The times. [volume] (Richmond, Va.) 1890-1903, 1891-06-20
THE GORDON LAND COMPANY.
4 Lively Meeting Of The Stockholders
Yesterday.
THE COMMITTEE OF INVESTIGATION.
The Point Raised That the Company is Not
Legally Organizcd-Much Feeling
Against the Management.

About one-thrd Of the capital stock Of tho
Gordon Land Company at Gordonsyille, Nir-
,inia. is owned by Richmond men at first
hands. A number Of these gentlemen had a
conference last Monday,and being dissatisfied
with the reports Of the standing OF the COM
panylappointcd q committee 20 go 20 Cor
louisville and look into its affairs. This COM
raittcc Of which Mr. W. II. Sands was chair
man. visited Gordonsvilo on Wednesday and
made full written report TO a meeting of
FORTY or -fny Richmond stockholders in a
,noefinc held nd tho rooms Of The Richmond
Far Association over the Merchants Bank.
corner Main and Eleventh streets, al noon
Yesterday.
Mn. \. r. Savage was called % the chair.
The minutes OF the previous meeting we're
DISPENSED with and the committee was called
0n ~ read ITS report. lhe report was voiu-
rainous one. and was read 10y Mr.. w. IA. Sands,
.he chairman of the committee, ana occupied
about Fifteen minutes. The paper set forth
fine pan ~ organization, the name o.. the pro-
motors thirteen in numbcrl. and history OF
flo conduct of the affairs OF tho company
without criticism or suggestion
The committee reported tnat the officers OF
,hocomuanv rendered them every assistance
necessary t0 get 20 the facts set forth. f"l-
lowing the reading Of the report several gem
tlcmen took the floor and lively discussion
esued as q the - possibility # the commit
teetotbe nocctiiF and the ght Of the mem
bers 10 catech.se them IN order to bring out
facts not fully developed in the report.
SO INTENTION ro CONCEAL.
The committee disc'a.med any intention 70
conceal ANYTHING bearing upon the affairs Of
tho COMPANY. and stated that the facts gwen
were obtained IRON The books of the COM
psnv and from the statements Of Its officers.
MANY Questions We're asked and suggestions
made fox future action. The conduct ot the
affairs of the company and us officers We're
the subject ot mUcn criticism and great as
satisfaction was expressed.
The committees report and the discussion
that followed developed the fact that the
lands 4 the company We're mOrtgaged, and
that If n stakeholder were % pay his assess
ments IN full be could not get title 20 his
lots. and that II would take T63 600 10 remove
This lien that $4,000 in round numbers had
been paid into the company as assessments
nn stock that SO. 600 Of that amount had
ieen paid or the land purchased. that So 600
had been paid IN commissions on the sale Of
stock. and the remaining 4l.0O0 had sneen
consumed IN the purchase Of new lands and
running expenses
ONT SHARE EACH.
The report stated that the thirteen promo
teIs of the company subscribed to one share
each of the capital stock Of the company. for
which they pad five dollars each, and that
the board of directors voted them other stock
in large blocks for which no money was paid
thst they at a later day subscribed for stock
amounting 10 seventy-hve thousand dollars IN
the aggregate. which they turned in
some months afterwards and did not pay for
bat gave as the reason for not making good
their subscriptions that there were not lots
enough 20 go around.
The legal aspects of the case were discussed
Al length by the stockholders, and the point
was made that the company is not a legally
organized company, but partnership, liable
as such 20 the individual stockholders.
The fact that the promoters of the company
were its officers salared by vote
OF the directory, of which they were
members. and in one case a member drawing
two salaries at once. was the subject OF severe
comment Much feeling against the manage
ment IF the company was shown in the meet
iug and the stern sentiment of the members
WIS indicated in the unanimous adoption
Of the resolution offered by Cap
tain Samuel Register empowering the
Chair TO appoint a committee OF five
with full power to employ attorneys and
take such other steps rs are necessary TO pro
tect the stockholders. The following gentle
men were appointed on this committee: H..
A. McCurdy, ". j. Johnson, II. +. Jones, }.
G. Easily Samuel Register. TIE inns APP
piled TO the committee who made the report
on the affairs of the company for copy OF the
same but was not furnished with It,