Lynchburg Glass Corporation -
January 24, 1925
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.
Attached to the minutes were two financial statements for the previous year ending December 31, 1924. One is the normal financial statement; the second shows the adjusted depreciations as requested by Chatham and Phenix Bank. An interesting penciled notation occurs on one of the financial statements. Where the line on the report "Profit & Loss" shows a profit of $61,591.38, the notation reads: "loss for year (43,896.09)".
Director's Meeting of the Lynchburg Glass Corporation was held in the Directors' Room of the Peoples National Bank at 12 o'clock noon, Saturday, January 24th, 1925 with the following present:
N. D. Eller
J. William Gayner
J. D. Owens
R. C. Watts
W. H. Loyd
D. H. Dillard
C. L. Snidow
The President stated that the meeting was called to act upon a matter of bringing the books of the Corporation up to the original cost of the plant with the proper depreciations charged off covering the time since completion of the plant as provided, explaining that provision was made by the Federal Laws to allow this change and as he had presented a statement of the accounts on the books before and after making these changes to the Chatham & Phenix National Bank of the City of New York and they had advised changing the statement to comply with the proposed changes in the plant value.
On motion of John Victor, seconded by D. H. Dillard and unanimously passed, the following resolution was adopted:
"On motion it was resolved. that following the report of Mr. Eller on his visit to New York and conversation with the Chatham & Phenix Bank and in compliance with their suggestion as reported by him----that the officers of the Company are hereby instructed to set up on the Company's books the full original cost of the plant as shown by the revised statement, offset by capital reserve and depreciation accounts. Copies of the old and of the revised statements being recorded herewith."
There being no further business the meeting adjourned.
_[signed: N D Eller]__President
____[signed: W H Loyd]__Secretary