The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-03-29

many to be sound enterprise, sin
against the light. Therefore. In the
interest of fair play and a square deal,
make this statement to, the former
stockholders, In order that no one
may hereafter claim ignorance Of the
facts, In selecting me as the object
of unfair criticism. In making this
statement depend largely upon my
reputation gained in twenty-five years
Of business experience In your midst.
to assure me OF fair hearing and to
protect me from insinuations and
yelled attacks on my character and
conduct as a director or as lessor
OF the property In question. In jus
tice to my friends, as well as myself.
I. therefore. make the following state
ment:
At the very outset the services OF
Mr.. John Garland Pollard. now At
torney- General of the State OF VIZ
ginia, were engaged to secure the
charter and to organize the company.
The charter was secured In October.
1913 Unfortunately just before the
beginning of an acute business depres-
sion). 1t will appear from this that
every reasonable effort was made to
safeguard the interests of the COM
pany and of all who participated In
the enterprise: particularly SO, by rea-
son OF O provision, which was an es-
sential' feature of the organization,
that the smallest stockholder had
equal rights with the largest
Directors Named.
The following gentlemen were
elected directors OF the company:
w. ID. Duke, assistant to the presi-
dent of the Richmond, Fredericks-
burg and Potomac Railroad president
of the Young Mems Christian Asso-
citation: w. w. Baker. member Of the
Legislatures Chesterfield County, Va;
C. P. CABOT. assistant manager Of the
Allen & Ginter branch of the Liggett
& Myers Tobacco Company; c. D.
Coleman, merchant formerly with
Spence Nunnamaker Company; T.
o. Sandy. farmer, head Of govern
ment farm demonstration, Burkeville.
Va; w. J. Whitiock. trustee Of the
Central Trade and Labor Council,
Richmond, Va: George w. Bahlke,
Mayor OF Highland Park and Euperin-
tendent OF tho Metropolitan Life In
surance Company: r. T. Bowden,
president of Richmond Typographi-
cal Union. No. 30: J. II. ChappeIL of
j. II. Chappell & Bro. plumbers: J. A.
Connolly. of J. A. Connolly a. Co.,
real estate: Captain John Hutchinson.
tobacconlst: Captain w II. Owens,
master mechanic OF the Southern
Railway Shops; William c. Schmidt,
grocer, owner OF the building: l. L.
Scherer, general claim agent of the
Chesapeake and Ohio Railway; II. g.
Winston. general manager of the MIL
Ter Manufacturing Company; DR..
John F. Ragland, Jr.. Chesterfield
County. Va; II. Carl Boschen, shoe
merchant; Alvin NJ. Smith, Smith
Courtney Company.
These men gave their time and
made personal sacrifices to serve az
directors OF an institution. which was
then generally expected TO be Of great
benefit not only to the stockholders,
but to the public at large. Every
reasonable precaution which then srg
est ed itself against the failure Of the
enterprise for lack OF insufficient
capital was adopted. A most fire.
quent cause of failure Is insufficient
ca pital.
For this reason, although IL was a
condition OF subscription that no call
should be made on stockholders until
one hundred thousand dollars sl0o.-
6oo) had been subscribed. out OF
II bundant precaution and TO give the
business additional protection. no call
vas in fact made by the directors for
on the stock untH after one
hundred and sixty thousand (sl6o.-
0o0) dollars had been subscribed The
directors then had the utmost con-
n dence In the success OF the enter
prise. believing as they ala IN the
g nccrity OF purpose OF over twenty
Ave hundred fs.so0) subscribers, and
feeling that with their loyal support
s. nd patronage of the business there
would be no question as TO ths wei
fare Of the company.
hrroxxxusNx-yvpssz&a EfrrvxmT Vocation.
The announcements IN the papers,
as well as the prospectus, showed the
location OF the enterprise 10 be at
Seventh and Franklin Streets, on
premises owned by the undersigned.
;he lease to begin after certain
{ hanres~ were made IN the building.
There was nothing secret or under
hand about the proposition, and a ref
erence to the prospectus and an
n ouncements Will demonstrate this.
The lease was made before either my
agent, Mr.. r. A. Connolly. or myself
were elected TO tho board OF directors.
As q matter OF fact. / never contenl-
nlated becoming member of the
board at all, but was afterwards in
daeed to do so by the other directors.
7 remodeled portion OF the building
for nse OF the corporation, which IL
occupied free of rent from October.
1918. to June Is. 1914. the day the
stors was opened for business.
Very soon after the first cali for
nayrnents on the stock subscriptions
was made. was likewise induced to
remodefing the building,
n gairst my own Judgment. to meet
The requirements of the business con-
tt mated. feeling. as did. that 1t
would be best TO have the subscrip-
tons paid up. or a considerable pro-
portion, before the company opened
It's doors for business but II was urged
that the subscriptions would be paid
more rapidly after one or more de-
were opened UP. and that.
AZ a matter OF fact. the subscribers OF
the stock wanted action and had COM
menced TO criticise the officers Tor
oeiay. This remodelinv required four
or Ave months at a cost to me OF un
round fgures) eighteen thousand
fs1s.oool dollars. which money paid