Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1891-02-06
They Want a Receiver.
BILL FILED AGAINST THE VALLEY LAND
AND IMPROVEMENT co.
Dlllimnrn SIM.
Baltimore Sun.

q unabs- OF Bal,lmoreans have taken
legal seton claiming hat they were in
dueel 10 buy stock and lots from ''The
Valley Land and improvement Company"
or Iurar, Va, OBJ Che basis of inflated
.arrrnnlations Those who make Tie
complaint filed bun ia ihe United States
Cn.it Court yefiecday enumerating
their charges and askiu. ihlt the com
pauy lee ordered e. exhibit IN court fall
account of its transactions. They are
Thomas lli.l, Samuel +. Hill, Thomas
Ireland Elliott and Philip RI. Hoffman,
co9ariuers. trading rs Elliott x Hoffman;
Thomas Ireland Elliott, HeNy p. Chan
dice. Alexander W. Chandlee, Giles ".
Qgarles. p. 2. Yates and Joseph II. Mat
tiuGly, Jr.
They say that upon the delivery to each
Of them of a prospectus issued by the
comrany, and with belief that the al
legations IN it were true, they were in
dnced TO subscribe to stock aud TO agree
10 purchase lots of ground represented to
be owned by the concern. They add that
the prospectus was expressly made a part
of the subscription to the stock, and upon
t was based all purchases Of lots. Since
miscellaneous Of money and notes have
been given By the c,mplaiuants on ac-
count Of the subscriptions ard agreement
to purchase land they declare they have
learned that the prospectus vas made for
the purpose OF concealing the true facts,
which, If known, it is alleged, would have
prevented them from investing. Some OF
the statements IN the prospectus. which
are claimed to be untrue, are given in the
pi ] as follows:
The company owns and controls the
famous Luray Ian. We own and contro.
In connection with the inn, the famous
Luray cayerns. The company has ac-
quired about 800 acres Of the choicest
land for building sites and manutactur-
ing purposes in and around the hotel,
cavc.us and the town of Luray. In fact,
we own all the available lands suitable
for these purposes. in addition, the
company owns and controls about 5000
acres of the best minera properties in
Virginia, consisting Of iron, manganese
and other valuable mineral"
The complaints say they haye dis
covered that the company has simply
negotiated for options on the property
alluded TO, "and that a. rates vastly in
excess Of any real or marketable values
Even rOw, il is claimed, after the pay
mants of money INTO its treasury. tie
corccra has no unconditional title 10 the
propsrt5 in question, bat u so heavily
cncumIercd with debt that il cannot
lauidate It's obligations. Iii. also charged
the prospectus represented that the
capital stock is s. 100000. Shares are
tllJ clch at par yalne, fun paid and uoa-
a.-cs-able. One million dollars Of the
stock will remain I'm ihe treasury until
such time 81 the stockholders msy deem
aivieable to dispose OF any part Of the
same for the betterment Of the company.
and it is quiIe possible IT may never be
ulacea on the market az ALL"
The charge is made that i.stead OF
oIsficg IN good faith tho million f stock
fo- sale 10 al parties alike, tie officer
and directors Of the company, without
TIE knowledge or consent Of any stock
holders, except themselves, undertook to
is,ue to certain individuals of their own
number S327 GOO of the fully paid capital
stock, without collecting any assessments
or CHARGING anything for it, The COM
punauts say they have reason to know
that large docks of the stock have been
bvaofhcoated and sold by the directors
without notice az mach less than their
nr. value. They also shy they have
newer been able untii lately 70 learn ih'
facts see, ont. although they have male
re1.at.l attempt o. .et Information
from the company. II is as.crei that
one ofthe compliments wa5 notified las
Octoae. By M-. g. c. Marshall, vice.
president and general manager, that the
company had but 100 shares to dispose Of,
on which several offers had been made,
although the fact IS that not over $3.50
goo Of ODE capital stock has been sold
dowa to The present time, according TO
statements in .le bill.
Thc clrrt IS ASKED to compel the COM
pauv TO exhibit complete recital of its
assets and liabilities, and that il the
showing should justify it q receiver be ap-
pointed to take its affairs in hand. The
eomplainauts a's) ask that they be re-
leased from their contracts with the COM
paav. MT. Thomas l. Elliott is their
snUu-nl