The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1892-05-06
ANNUAL MEETING

hNWUAu MNHllNU
THE BIG STONE GAP IlfPRoyEAaEKT
| COMPANY MEETS.
Gen. Ayers is Still PrcsidenA-ard the
Electric Light Company Passes Into the
Haads OF the Big Stone Gap s. Powell's
Valley Railroad Company,-The Bond
Arrangement to be Extended.
The annual meeting 6f The Big Stone
Gap Improvement Company was held IN
the Appalachian Club rooms Wednesday
afternoon at o'clock. The meeting was
called to order by the President, r. A.
Ayers, and upon motion Maj. q. G. Nc
Dowell, of Lexington, KY, vas chcsen
Chairman of the meeting.
The Chairman appointed R. a. Ayers,
R. B. Whitridge and Josiah Ryland to ex-
anime proxies and ascertain if quorum
was present. The committee reported
that there were 20,42l shares of stock
outstanding and Of this number 1925
were represented at the meeting.
| The gentlemen present were Il. Q, Nc
Dowell, Lexington. Ky, R. D. Blackmore,
Bristol, Josiah Ryland, Richmond, DR.. Il.
B. Whitridge, Boston, and the following
from Big Stone Gap: ]. Il. Tagsart, Jas.
w. Fox, Jno w. Fox, Jr., R. A. Ayers, D.
|C. Anderson and n. G. Mcdowell, Jr.
1t having been ascertained that ma
jorify of the stock was represented the
Secretary proceeded to read the minutes
of the last annual meeting, which were
approved.
The next thing was the ANNUAL report
of the President, Gen. r. A. Ayers. Gen.
Ayers report was rather brief, but he
made good showing considering the
hard times that have prevailed since the
last annual meeting. He dwelt ON the
fact that despite the severe stringsncy of
the money market, the wo-k on the fur
naces here had steadily progressed. until
now one of them had already kindlcd its
fires preparatory to milking pig iron; the
handsome East Fifth street bridge, had
been completed, splendid system OF wa
ter works had been put in; and work Of
development had been going ON in quiet
but firm way in every direction.
THE report of the Pres dent was submit
ted to a commitnee, consisting Of Messrs.
Taggart, :Blackmore and Fox. and upon
their recommendation the report was re-
eeived and adopted
The compensation of r. G. Ballard
Thruston, trustee, was fixed at 2lhs per
cent. of all money coming into his hands.
| Upon motion of Gen. Ayers, its bylaws
were so amended as to make the board OF
directors consist Of nine members instead
oil thirteen. r. B. Whitridge moved
that the following be elected as the
board of directors for the ensuing
year; r. A. Ayers, J. F. Bullitt, Jr., Jas.
w. Fox, j. X. Iaggart, II. G. Mcdowell,
w. C. McGeorge, Il. B. Whitrdge aud j.
G. Haskell. The motion was carried.
The chairman appointed Messrs Ayers,
Fox, and Blackmore committee to con-
slider n proposed plan to allow the bond
holders arrangement to be extended so
so as to include payments due on lots in
| Plat and ON future sales of lots
| After the appointment of the committee
the meeting adjourned until o'clockp P.
m. to give the committee tinfe to report.
EVENING SESSION.
At 8 o'clock the meeting was again CALI
ed to order and the committe appointed in
the afternoon to consider the ACCESSIBILITY
of extending the privilege ofpaying defer-
red payments on lots in bonds ofthe com
pany to Plat one reported. After oensld-
cradle discussion the following resolution
was passed:
Resolved that the stockholders of the
company recognize the advantages which
accrued to the company from the exec GU.
ton of the agreement to receive $2Oo,0v
in bonds ofthe company in payment tor
lots heretofore sold on plats other than
Plat one and. recommend that the bond
holders consider the propriety of extend
ing the same privilege to all debtors Of
the company and all future purchasers OF
the company's lands to such an extent as
may be practicable.