The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-10-29
Irnportant Decision.

We learn that last Saturday, Judge
Mclaughlin, of this judicial circuit.
| holding court at this time in Harrison
burg, rendered an important decision
/ affecting subscribers to the stock of i'm
provement companies. A purchaser OF
stock in one Of the Rockingham compa-
MES, refused to pay his final assessment,
unless the company was prepared to
issue him an unincumbered deed for the
lots drawn with his stock. The compa-
ny brought suit to enforce payment, and
the Judge, we have been informed, laid
down the rule that the stakeholder was
one of the company, and that refusing
to pay his assessment, was placing the
company in the position OF not being
able to issue unincumbered deeds. He
therefore ordered the clerk to enter
judgment against the defendant for the
entire amount of his subscription yet
due
This is not only an important but q
very just decision 1t places the relation
of the stock purchaser and the company
in it's true light, and will have the effect
of placing Improvement companies in
better condition, and preventing a great
deal of useless and Improbable liti-
cation. If the stockholders in the i'm
provement companies had done their
duty and conformed to their contracts
many of them would now be in a pros
porous condition, and effecting results
which would enhance in value the hold
| ings of all stockholders The effect of
/ this decision of Judge Mclaughlin, if as
has been reported, will ~be very salu
tary and assist in promoting che inter-
ests of companies which are now Grip
pied because those who have contracted
to pay for stock have failed to do SO.
The best thing now for delinquent
stockholders is to recognize the inevita-
bic, and meet their obligations as
promptly as possible, to the end that all
interests may be subserved and the man
agements be enabled TO proceed with
their work in fulfilling contracts for in
dustries into which they have entered.
Business Mems Social Club Organ
gained.
On Monday night a number of Clifton
Forge business men assembled atsthe Of
flee of the Clifton Forge Company for
the purpose of organizing a social club.
The organization was effected by the
adoption of bylaws and the election of
the following officers: James A. Frazier,
President; Arthur Lacy, First Vice
Presidents c. Collins Taylor, Second
Vice President; w. w. Brennaman, Sec
rotary; and J. D. Dunford, Treasurer.
The Executive Committee is composed
of the above officers and Messrs. Lewis
Hartman, George K. Anderson and R. G.
James. The name of the club was res
ferred to the following committee, with
instructions to report to the next meet
ing: J. L. Duncan, E. K. Sargent, J. w.
Lipop, Lewis Hartman, J.. N. Page, J.
ID. Dunford, and George K. Anderson.
The object of the club is to provide a
suitable place for business men to enter
tain their friends, and also where they
can spend their evenings in social in
tercourse. One evening each week will
be set apart on which la lies may be en-
tertained by the members. The quar-
tiers of the club will be on the second
floor of the Frazier building and will
comprise seven rooms, to be used as an
office. reading room, pool room, card
room, and two bedrooms, where mem
bers may provide accommodations for
visiting friends. The buffet feature was
omitted