Daily press. [volume] (Newport News, Va.) 1896-current, 1908-11-15
tcoat,nues from Seventh rase,.

&eeo .fee0rdatson Of mortgages, snSN'
- . charge upon the constructors
construction account. At this meeting
4 was further resolved that the ran
cAisea assigned to the Company by
jaues n. Cumming were worth the
sam Of 1iS0.000.00 In capital stock or
the Company, fully paid up ard non
assessabie, and 100000 Of the hrs'
MORTGAGE bonds. It was further re-
solved that the construction and In
sEallation Of tho gas plant and distrf
( hutin1 system was Of the value 10
the company Of $l40.O00.00 OF the
! Arst mortgage bonds and $lSo,0Oo.o
OF the capital stock, no money naVths
I, been paid for any OF the capital stock
Of the company. 1t appears from the
minutes OF the meeting OF the direc'
tars held on August 20. 1906, that s
&C. .Rses ,esigned AZ treasurer. and
Charles Baker WAS elected In his
stead "a treasurer and was also elect'
ed . director. Mr.. r<ees as treasurer
never handled any money except what
was to nay for franchises. and which
Wa immediately paid out on that &C
count, That at this meeting, J. A.
Barham, who was already vice-presi'
dent and contractor of the Company.
was also elected general manager or
the company. At this meeting the
astsils Of the $i50.000.00 first mort
xase, bond issue were approved ana
Yatiaed. Other changes were made
In the directorate from time to time.
acsnstrves,on and opsratIs":
..As appears from the foregoing the
COMPANY at its first meeting awarded
the contract for the construction OF
the plant to J. A. EaTham. a nrn
wholly inexperienced In the building
and operating OF gas plants; that 10
him alone was delivered majority
az the capital stock Of the company,
and 10 him was delivered the entire
Issue Of bonds except the $10.00Oo0
awarded to James NJ. Cumming TOR
franchises; that he was also eiecteo
9eneral manager, ard vice-prestdent'
therefore. the company as q company
perted with the control OF its anairs
ana placed the affairs Of the company
at the absolute disposal and dictatton
Of Barham.->no bond whatever being
reuuired for the construction OF the
.plaht: that while specifications and
plaus were referred to at the time
ef the awarding Of the contract. such
we're not prepared until several
mouths later: and that although the
sueci6cations provided that the con-
tractor should be paid from time, to
dime. retaining 10 per cent. Ct the
onst nrice. until the completion ana
Anal acceptance. yet ASA matter or
tact. the bonds we're delivered to MIN
90 soon 40 engraved and before any
work was commencs d. Al q matter
of fact, Barham had charge OF the
engraving Of the bonds, ana they
were never In the hands Of the CON-
pany. but merely signed by its omcers.
while the contractor was to pay Ill
. expenses during the construction Pc
Rod. which, I think, would include In
teress ON the bonds for that time. yet
NO provision was made fcr interest
ON bonds after the construction or
for the installation Of metres and gas
connections, or anything in regard TO
operation, whatever
Direction, Had Little In&sress.
with the exception OF Barham and
his associates the other directors hao
no il .soer aon.tsa 70 them
s W -. - ,hs,r nsmes.
o. all OF them were men OF more or
Jess local prominence. II Is hard TO
conceive that business men should
,coumence an enterprise along sucn
business methods; and 1t Is not sur
's..s '" mil. 10 ,pss,s,,n.. at the
49,. ro,a ,ho, v,,re ey,-
SN.,! -. s:,sn.v. nv Rarham
~ sa.s.... ~. 49, shev them.
ss -. 81 ,.si,se nov
=. -. -, - .ridence m. taken
- cn,.sr,sct,on az the
49, ~ -h,Is !. 4. - nrceasary