The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-04-10
no QUORUM.
STATE AGRICULTURAL AND aECuAN
lCAL SOCIETY.
WHAT TIE BALANCE SHEET
SHOWS
ADJOyRNI 10 MEET ON TuE
TMENri -IITIH
Tickinss nv III" Police. and Proceedings
Of the ourts Yesterday Charter re
corded ut the Capitoi->cws
From Manchester.

An adjourned meeting Of the stock.
holder Of the Virginia State Agricul.
turd and Mechanical Society was held
Yesterday afternoon 40 , o'clock IN the
rooms OF the Chamber of Commerce.
There were present number Of the
active members of the society, but only a
small part of thc stock was represented.
The election of officers was 10 have been
held @ This meeting. and also action
taken ucce-s'nicd by the financial con-
diii1n of iho society
Mir Ashton ~farkc. the retiring presi.
dent. who +. holding over until his sue
ccs.or is elected, called the meeting TO
orl.r.
MI Joseph BRYAN stated that it was
evident that "a quorum of stock was
not nrc emf. aud no one present
T. op .c.ent thc $4,000 OF stock
he'd by the cify az Richmond, and be
move $685. 80 hen this meeting adj iourn il
adiourt to meet ON Thursday April 2jth
at T.. ". in thc rooms Of The Chamber
OF Commerce. and in the meantime the
president cldrav0r % obtain rs many
proNic- as possible, SO ttat q majority of
the stock hr represented. The motion
was agreed to
General Joseph e. Anderson urged
that every effort De made to get a good
quorum II could bee easily obtained he
thought. f- the bulk of the stock was
held hy Richmond merchants. which, To-
peiher wits ihe stock held by Richmond,
would enable al least thrCc-iOurths % ho
tO.tller
Nlr Huizlor eskci If he could get any
information rs t0 tine inancia status of
the society whether be would know
more when tlc next meeting was called
TO ord. q than De did now A statement
was shown. giving the balance-sheet OF
the society
Mr. Starkc stated that properly viewed
the Exposition was financial success 4
year ago the value of the society prop
criy WIS about 100000. on which was a
mortgage of $4,000 held bv the city
CThis mortgage Was subsequently, re
leased hv the city for $50, 900 Of stock in
the society," Now the property of the
society. as appraised b, real estate men,
j. valued af $4,000. I hc society owes 10
different firms in the city S35 800. That
il the extent of its liabilities There
afe $4,000 of stock unsOld. which. II
sod. would reduce the debt to S20j00
There are about $4,000 worth of fix
lures. such as shaiting, &c. in the build
inc. which, If sold. would reduce the
debt To about $1,000 What. however.
contronls the society now is TO provide
for The cxlinguishment OF debt of
$4,000
rber are now SOB 600 OF stock out
standing The rcsl estate under the
charter cannot Doe sold excepting on the
condition tnat the proceeds are rein
vested iu similar property for similar
uses The che-tcr however, provides
THAI tine society can mortgage it, proper
". and i' the same be sold under a fore
closure of the mortgage then the society
can give clear title. The only way 10
settle the Indebtedness, In the minds of
many members, is TO borrow $4,000 on
n mortgage, but at present the society
has no income. and hence could not pay
the interest OF - 400 per year The
money can he easily gotten for q long
term of years If the interest be paid reg
ularly every six months.
Nr Siarke read from the minutes OF
the executive committee the report
wherein il was stated that he neither re
ceivcd or would receive any cOmpensa-
ton for bis services.
Adjourned TO meet Thursday, April
2Jth