The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-03-19
Home Building & Loan Association


of March 10 to organize new building
and loan association in Staunton, was
promptly subscribed for during the next
three days. The stock subscription
sheet was circulated by W. p. Tams, r.
ID. Apperson, Jas. Ker, jr., w. S. Burke,
From Mr.. Suffers exposition of the prin-
ciples and workings of the purely mutu-
al and local building and loan assccia>
ton, the people learned at the meeting
referred to that such an association was
one of the institutions most needed in
the city. Nearly everybody, therefore,
who could afford to take some stock was
ready to do so when called upon.
On Friday evening at $50 O'Clock,
meeting of subscribers for stock assen>
bled at the council chamber for perma>
nent organization. 1t was presided over
by J. Howard Wayt who was chairman
of the first meeting. The objects OF the
association about to be organized were
explained to the large assembly present
Icy Mr.. Sutier, chiefly to inform those
who had not attended the first meeting.
Stock subscriptions amounting to about
$25 ,00J were then received for second
series Of 100000 to be issued by the ass
ISOLATION at the end of month or more
After Heber Ker had been appointed
secretary by the chairman, the business
OF formal organization was begun. In
accordance with a suggestion from MI
Sutler, the name of Home Building and
Loan Association was adopted. A cons
mittee appointed at some time previous
by Chairman Wayt to select and propose
a board OF directors, made its report
| through it's chairman, A. G.. Gordon
The other members of this committee
were w w. Robertson, j. K. Liggett, T..
E. Wilson and f. ". Hager. The gems
tiemen proposed as directors by the com
mittee were the following: W. L. Tams,
j. IL. Wayt, j. W. Bodley, G. &. Gooch'
j. Mason Miller. NJ. Kiyiighan, Andrew
! Bowling, K. w. Petit, ID. E. Euritt, E.
W. Stewart and G. G. Berry.
Mr.. Wayt being one of the gentlemen
nominated hy the committee, Mr.. Gore
don was called 10 his place as chairman
Of the meeting Heber Ker then nonni,
mated, as Il board of directors. the fol>
lowing gentlemen, the list OF whose
names was designated ticket No. 9: w.
p. Tams, j. Mason Miller, j. Il. Liggett,
James ker, jr, G. w. Warden, Andrew
! Bowling, NJ kivlighan, G. L. Hammond,
b. w. Stewart, K. ID. Apperson and T. g..
Wilson, MIR. Sutier having stated that
action 10y the meeting would be necessary
to autite members OF the second series
! to vote in he election OF directors, a mo,
ton by w. H. H. Lynn that they be al>
lowed to vote, was adopted with no dis
senting voice w. T. McCue and j. Lew
is Bumgardner were appointed tellers
! by the chairman. When he ballots had
been collected and counted, it was found
| that ticket No. 2 was elected, The lar
gest vote received by any OF the candi
dates, $500 shares, was cast for Messrs.
Tans and Nj i!ler. The smallest vote re-
ceived by any of those elected was 1890
shares The total number of shares sub
scribed for was 4 900 III he first series and
about 1000 in the second series. Messrs.
Wayt and Bodiey were afterwards added
by the meeting to the board Of directors
elected, making thirteen in all.
According to announcement at the
| close Of the stockholders meeting Fri
day night the board Of directors held
their first meeting on Saturday night.
| The following were present; Messrs.
Tams, Wayt, iggett, Hammond, APP
| person, kiyiighan, Stewart, Ker, Miller
and Warden. Officers for the association
were elected as follows, with no dissent
ing vote: President, w. p. Tams; vice
president, II. d. Apperson; secretary,
James Ker, Sr.; treasurer, j. r. Taylor
The persons voted for as candidates for
the Office of attorney for the association
were Patrick & Gordon and j. l.. Bum
gardner. Mr. Bumgardner was elected.
| The list, I'd and 3rd days OF each month
were selected as the time for the colIec-
ton of monthly dues. The board adj
journed to meet again on Monday night
The following gentlemen were present
at the Monday night meeting of the
board: Directors Tams, Apperson,
Hammond, Bowling, Liggett, Wilson,
Warden, kiylighan and Miller and Sec
rotary James ker, Sr. On account of
dissatisfaction that had been expressed
by some stockholders in regard to the
final organization of the association, the
directors at this Monday night meeting
rescinded all the action taken by them
al their Saturday night meeting, called
| u meeting OF stockholders to be held to
night Thursday at 7:a0 O'Clock in the
council chamber for re organization, and
resolved to resign at to-night's meeting
their official positions as directors OF the
/ association.
1t is hoped that at the meeting to-
night the association will be re organ
lied to the general satisfaction of all
concerned.