that his
bond would be forthcoming at maturity;
and from the judicious manner in which
Mr.. Cochran manages the affairs OF the
Valley Mutual Life Association, it is
hardly probable that its bond will see the
Light of the treasurer office before re
demption3 day.
This is the whole Of the matter Of SELL
ing and buying these bonds, by which it
appears that the bonds were never on the
market, and can not fairly be taken as
gauge of the market value of Stanton
City bonds.
Treasurer Hoge says he had no difficulty
in negotiating the loan of $6.682.57 to
make up the amount necessary to cover
the bonds purchased for the Sinking Fund.
He simply gave bis note as treasurer of
the Sinking Fund, without endorsement
and without collateral. He has negotiated
similar loans from time to time, and has
always found the banks prompt to make
the loans upon the faith of the credit of
the city, simply taking the note of the
treasurer of the Sinking Fund for the loan.
These facts we get from the city treas
urer, and any other citizen having the
welfare of our city at heart. can satisfy
himself if he yet has doubt, by calling at
the office of + Ip cjtv trpasurpr
We hope that whatever may be said as
between the ''ins'' and 'outs, = as to the
control and management of the affairs of
the city, that no good citizen will permit
his zeal to so far get the better of his
judgment. as to publish statements which
can result only in detriment to every in
terest of our town, and retard our growth
and development.
Our city was never in a better condition.
1t has no floating debt. All warrants on
the treasury are paid in cash, the teachers
in the public schools receive their pay
promptly in money, and nowhere do we
hear Of complaint. There are 20 bonds on
the market for sale. all interest on bonds
is promptly paid every six months. There
has never been any default There is alb
solutely no ground upon which an attack
can be made against our credit,
Huckins Soup-Clsm Chowder, at
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