The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-09-07

the exception mentioned (and that
immaterial) about fifty thousand dol
lars. 1t seems THAT there never was
az much as one cent cash capital PAID
in bv any Of the Stockholders, the
! land alone constituting the capital,
and that subject to the million dollar
mortgage. The stock and bonds
were apportioned among the former
land owners, according to a valuation
oftheir respective holdings, agreed to
by them, each stakeholder receiving
for every fifteen hundred dollars OF
stock held by him, one bond of the
denomination of one thousand dol
lars. The bonds were payable ID the
rold coin of the United States, on
the 10th day of May, 1898, and bore
four per cent interest per annum pay
able semi-annually. By the terms Of
the mortgage executed to secure the
bonds, it was provided that seventy
five Der cent of the amount OF ali
sales of lots made by the Company
should be paid over to the trustees
named therein, for the purpose OF eX-
tinguiShing the bonded debt, and the
remaining twenty-five per cent was to
be used as an improvement fund by
the Company. 1t was also provided
in the mortgage that as soon as fifty
thousand dollars should accumulate
in the hands of said trustee from the
sale of lots, or otherwise, that divi-
dcnd Of five per cent should be paid
on the principal of the bonds. Aad
m1v remark here that the charge
in the bill that this dividend has net
been paid is not true. 1t is shown by
the evidence that the fund applica-
bic to this dividend has been regular
ly set apart for the purpose, and pald
to the bondhoders, or on their ac-
count, and that they have now re-
ccived in such payments respectively
sums several times greater in amount
than was paid out by them for the
lands.
The Company alter organizing
under the provisions of a spccia' ac'
Of the Legislature of Virginia, ap-
proved February l4th, 1888, proceed
ed to carry ont the purposes Io'
which it was formed, by purchasing
said lands. dividing the same int
lots, streets, avenues and parks {; by
bnilding houses, water-works, eicc
tric light works, street railways ans
other improvements required by the
citizens of Big Stone Gap 1t did
this either directly through its Off
GERS, and with it's own funds, or in,li-
rcctly by taking stock in and assist
ing other corporations duly organized
fer certain purposes. 1t has sold Of
it's real estate over six hundred thouS-
and dollars worth OF lots, or the as
gregatc of cash and purchase money
notes received from such sales eX-
cccds that sum. The greater part OF
this has been used in dcfraying ex-
penses, developing the property, as
sistiny other enterprises aud paying
dividends, while considerable por,
ton thereof is still held in the shape
of notes given by the purchasers Of
lots for the deferred payments due
thereon.
1t was provided in the mortgage
that emo suit, action or proceeding
in law or in equity for the foreclose
urc Of this mortgage or deed Of trust
or the execution of the trusts thereof
or for any other remedy, shall be
brought or instituted, except by
through, or in the name of the trus
tee for the time being, and then. only
after notice in writing to the trustee
of default having occurred and con
tinued as aforesaid, upon the request
| in writing of oneffth i'll amount o
the holders of bonds then outstand
ing. and the offer to the trustee o
adequate security and indemnity
against the costs, expenses, liabili
ties and charges to be incurred there
in or thereby; and such request ant
offer of indemnity are hereby declared
to be conditions precedent for the ex
ecution of the powers and trusts o
this mortgage or deed of trust to an,
action or cause of action for the fore