Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-03-25
Spring Report 0f.the Condition Of the Gr0t
tees Company.

bptlhS hSQVft vi CUuulglun vi GEt VEOt-
toes Company.
The management of the Grottoes' Com
pany have issued full report of the affairs
of tbs company which opens as follows:-
although under 10 obligations so to do,
your Board Of Directors has concluded that
it would be agreeable to you to have from
it full statement of the condition of the
affairs OF your Company &c the beginning OF
the Spring and of the season for active
operations at your new town of Shsudun,
therefore it respectfully submits the follow
ing statements, carefully compiled from the
records in your office, of the ''Total Cash
Assets" and the ''Totsl Cash Liabilities
the ''Total Assets" aud the Total Lisbili.
ties;" and the "Rsceipts" and the ''Dis.
bursemeD5s' OF the Grottes Company fro N
the date of its organization May 9Th, 1890
to March let, 1891"
Afterwards follows detailed statement
including the industries established at Shen.
dun. &c.
Total cash assets exclusive of real
Total cash liabilities ......... SlS,573. u
Balance OF cash assets. ........ .....- 91,4Ol So
Total assets.......... ......-..... 297s. 1O6 5;
Liabilities ,S24 Sil 81
Surplus OF assets over liabilities a.. l5S, 2s4 81
tSeecl 5S7, 51S IL
Disbursements. ......... .......... 500. 2l3. Il
Cash On hand ............... 1860
A full schedule of the several items which
make up the totals is furnished 10 each de-
partment Of tia report.
Next is giyau statements of valuation of
property and the conclusion as follows:-
sfThe Management hopes thai the state.
ments above given will fully aud satisfac-
torily inform tho Stockholders Of The Grot-
toes Company OF tie condition of it's affairs
at the opening of the spring of 1891 less
than five months, Gully half of which WAS
unavailable for operations) after the allot-
ment of lots to its stockholders aud the
practical beginning of active town building
operations.
Ii is with peculiar pleasure that it calls
the attention of the stockholders to the
gratifying information conveyed by these
financial statements that " hen their stock,
sold to them at $50 per share and carrying
a lot bonus, or dividend, OF 5000 business
and 500 villa lots, is fully paid, the entire
cost of their great property in money will
have been met, leaving a cash balance of
S91, 401 80 from stuck subscriptions and
sales of lots already made, for the aid of iu-
ius5Eies, or other use, and they will thea
have, to represent their stock, real estate
that at a fair valuation is worth So, 97S, 1861
50.
Having paid in full for the 1,025 acres
in its city site The Grottoes Com.
psny is ready to convey. with perfect title,
Ill the lots drawn by stock holders whenever
heir stock subscriptions ste fully paid.
The Villa Lots will be allotted TO those
entitled to them esr'y in the coming May.
They are now being laid Out and the streets
adjacent to them graded.
After thanking all their employees for
heir ready and intelligent corporation in
,he lsOoTs that have devoiyed upon them in
The discharge Of their various duties, and
heir stockholders for the promptness with
which they have met their obligations to
he Company and for the confidence they
have manifested in the Management your
Directors ask for the continuance of this
confidence and cooperation, assured that
with your hearty and generous assistance
vs. Can I6ailko all JOuI 6ud OuE dutiCipd-
lions and make Shendnu one of the most
cities in Virginia and The Grot-
toes Company ore of the most wealthy aud
1ourishiug in all the land.
JED. HoTcHKIss,
President"
The report was carefully examined By
committee of the large number of Lynch
burg stockholders which concludes as fol-
ows:-
"Ia conclusion your committee desire TO
state that they consider "The Grottoes
Company" in fac condition, it's Managers
alive to the interests Of the stockholders,
in expenses, prudent in making
investments, and giving the best attention
70 all the different operations of the Com
pany.
Finally, your Committee are OF opinion
that with open weather from this op opera
ions at Sherdnu will com pare fvorsbly with
he mGst important new towns Of Virginia.
Respectfully submitted,
s. w. NowLIN,
DENNIS P. MORRISON, Committee.
J. J. HURLEY"
Then follows the approval of these stock
bolders:-
Lynchburg, Va, March 16.h, 1891.
CAT meeting of the Lynchburg stock