The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-07-30

4 number of stockholders III the
Midway Iron Company and about hall
hundred citizens met ut the Young
Mems Christian Association hall last
night for the purpose of discussing
means to make the delinquent stock
holders who had refused to pay their
assessments came forward with the
cash.
On motion of Mr.. ]. Fleming Chris
tian, Mr.. S. w. Jalnison was made
chairman. Dir. Christian then cX-
planned the object of the meeting.
He said it was to devise means TO
secure the $50 900 stock that had been
subscribed The assessment on about
$14 900 only of the stock had been
paid. The remainder of the stock
holders had given various excuses,
the majority of them saying that the
plant had not been located within
the limits OF the city, as had been
promised and not on the property OF
the Midway Land Company.
ar. K. e. Scott lawyer and also ~
stakeholder III the company was
called upon for legal opinion as to
whether or not the delinquent sub
scribers could be made to pay their
assessments. He said that after care
full examination of the pros
pectus he was of the opinion
that they could be made
to pay these assessments. he said
that of course he had been called
upon rather unexpectedly. and the
opinion was therefore rather hastily
formed, but he thought that the pro-
visions of the the prospectus
had been ftlly carried out; In
closing the speaker suggested that Il
count be made for the purpose OF
seeing whether or not majority OF
the stock was represented at the
meeting. 1t was found that it was
not represented.
a committee consisting OF Messrs.
Ludwig, frey and Scott, was APP
pointed OIL motion Of Mr.. r. II. Wood
rum to solicit subscribers to stock.
After a canvas OF the audience live
additional shares were taken
Mr.. Christian suggested that Mr.
K. w. Davies be asked to state the
present status OF the plant. Mr.. Da-
vies said that the plant was there Tor
everyone to see who was inter
ested. The machinery, with the eX-
ception of the engine and boiler, was
in position and these were on the way
here now. The expenditure for labor
up to the present time had been about
81 900. but they could do nothing
more until the money was forth
coming. The plant is only n
baby now to what it will be one
of these days, said Mr.. Davies
land if it is not paying Institution
then the manufacture OF iron in the
South is a failure. But it will be Il
grand success. There is every reason
that it should, for the situation in re-
gard to raw materials sail that can
be desired. II we have the money we
will be employing seventy-tive men,
nearly all OF them skilled laborers, ny
the 18th of September.
Mr.. r. II. Woodrum offered the fol
lowing resolution rs the sense OF the
meeting: THAT the board Of directors
should employ Mr. K. +. Scott as
counsel to take action against the
delinquent stockholders" The re-
solution was passed.
Mr.. Woodrum said that he de-
manded. as stakeholder, that the
directors should take this action. A
test suit could be made before any
Justice of the peace and if it were sue
cesful then the other backward stock
holders would pay their assessments.
He also offered resolution to the eff
feet that the deed for the property in
the plant be made at once. This was
also carried and the meeting then ad-
1ourned. The board OF directors will
Drobab ly meet TODAY