The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1889-02-07

capital stock. on the basis propose In the
prospectus. has all been subscribed and
the hooks closed. Since then some OF the
stock has been sold at Il premium, and
Friday evening there was quite an excite
! meut in Stanton amcng those who had
been hesitating until il was too ,ate to
purchase stock.
When it WAS announced that there were
no more shares on the market, lhen u.ese
| doubling ThomaseS were very desirous
| TO purchase. and in sotne Instances - high
as ten dollars share advance WAS offered
Some had sod for s. advance. and others
refused to dispose OF their stock at any
price. The success of this investment
shows what can be done hen u few live.
active, determined men take hold Of a
scheme. Our people seem to te ready to
take hold Of anything stared elsewhere.
but hesitate to institute Il movement 10
/ benefit our own people and county. they
have invested in Roanoke. Birmingham,
| Florence. and Ruena Vista, when there
are better les for ii town. and more H.
ducemeuts to huild in Augusta county
| than at either of Til" places named. Staun'
I! ton presents excellent advantages for an
industrial centre. A Rolling NJ estah-
lished at this point. would be a beginning
that would result i,lNaii onS other proJects
being undertaken. Ii oar own men OF
means would determine that stock com
pany, with sufficient amonnt OF capital
10 assure the Rolling Mill plant. Shoul be
for mr,l it could and would i'e done. he
will lea, in the mai CT? VI Z cotfid name
two score Of men who could take he c n
tire stock and not lee it to en- aarras sment
if the whole of it weie lost. Dut there
would he no danger of losing. Ii WoulC
pay from the jump, an.l be the nucleus OF
an industrial centre If large proportions
We mention "a Rolling Mil because iron
indust, les aie the proper projects to en-
courage. as the foundation oi fosperity il
an iron district. Thee is larger wealth il
iron Than IN any other industry we could
start 1t would be turning dead wealth
into active values. 1t would give employ
ment to labor in various fields, and bring
in the ready cash to increase facilities AM
multiply operations. VIII not some Of
our public spirited men of capital take
hold of the matter and push it TO success:
But they should avoid the blunder OF
The Buena Vista boomers. There is not
d subscription on the books Of that com
pany that is rot illegal and in direct viola
tion of the Code of Virginia. That lega
guide says that the stock subscribed fcl
the purpose of forming joint stock com
pany must be tahsn at par.
The Buena Vista prospectus. upon whcl
all the stock solicited was taken. provides
that 500 will buy two shares at the pa,
value of SlO0 each. If two shares are
taken then a bonus Of town lot is
given. So the boomers will have to undo
their boon and take fresh start. They
cannot move a peg as they now stand
without moving Illegally, consequently
vltiating all their interests. We quote
from the prospectus andlhe Code. to show
the conflict:
The plan of Reorganization, as adopt ed showing
! |
below.
The capital sto K is one million Isl COZ 09o
dollars.
OF this six hundred $500 0J3) thousand dollar:
will be Immediately issued and sold at fifty PEI
! cent. of par value of $780, The proceeds thereo
to be used in purchasing the lands III layins
out the town.
The remaining four hundred Thousand (sl30
000l dollars shall be held by the company fo
the deve .opme ut of the property and the pro
motion of the general interest of the Company
The Issue of six hundred thousand (36J300
dollars Shall be sold in shares Of one HUNDRED
(sI00) dollars each ut $50 dollars per share, tt
be paid as follows:
| Twenty (S20) dollars per share, upon the cal
of the Board of Directors and balance in equa
payments OF ten $50 dollars each In six, twelve
and eighteen months.
The holder of every two shares of stock ehai
receive in addition to his stock deed TO On,
residence lot 50x l25 fe et and the holder of fou
| shares of stock, in addition to his stock, d. es
to two residence lots 5oxl25 feet each and 81
on: INT the holder If sixteen shares Of stock
shall receive in addition to his stock deeds L.
six residence lots 59Sl feet each and one busi
ness lot 25xl00 feet and the holder of thrty-twf
shares shall receive in addition to bis stof k
deeds to twelve residence lots 50xl2o feet al
|
ing to the number of shares taken, These lot
are to be staked Off on streets to be laid off il
1 he proposed town ami distributed among tbs
stockholders by lot.
Certificates OF stock shall be issued and deed
to lots delivered to the stockholders upon
full payment of fifty dollars $50 per share c
stock.
No subscription to the stock of the compan.
shall be binding until the full issue Of sil
thousand shares of stock shall be taken.
The Code, 1887, Section 1924 says:
'Immedialely after The election of presider
and drec .ors the books for receiving subscr p
tions shall be delivered to them. II the Who'll,
capital stock has not ir"- e''s.~~''>ed, the,
shall take measures for obtaining subs rption
of the residue. The shall not, to ain sucl
subscriptions. SELL the oeY,. 90 ,es ean par, bu
may fix The price of such residue al premium
which shall be for the benefit OF all stock
holders ratably."
So it is plain that the whole scheme o.
the Buena Vista enterprise is predicatet
upon an illegal basis, and will have to b.
reconstructed in accordance with the Law
of The State, to be Of force and effect.
AS matter of general interest to booni
and boomers. We quote section 1880 of til,
Code of 1857:
mo stock shall be assigned on the book
; without the consent of tie company, unit
all the money which has become payabl,
thereon has been paid; and On any assign
! ment the assignee and assignor shall b.
severally liable for any instruments which
have accrued Or which may thereafter &C
crue, and may be projected against in ths
manner before provided"
We refer to this matter at time t.
place in possession of those interested, The
law applicable, and to guard against mis-
takes.
The Samoan fair.
The President Friday transmitted tc
Congress additional correspondence rela
tive to Samoan affairs. 1t appears from
this correspondence that the State De
partment had been officially advised 81
IA declaration of war by Germany against
Mataafa, and lat advices had been receiy
ed from consul Blackjack to the t it. ct that
Germany had placed the Samoan Islands
under martial law, which was equivalel t