The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1892-02-05

Company. The books OF the Com
pany show the following as of this
date:
Cash ON hand. .....$ 1922
Expenses ... 1O4.83
1nSuFance.... "4.uV
Real Estate. 700795
Payment to Imp't Co. l,240.OD
s 9,l9400
Rents received . $ 81 .30
CAPITAL Stock paid in. S,2R.@
s 9,l94.00
It will be seen that, counting che
entire capital stock as running tor
one year, and the rents received az
running for the same time, the Com
pany has earned in the gross be-
ween eleven and twelve per cent. on
the entire sum. The real rate Of
earning is much greater, for the reas-
on thatthe payments on stock were
made irregularly, and the average
at which the capital stock hasbeen
running is less than one year where
as. most Of the houses erected were
not completed and ready for occupants
until late in the last year; some OF
them not until June and July. Some
of the Company houses were vacant,
also, during portion Of the time,
owing to the suspension of work on
the furnaces. At present, however,
all are occupied, and there is
strong demand for more, which will.
greatly increase shortly, when the
furnaces so into blast.
The real earning capacity, at pres
ent, on the money invested, is not less
than fifteen per cent.NET. Under
more favorable circumstances 1t will
be considerably greater.
A portion of the item charged to
.real cstate'' in the above statement
is made up Of the expenses Incl
dent to the organization of the Com
pany, which is not properly chargea-
BE TO the costs of construction.
1t will be remembered that the min
imum amount of capital stock author
lied under the charter is $50,OOO, and
that twenty five per cent. of this was
called ymon the first call. Ut the
$l2,5OU due from this call, $8,2S2.5O
has been paid in. The remainder
has not been pressed for, as the Board
Of Directors have had in mind the f.
nancial condition of the country and,
moreover, were afraid of pushing con-
struction ahead of the demand. The
stockholders will be called on to con-
slider, at the approaching meeting,
the advisability Of collecting the re-
mainder of the first call, and proba-
bly to make an additional call, with
q view to extending construction SO az
to meet the increasing need of houses
for workingnen.
A proposition has been submitted
to this Company by the Appalachian
Steel and Iron CO.; guaranteeing If
teen per cent. per amman on the mon
ey invested, for the space of two
ears, if this Company will erect from
fifteen to twenty houses on its lots
near the furnaces, for the use Of furn-
ace employees.
1t will be further remembered that
one inducement to the organization
of the Company, was the proposal ON
behalf Of the Big Stone Gap I'm
provement Company to sell to this
Company one hundred lots in plat
s" for $40, 900, or 800 per lot, pay
able in one, two and three years from
November 1st, 1890, Ethe date of the
completed organization of the Com
pany. This Company holds contract
for these lots, conditioned on erecting
residences on at least one-half OF the
number. The lots are exccllently To-
ted, nearly all on one street, which
can be easily graded and improved,
and the schedule price on them was
several times what they were put into
this Company AT. The first install
ment on these lots was due Novem-
Der lst last, $4,000 being due TO the
Improvement Company and SS33.S5
due to r. C. Ballard Thruston, Trns
tee. OF the amount due TO the
Improvement Company. l.24o has
been paid in cash, and the Improve
,nent Company has agreed 30 take
the remainder in the stock of THE
Company, to be applied on itssub.
scription of $4,000. There is about
enough in the treasury now to make
the payment to Mr.. Thruston. The
stockholders will be called npon to
say whether the funds now in the
treasury shall be paid out as divi.
.saends. Or whether stock dividend
8 y m AS s3eelared and the money on |