The times. [volume] (Richmond, Va.) 1890-1903, 1890-03-13

~ Inc Virginia. state Agricultural and Me-
ehanical society. Cnrncsti, ocsifint ihnt inr
valus BILE property Of this soiotN, ,oi ,, '
already made manifest, shall not De SOLO iot
Inc payment 0l ils debt, We make TINS hn"i
appeai 10 the BOARD OF Aldermen of TINS Guy
that they viii reconsider ana lake sn,n pr
ton as will avert THIS calamity 70 iAchln,iu,
and that the president OF the said board ls
requested 70 call q meeting an the earliest
possible day 10 consider the matter.
sCANf COURTESY.
The above was duly transmitted 10 the
president Of the Board or Aldermen OF inns
city, but its receipt was never acAnoWieut q
by any one. nor was an invitation EXTENDED
AZ IL customary. TO your committee 20 no
present al the meeting which we huDbt-
auently learned had been hcld:
However, the whole subject uao pt'H l'i'-
vioiislv presented 10 that body ln every con-
ceivable shape. and the members OF inc
Board OF Aldermen were IN luh pohseaio" "i
all the facts. ..,..,
bv your committee was defeated.
There appeared no alternative other than
10 make sale Of O portion or me Whoic OF inc
property Of the society as might appear Dtol g
an things considered.
Another general meeting Ofthe society was
beiuQ discussed when the creditors notlhcu
us that provision must be made Tor the liqW-
dalton of our Indebtedness, or something
looking Ina that direction. az once, on sun
would be Immediately instituted. mere
make an advertisement of the sale of inc
property 20 take place Oh March ~. lov) ana
al the same time "a general mcclht on tn'
life. members and stockholders was calico lol
March -. 1s9O-as 10 viii be seen one Gay
before the proposed salc-y0ur commiiee
well approaching the fact thai such SAFE lnusl
either before or subsequently have the faiil-
cation ofsuch general meeting
LIFE MEMBERS RIGHTS.
Al this iuncture william G Knight, Robert
Beverly and q few others llic-mcmDeis
raised the question as 10 the properly iienl
~ old life-ucm bors-a question when could
have been as well raised years ago, and one
when has not been brought about, or tht
status OF such members, changed by amy nc
ton on this committee, either taken OF pro-
Through this question thus raised they
have obtained at the hands Of The CnancefN
Court OF Richmond, an injunction prohinir
ing the sale of the property Tor tne present
Your committee employed cOunscl 10 repre-
sent the society, but made no objection lf
the Injunction because since questions as 70
the status Of lifc-mcm Dcfs ana the HAD NY
of the real estate Of the society iOi Jus deDlr
nave now been raised, the Court must settle
them before anyone would be willing To pli'
Your committed think 10 but simple justice
To itself ina the light of facts, 10 say that the
members who have now raised luis quest ioN
have known the same doubts 10 exist in tncn
minds for years past. Yet with their appio'
baton In lSs2 the city was asked 20 make .
loan Of $4,000 10 the society. and the same
was affected by the society giving WHAT we
Intended and understood 10 be a bona noe
deed Of trust on the unincumpeIeu pro- cry
TO secure the same,
THE RECORD.
Indeed, as far back as November /, 1876, q
general meeting authorized the EXecuili
Committee 10 issue bonds for $1,000 and SEE
cure same by mortgage Of IT'S property OF 'l0
raise the money In any other may ,that inc,
may deem proper.
sold bonds owned by the society and applied
the proceeds 20 the reduction of us debt, AND
I'm 1882. before obtaining the loan nom tu'
,ftv the society had authorized mOllet-'
on its propcriv which was prepared boy j. a
j, mes, Esq, 20 secure an old debt OF $4,000
ana the iuituer sum Of t3,Ol2.Uo, npflomt '
from r. II. Dulaney on the l2lh DAY Of Jam
uary 1882. which sums were finally PAID ou
of the money loaned by the city OF richmond
BEFORE THE LEGISLATURE.
A subcommittee. consisting Of the presi
dent and lce-Presdcnfs Buford and Branch
Of this society, appeared, by INVITATION, ne
lore scommittee of the Virginia Legislature
which 10 would appear had been appointed To
investigate the status OF lhe ne inthptle 3D.
this society a question which NouI commit
tee submits belongs 90 the courts alone.
Before that committee Of the Legislature
Mcssrs. Knight and Beverly were urged no
% thrust this matter into the courts on ace
count Of The heavy expense 10 the soclt "a
and the complications which might arse li
"A chanccry proceeding, but these gentlemfl
were not willing TO leave the adjustment %
the matter 10 The mcetlng called Tor MaicI
10Th and pressed the matter before the court
so that now am injunction has been awarded
and the society must take such steps as af'
found necessary IN the premises.
THE TITLES.
As before stated, your committee deem j
useless 20 oppose the motion for ana lnluIc
ton, for if set aside the titles have been place.
i'm such shape Dy the action of these partle
that no one would be willing 20 make puf
chase Of the property until this matter shai
now have been finally disposed OF by th
Another matter which must be considered
at this general meeting is the riihcat iol
and the acceptance of "a certain act passed n
the Legislature of Virginia, Acts $500
entitled "a bill TO amend aud rc-enact sec
ton &, Of chapter lO6, of the ACTS
1857 49,
hands of the Legislature To meet IN fuiur
such an emergency as arose in the matter %
a sale Of % portion of the sOciety's grounds q
the Richmond Basket and MoodelWar
Works. When your committee attempted "a
collect the money ON the sale q
this piece Of property. 10 was delnanle
bv the purchasers that such "a bli
confirming the sale OF the Basket Compan,
should be obtained. Hence 10 occurred q
your committee TO amend section or you
Charter subject TO an acce ptance boy a genera
meeting OF the society. Had this not Deer
done there would have been 10 OppOrtunIt
10 provide for contingencies then irmlnen
until another sitting Of the Legislature. W
advise the prompt acceptance OF this act b.
this general meeting.
Respectfully submitted,
ASHTON STARKF. Chairman,
and for the Executive committee.
Tho TppoTf WAS NgpUfuVHNIDl NN NHIInI
sheet
Colonel W. G.. knight moved that the b.,
port be received and accepted.
Major Joseph Walker. of Chesterfield, 81,
conded the motion. and it was agreed TO.
Major Norman Y. Randolph then Oilerc
the following resolution:
Resolved. That in the opinion of this gen
eral meeting Of the stockholders ana DO
members of The Virginia State Alrlcufut
and Mechanical Society, whatever may D.
the relative rights and Interests OF siockholl
crs and life members the real estate held L.
this society should bc held liable for its hon
est debts and obligations, and should be sol
II necessary 10 pay the same.
Mr.. b. i. johnson seconded the rosolu
ton.
Mr.. 4. Y. Cannon did not think the reese
luton amounted tO anything. The cOnco
sion was generally made that honest debt
should be paid. and Mr.. Cannon said b
could see no practical use in passing reese
| luton endOrsiye of such widely accepte
sentiment Referring 10 the suit pending j
the Chancery Court. in which am order q
| Injunction, restraing the sale of the expo.
tiOn property. had been granted, Mr.. Can
non inquired as To- It's character. He ha
not heard or read the bill if one had bee
filed. and DE would like % have the Obiec
of the proceedings explained TO him. If som,
body present could do SO.
Major Charles =. Stringiell0w arose 90 ar
swer Mr.. Caun0ns questions. a bin ha
been filed i'm the case ON behalf of certai
life members. 90 ask the commissioner q
the court 10 take an account of the Obiiga
tons of the society; and further, % ha6
defined the relative positions Of the stock
holders and liie-membcrs and their rights
The point had been raised whether the roa
estate OF the society is liable for the pay
mont of its debts. theoretically, ne helieNe.
IL was not; that only the income could %
subjected 10 the settlement OF debts.
" II the property is not LIABLE remarkc
Mr.. Cannon. "whO is TO pay the deOts?'
echo answers who" replied Majo
stringiellow.
NOT BOUND IL LAW.
Colonel Knight said he did not think Oh
property was bound in law. The bin passo.
by the Legislature places the property il
the hands Of the stockholders and life mem
q 81 . q 3D..