Directors' Meeting,
Lynchburg Glass Corporation - September 4, 1923

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. Page numbers reflect how the Minutes were originally organized for filing. A scan of the original is below.

MEETING OF THE DIRECTORS OF LYNCHBURG GLASS CORPORATION
September 4th., 1923.

A meeting of the Directors of the Lynchburg Glass Corporation was held in the Directors' Room of the Peoples National Bank, September 4th, 1923 at 11:00 A. M. with the following present:

N. D. Eller
J. W. Gayner
John Victor
J. D. Owen
C. M. Guggenheimer
D. H. Dillard
W. H. Loyd

The minutes of the previous meeting were read and approved.

President in the chair.
                    
The President discussed the advisability of having an expert appraisal made on the Plant. On motion of John Victor, seconded by J. D. Owen, it was unanimously passed to get appraisal values of plant and equipment and set up on books as appraisal value and difference be set up [as] Reserve for depreciation.

The President next brought before the meeting a suggestion to charge off all expenses of organizing and. putting the Plant in shape for manufacturing, to Plant Account. After discussion of this plan, on motion [by] John Victor, seconded by J. D. Owen, it was unanimously approved that the President handle the account as he saw fit; setting up a separate account on the books to be charged off sometime later.

Upon motion duly seconded and unanimously approved, the President was authorized to fix salary of W. H. Loyd., Secretary & Treas., $2400.00 per year, instead of $2100.00.

The President made a statement that he had not as yet been able to obtain a license from the Coca-Cola Co., Atlanta, Ga. for the manufacture of Coca-Cola Bottles. But he felt encouraged and that he was making some progress in getting this license, from the fact that he had 9 or 10 letters from large Coca-Cola Bottlers in this State and North Carolina, and that he was making effort to get requests from all of them, asking the Coca-Cola Co. that we be granted this license.

The President stated that the Insulator Business looked very encouraging and better than he had first anticipated that he had had several offers from large buyers.

Mr. J. W. Gayner made a statement to the Board that as yet he had been unable to raise funds to cover his first call, on subscription for the Lynchburg Glass Corporation Stock, but he felt sure he could make his arrangements and pay his first and second calls by November 1st. After this statement, the Board requested that Mr. Gayner retire while discussion was held on this question, which he did.

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[p. 2] The President placed before the Board a statement that Mr. Gayner had submitted his financial affairs, which included a list of stock and a statement of the Gayner Glass Works, Salem, N. J.
                   
On motion seconded and unanimously approved, it was agreed to accept Mr. Gayner's note for $22,500.00, 90 days time, being the amount of the first and second call on stock subscription of the Lynchburg Glass Corporation secured by the following list of securities when properly endorsed in ink and also 375 shares of the Lynchburg Glass Corporation stock at par.

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[p. 3] The President appointed the following committee of three to list securities when they came in.

C. M. Guggenheimer
John Victor
J. D. Owen

There being no further business, the meeting adjourned.

____________[signed: N D Eller]_________
President

________[signed: W H Loyd]________
Secretary.

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