Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-02-17

Pennybaker and Robt. Notwithstanding it
funny, very funny" turned their horses
loose, and gave them great deal of trouble
hunting through the snow to find them.
When the boys were arraigned and fined SIS.
each, they did not think the play SO very fun
n.y. They concluded it was more serio-comic
than comic, and the boys laughed on the
wrong side of their mouths
THE BuEaA VISTA COMPANY.
THIRD ANNUAL MEETING OF STOCKHOLDERS
UNITY IN SENTIMENT AND ACTION.
| Correspondence of the SPEcTAToR
| BUENA VISTA, RocKBRIDGE Co. Va
February 18th, 1892.
The chief matter of interest at Buena Vista
during the week was the third annual meet
ing of the stockholders of the Buena Vista
Company. This occurred Thursday, the 18th
instant The previous conjectures did not
anticipate large assemblage, but both by
proxy and in the personal attendance there
was large majority answered the call.
| 1t may be remembered that when the COM
pany was organized three years ago, that
eminent citizen, Colonel Edmund Pendleton,
of Lexington, presided over the body. Re
Numbering, too, his brief, but eloquent ut
terances at that time when he acknowledged
| the honor of the position assigned him in the
deliberations to take place; predicting in
many respects the realizations of great and
marvellous progress, that to-day were observed
in solid evidences, kindled a high degree of
pleasure in every breast, when President
Barclay called to order and named HIM as
| the chairman on thi. occasion.
| THE REPORT REVIEWED.
| The annual report of the President and
Board of Directors was submitted to the
meeting, the President reading the same
! The financial and statistical affairs of the
company are first presented, after which fol
| lows dispassionate and evenly-balaneed re-
view of the year of operations under the re-
markable business pressure prevailing over
| the commercial and financial world and the
manner through which the company had
| passed the ordeal and the wonderful, vigorous
| powers displayed through the year by nearly
| ed here during the year 1t was stated sew
| eral of them were organized and equipped
! during that time. and except in a few in
| stances all had then entered the field of their
| future usefulness and growth.
| In the statement of assets, the immense
| domain of eleven thousand and eight hun
| dred acres of the splendid mineral and folest
| and agricultural lands comprising the original
| Buena Vista estate where the upper town site
is provided for around the old seat of the iron
| industry so eminently successful under the
| guardianship of Mr. Samuel T. Jordan and
| his sons, was only estimated at the purchased
| price of S135, 600. This fact, without going
over the long enumeration of items, shows
| the conservative characteristics which guided
| the Board of Directors in compiling state
| ment of the resources of the company, and it
| should be remarked that this whole resource
| of wealth. except some of the minerals at the
extreme southern end of the property, is yet
| to be developed.
Under such circumstances, with all the
| magnificent property of the company in and
| around the city of Buena Vista, the assets are
moderately estimated at 81, 318, $3.50.
| The liabilities which include S7S2 200 for
the capital stock paid in, estimating it at 500
| per share when only $50 per share was paid
| for it, the lots accruing thereto having long
since returned to the original stockholders
| large profits above all expenditure and in
Guiding shrinking estimate of a surplus of
$341 ,013.75, are stated, and the balance to the
| assets thus arrived at.
| From time to time the Buena Vista Com
pany has invested in the active industrial
interests S185, 1872
| In bills receivable, first mortgage land
bonds accrued interest ON sundry loans, and
other sources of income there are about $780,
600 charged in the aggregate of assets. To
sum up this feature of the report in stating
the amount of assets shows that like the low
estimate placed upon the domain of unde
veloped real estate, reduction of 81 go 069 81
below the assessment one year ago is made.
The company is carrying for those indebted
to it over $780, 900 il bills receivable alone
The Board of Directors recommend indul
gence to them. To equip property and oper
the splendid new hotel if not Sold, pay
balance on the realty, and to render The
company absolutely independent of all EN-
barrassment whilst thus bearing with those
indebted to it, and to pay off the balance a
needed of SIS, 900 subscription to the stee
plant, the Board recommend a loan, if i
should prove necessary to the quick &C
complishment of these purposes. Briefly dis
cussing the matter of a loan the report state
that 1.-The first mortgage land bonds, and frs
mortgage industrial bonds will pay off thu
entire debt. The income is ample to NEE
the interest and sinking fund accounts, an(
pay all running expenses"
The report concludes as follows: -
sit can thus be seen that even on the low
valuation given, the strength of the Buen
Vista Company remains unimpaired, and ha
borne the hardships of the year well, and i
prepared to enter the coming year with full
faith in its future"
WHAT THE sToCKHoLDE. IS DID.
, The reference of the report as usual to
committee, was dispensed with-several speak
ers declaring that it was so clear and full tina
all were doubtless now ready to act upon it
It had outlined the policy to be pursued ant
as the tried and able and faithful officers hal
done SO well in the past, it was meet, as MI
Pechin said, to say ''well done, good an
faithful servants, go on in the futur
guided by your own proud past"
A resolution was adopted with unanimit,
authorizing the proposed loan, if the Boar
should desire it.
= The election of Directors coming on AM
the President, as the bylaws provide, is frs
chosen in assembled meeting Mr.. Pechin
of Roanoke, in few, but graceful, terms sal
Mr. A. T. Barclay, as in the beginning thre
years ago. and he hoped ever-continuing
should be our chief He knew what to d
> and always did it we'll" Messrs. w. A
Glasgow and w. T. Shields, of Lexington
followed in like strains of approval, AM
thus that accomplished gentleman was called
i by acclamation to the post of duty flo
a another term.