The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-07-30
The Gordon Land Company and It's
Kicking Stockholders.

charlottesville Jeffersonian July Is.
Some of the stockholders of the Gordon Ian
company have kicked against paying any flu
chef assessments and insist even that the
money shall be returned to them. and are speal
ing OF endeavoring to have receiver appointe
for the Company. Their chief grievance seem
to be that they have now discovered that tn
promoters have too large share of the paid u
stock Of the Company Severe criticisms hay
| been published against the management of tn
| Company
1t seems to US that these stockholders hay
made big mistake In the course they hav
adopted Their action and complaint SHOULD
nave been against the promoters and not tn
Company. II they knew Of these promoters in
tefests or had every usual and reasonable access
OF finding out at the time or before they sub
scflped, we are sure an appeal to law will only
result In a decision that they are legally bount
to the full amount OF their subscription and thai
they must pay even though the promoters have
q considerable amount OF paid up stock FOL
which they have paid no actual money into the
Company, provided this amount does not exceed
what was agreed they should receive when the
parties subscribed for the stock. II they knew
OF these promoters interests or could have
known Of them by proper inquiry and the court
4cClu0Ss aS WE are Ce1Uhln III VIII, anu Jug
ment is based upon what we believe other courts
have decided, should not these protesting stock
holders be made to bay heavy damages to the
remaining stockholders for the almost irrepara-
bic injury they have done by needless attack
on the integrity of the Company,
But suppose they knew nothing OF these pro-
motors interests and could not have found out
by reasonable diligence and inquiry even go
further and suppose they were deceived by mis-
representations of agents, yet we believe, it will
be held that, so far as the creditors OF the COM
pany are concerned, these kickers are RESPONSE
bic, If needs be- to the full amount of their stock
This view is certainly in accord with decisions
recently reported.
1t certainly seems to these parties have
needlessly impaired the credit of the Gordon
Land Company, and for the time being, at least,
ruined the stock of their fellow stockholders
and they should be made to pay therefor.
What they should have done was to have gone
against the promoters and made them disgorge
if they held stock or bonds of the Company to
which they were not properly entitled but they
should not have undertaken to ruin the Compa-
ny and saddle a big debt op innocent stockhold-
ers and blight the present prospects of grow
ing place which started out with such bright
promise.
in the State should be made to pay every dollar
his name is down for on the subscription books,
if he has property out of which to make it and
it becomes necessary for the company's success.
1t is a matter of vital Importance to the future
development and interests of the State that this
should be DONE This thing of allowing people
to subscribe to company for profit only and to
kick out when they feel SO disposed should not
be tolerated. The vast interests involved in
these companies, and i'll fact much of the future
of Virginia, should not be allowed to
depend on the whims and caprices OF q few
because heavy per cent is not
realized in few months according to their too
expectations. On the other hand ev-
cry safeguard should be thrown around the in
terests of the individual stakeholder and every
precaution exercised to require that the compa-
MES shall be run in the interests of the entire
body Of stockholders. We rather expect some
legislation may be necessary on some of these
points at the next meeting Of the Legislature.