Lynchburg Glass Corporation -
June 1, 1925
The purpose of this specially called meeting was to hear the report of Mr. Snidow and Mr. Gayner of their visit to New York to present Mr. Gayner's ideas for revitalizing the plant to Chatham & Phenix National Bank who held a note on the plant.
These minutes were scanned, converted to text, and edited by Dennis Bratcher from original copies now in the Jones Memorial Library in Lynchburg, Virginia. The original minutes were typewritten. The text versions were converted to a screen font for ease of reading. As a result the exact formatting of the original has not been preserved. A scan of the original is below (parts of the scan are distorted).
Director's Meeting of the Lynchburg Glass Corporation was held in the Director's Room of the Peoples National Bank, this date, June 1st, 1925 at 11 A. M. with the following present:
N. D. Eller
J. D. Owen
C. M. Guggenheimer
W. H. Loyd
D. H. Dillard
R. C. watts
C. L. Snidow
The minutes of the last meeting were read and approved.
The President stated that the meeting was called to hear a report from the Committee composed of C. L. Snidow and J. William Gayner who were appointed at the last meeting, Thurday, May 28th, 1925, to visit the Chatham & Phenix National Bank & Trust Co. of New York City.
Mr. Gayner being absent in New Jersey, Mr. C. L. Snidow made the report, stating that the above Bank felt that the only thing they could do would be to press as speedily as possible the collection of the debt owed them by the Lynchburg Glass Corporation.
After a full and free discussion of this report as well as of other matters pertaining to the Corporation, the following resolution was offered by R. C. Watts, seconded by C. M. Guggenheimer, and unanimously passed, to wit: That N. D. Eller be instructed to close the plant down, cutting all unnecessary expenses and keeping only such help as is absolutely necessary for the maintenance of the plant and to assist him in the sale and disposition of the finished stock on hand.
Further, that due notice be given each employee of the plant of the intention to close down wherever necessary.
Further, that as fast as funds come in from accounts and the sale of finished stock, that this money is to be applied to the liquidation of Accounts Payable.
Further, that the resignation of Mr. Gayner as offered to the Director's on Thursday, May 28th, 1925, be and is hereby accepted, effective June 1st, 1925.
The Director's also considered the resignation of N. D. Eller as President and W. H. Loyd as Secretary and Treasurer, as offered at the same time as the resignation of J. William Gayner, Vice president and General Manager, Thursday, May 28th, 1925, but it was decided that the interests of the Company would be better served by retaining the President and Secretary- Treasurer for the present, the president's salary being reduced to $200.00 per month.
It was the opinion of the Board that the sale and disposition of the
[p. 2] (2)
finished stock on hand could be done practically by the office force, who would be required to take care of the shipping as well as the routine office work.
There being no further business, the meeting adjourned.
_[signed: N D Eller]__President
____[signed: W H Loyd]__Secretary