Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1896-04-03

capital of 10,000, divided in 200 shares OF
$50 each, by which the school buildings
would be rented and the school continued
another year at least, was read to the con-
ference, but no action was taken upon it..
SKETCH OF THE SCHOOL.
The school was founded in 1847 by the
order of the conference, and in 1913 char
ter was obtained for it from the legislature
Of Virginia and property was bought at a
cost of $4,000 for school purposes. After
the war the present property was bought
from the Cochran family for $4,000, of
which S., GOO, was paid in cash. and bonds
we're given for the remainder. About this
w. A. Harris, and he continued at the
head of the school until four years ago.
when he came to Roanoke and established
the Virginia Female College.
After DR.. Harris retired, Mr.. W. w.
Robertson became president and held that
position two years. In those two years
the debt was increased from $21, 900 to
$50, 600, due partly to Improvements on
| buildings and additional equipment. With
accrued interest the debt now stands at
s37 900.
Last year Rev. II. P. Hamill, a member
of the conference, was appointed and work.
ed vigorously to bring the school out of the
financial mire in which it had become
sunk. but did not succeed, a variety of
causes, principal among which was the
small pox scare at Staunton early in the
session, preventing. He is confident, how
ever, that with time, wise management and
mparatively small amount of ready
money. the school could be again put in a
firm position.
A plan to issue 1000 worth of new
bonds to retire large part of the old in
debtedness and enable the school to start
afresh was attempted at the beginning of
the year, but this was not successful.
THE FINAL PROCEEDINGS ON MONDAY
ABOUT THE INSTITUTE.
The case of the Wesleyan Female Insti-
tute was brought up last Monday by Rev. P.
II. Whisner, who moved that committee
composed Of Revs. HI. p. Hamill and Isaac
w. Canter and Mr.. +. S. Conrad. of Har-
risonburg, be appointed, with the request
that they formulate plan for the perpetu-
alton of the school by means of joint stock
company OF otherwise This was adopted,
the conference, however, adding Rev. John
A. Kern and T. T. Fishburne to the COM
mittee. After considerable deliberation
the committee submitted proposition for
the continuance of the Institute and it's
consideration was made the order for Tues
day morning. In the committees pro
position it was declared that the assets of
the Institute, If so aIed-'as auction would
not pay more than one-half of the 1nstitu=
te's obligations and that by reason Of prior
liens some of the creditors would receive
nothing. 1t was proposed that commit
tee of three be appointed by the conference
to ascertain as soon as possible if an agree
ment cannot be made with the institute s
creditors by which the time Of payment of
the institute obligations may be extended
through period of years in such amounts
as may be taken from the net annual in
come of the institute. For these amounts
the notes Of the institute to be secured by
a deed of trust on all the property of the
institute, are to be given. 1t is suggested
that if With" SIXTY days satisfactory set
| Element can be effected with the institute s
creditors, the case in the Virginia Court Of
Appeals in the name of Reeves Gait, trus-
tee. VS.. Knabe & Co., will be discharged.
THE STOCK COMPANY PLAN.
In case this plan is successfulit would still
be necessary to provide for the operation of
the school next year. and for that purpose
the committee suggested the plan of the
stock company las outlined in the proposition
of Saturday. In brief, the plan is to organize
company, with capital stock of $40 900,
divided into 200 shares of $50 each; that ten
per cent, of the stock be paid not later than
June Is, the. money to be used in advertis-
ing, canvassing for patronage and necessary
repairs to the buildings; that the property
be rented for one OF more years; that the
personally be purchased by the company
when it is offered for sale, and that the
stock be assessed for about $4,000 for this
| ocOOAA
! be made for twelve morths except for ex-
penses for the session not provided for by
the current receipts. If the building be
offered for sale, it is to be purchased by the
board, if thought to be wise, and the stock
be increased to $4,000 for this purpose and
assessments made Oh it, as may be neces-
sary, to meet the terms on which
the property is bought. The plan
also provides for the free education OF
the daughters Of preachers, the president
OF the school to be nominated by the direct
ors and confirmed by the conference, and
that nothing may be done by the board to
compromise OF destroy the distinct Chris
tain character of the school.
The plan of the stock company to which
was added the provision that the school
building and grounds shall be rented to the
company at $1,000 year. was finally
adopted,
A telegram was received by Mr.. Hami]l
/ from Methodists in Staunton Offering to
take IS 900 worth Of stock in the new com
pany. A list was then started and mem
bers of conference subscribed $4,000
/ more.
Rev. z. H. Whisnef. presiding elder OF
Rockingham District, reported that the
work had gone on without interruption in
/ bis district, and that in some places there
had been remarkable successes, $50 CONVEX
sions having been reported from Bridge
| water Circuit. There were some increases
ill the salaries of preachers and some il
conference collections. Some church
4 ing was also going on.
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