Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1922-10-13

$500
for road and bridges, and this is les
than many contracts let under YOU
administration. But taking the Jesse
sum OF 1888, 900, what did the state pc
and what did the private stakeholder
get? The state accountant visited tn
treasurer's office at New Market an,
audited the books of the company. Ac
cordlng to the state accountant, tn
private stockholders got $22, 975. Sc, an,
small additional sum since the &C
eountant made his report has been pal,
by the Highway Commissioner. TIL
private stockholders did not get tn
$45, 900 which was set aside for them
because they did not claim it except t,
the extent of $4,000. The whole sur
plus, less expenses. after paying tn,
$23, 600, was turned over to the state
as evidenced by the state accountant
report. What did the state get? Sh,
got a road valued in the preamble O
the Act at $500, 900, valued by the High
way Commissioner at a million, ane
cost 1000, 900 to replace; $1,000 worth
of road machinery, $24, 1924 3S in cash
as appears from the report of the state
accountant, and s16, 097.74 from the
rent and sale of certain toll houses, a:
appears from the report of the Auditor
of Public Accounts. In other words
the state has got the road, whether i
is worth s56O,0OO or 81 ZOO, 600 or 81,
600, 600 $1,000 of machinery, and $31,
O21.12 in cash, as against approximately
$4,000 received by the private stock
holders, who had a right to two-fifths
of the entire assets.
The par value of the stock of the
Valley Turnpike Company was s25 per
share. 1t was issued and the Valley
people paid in cash at the rate of s25
per share, or in all, s15S, 72O.75. Only
one small dividend was paid since the
Civil War. Therefore, in 1918, with
compound interest for IS years, the
stock stood the private stockholders
about $4,000 per share. For this each
stakeholder received in the dissolu.
ton of the company 1928 per share,
or about one fourth of one per cent.
| think, Governor, that when you
have taken your course in elementary
arithmetic and have fitted yourself tc
comprehend. these figures, you will be
ashamed of yourself for insinuating
that the private stockholders of the
Valley Turnpike Company have dealt
selfishly or unconscientiously with the
state in this matter.
On the total original investment OF
Sl5S, 730.75, with interest for IS years,
the private stockholders received only
$l2,975.56.
~ The second count in your in
dictment is as follows:
There was, according to the report Of
the Turnpike Company filed with the
Corporation Commission, sum slightly
in excess of $52. 600 in the company
treasury when the company's affair:
were wound up, but there is no RECORD
in that office of what was done with
the extra seven thousand and odd dol
lars, nor is there any record of it il
the Auditing Bureau of the Highwa,
Department.
In the first charge you were mixed il
your figures. In the second charge
you are mistaken in your facts.
1t is not true that the Turnpike com
pany reported upwards of $50, 600 il
the company's treasury at the time OF
the transfer of the assets to the state
The company reported to the Cor
Coration Commission s52, 249.34 as Of
June 80, 1918, two months before the
transfer This sum was subject te
bills due for permanent Improvement
operating expenses and maintenance.
After the transfer on September /,
1918, books of the Turnpike Company
were audited by Mr.. w. F. Smith
state accountant, and the company
settled with the state in accordance
with this report, which has never beer
questioned by you or anyone else
until now. The books of the Valley
Turnpike Company have been turned
over to the State Highway Department
who have had possession of them, ane
the statement of the state accountan
for two years and a half. On Septem
Der /, 1918, the date of the transfer
the safe accountant reported s42, 412.s IS
Every cent of this amount has been &C
counted for and audited by the state
accountant.
Governor, if you honestly though
that either or the Board of Directors
of the Turnpike Company, or the pri
vate stockholders illegally withheld
$1,000 from the state Of Virginia, VIII.
OIu yOu HOt Witch ia OiIISC HidhC tiA
matter public and enforce the claim
Your appointee, Mr.. Coleman, had al
the books of the Turnpike Compan
and has them now. You had befor
you the report of the state accountant
and if you were not satisfied with
you could have called for anothe
report or employed another az
countant. Why did you wait to max
this utterly baseless charge until, t
use an expression which you are fon
of applying to other public men, 20
had passed.
(4) Your third chare is the that tn
state has not received deed. l al
not lawyer, but farmer and fru
grower confess that know as littl
about law as you do about farming
which is pretty frank admission {
complete ignorance. The preparatio
of the deed was turned over by tn
Board of Directors to MIR. r. Ora
Williams, Of Winchester, an able Law
yer, and the attorney for the Turnpik
Company Ihave never had a sing
coyvouo,, vnscofron ~. ycuv,osf from on