The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1892-07-14
A STATEMENT OF FACTS.

a STATEMENT OF FACTS.
As our readers have. doubtless, already
observed, the VALLEY, VIRGINIAN, with /
it's Office outfit, is advertised to be sold |
on next Saturday by w. w. Pendleton,
Trustee, for the benefit of s. M. Yost u
Son. Whether the sale will actually |
take place we are not able at this writ>
to say The Board of Directors OF the
Clifton Forge Publishing Company has
made various efforts to prevent the sale,
but SO far have been unable to effect
any arrangement to that end. Some
agreement may yet be made with the
creditors and the sacrifice averted, but
there is no assurance that such will be
the case. Hoping all the while that a
satisfactory settlement would be reach>
ed. we have refrained from mentioning
the situation in our columns; and were
especially anxious that it would not be-
come necessary to say anything in be-
half of the present management of the
affairs of the Company. The time has
come, however, when we feel called upon
to make an explanation in justice to
those who have immediate connection
with and control of the business inter-
of In III ir
statement we shall endeavor to confine
ourselves strictly to facts, and do not
wish to be understood as making an at
tack upon any one or condemning the
conduct of any one.
At general meeting of the stockhold-
ers of the Company. held on the 18th of
May, 1899, it appeared that the Com
pany was still indebted to s. M. Yost &
Son in very considerable amount as bal
ance of purchase price of the paper and
equipment. On the other hand, a large
amount was found to be owing to the
Company from delinquent stockholders.
which was principally due from per-
fectly solvent parties, and sufficient,
when realized, to enable the Company
to control its indebtedness without
trouble. At this meeting Maj s. Nj.
Yost resigned his position as editor OF
the VIRGINIAN, but retained his plact
as President of the Company. 1t was
then perfectly understood by the stock
holders and directors that the Compan,
would be INDUCED until its assets coulC
be realized and appropriated to the dis
charge of it's Indebtedness. The Board
thereupon elected the present editor, G
F. Moore, and empowered him to ap
point his own business manager, tt
which place he assigned Mr.. ID s. Eich
elberger. Being familiar with the EN-
barrassed financial condition of tn,
Company, these parties in control began
at once an economical administration o
the affairs of the Company, hoping
thereby to save the property of thu
stockholders and insure the success @
the enterprise. Since that time to tn,
present this office has been run at re
duction in expenses of about $4,000 pc
week: and we confidently affirm tina
the job department of the concern ha
never in the same length of time don,
more work, nor given better satisfaction
to it's patrons.
The newspaper can be judged by thos
who read it, We do not pretend to sa,
it has been edited in a manner that will
favorably compare with the work of it
former editor, for we all concede the ex
ceptional ability of the pen of Majo
Yost. The people. however, have mad,
no complaint and have shown DISPOSE
ton to support the efforts of those il
control
In the very beginning of this era O
prosperity, when we were all hopefu
and confident of getting on our feet, and
before it was possible to enforce thu
payment of our outstanding claims, W.
were treated to a surprise in the shape
of the advertisement referred to.
The purpose of this article is not tc
find fault with any one, but to meet the
implied arraignment of the present man
agement. Those who are not acquaint
ed with the facts will, of course, be
forced to the conclusion that the sale OF
the property is due to mismanagement
of those now in control Naturally they
will say the paper got along well enough
until put in charge of new men, since
which time it has been reduced to its
insolvent condition. We had hoped that
it would not be necessary to make the
foregoing statement in our own behalf,
believing those who induced us to enter
upon this labor would be disposed them
selves to exOnerate us from any blame;
but as they have not done so we take
this opportunity to give the public a
statement of facts from which they may
draw their own conclusions.
A Big Loan.
The Shenandoah Furnace Company
has executed deed of trust to the Land
Title and Trust Company, trustee, to
secure loan of $3.50, 600 This, we take
it, means a resumption of active opera
tions on the part of the Shenandoah