Wednesday, March 09, 2011

Yanceyville Airways, Inc. (Yanceyville, North Carolina)

Yanceyville Airways, Inc. ("Yanceyville Airways"), was created as a North Carolina corporation 30 November 1945 (articles of incorporation filed 5 December 1945). The authorized capital stock was $50,000, divided into 500 shares with a par value of $100 each. The incorporators and original stockholders (each purchasing five shares) were:

1. Brooks, Robert Lee (Yanceyville, North Carolina)
2. Gunn, William Laroy (Yanceyville, North Carolina)
3. Little, Thomas Arthur (Yanceyville, North Carolina)
4. Page, Ludolphous Graham (Yanceyville, North Carolina)
5. Shelton, William Thomas (Yanceyville, North Carolina)
6. Slaughter, Wilson Allen (Blanch, North Carolina)

The stated business objects of Yanceyville Airways were:

1. To purchase, sell, and operate airplanes for pleasure and commercial uses.
2. To build, use, lease, rent, and operate airplane hangars and shelters.
3. To purchase and sell airplane parts and to repair airplanes.
4. To purchase and sell gas and oil to be used in airplanes and other motor vehicles.
5. To purchase and sell all kinds of motor vehicles, motor engines, and electrical appliances and to do and perform all things reasonably necessary or incident thereto.
6. To purchase, hold, deal in, and sell all kinds of goods, wares, and merchandise.
7. To purchase, own, lease, hold, use, encumber, sell, or otherwise dispose of, all kinds of property both real and personal.

The corporate life was set at fifty years.

Notary public, Pattie Gunn, notarized the signatures of the incorporators 30 November 1945.

The bylaws specified that the annual meeting of stockholders would be held 8PM, 11 December at the principal office of the corporation.
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The first stockholders' meeting was held 14 December 1945 in the office of Yanceyville lawyer Ernest Frederick Upchurch (in the Upchurch building on the Square in Yanceyville, North Carolina). Three directors were elected: William T. Shelton; Wilson Allen Slaughter; and Robert Lee Brooks. The directors were authorized to lease from Dr. L. G. Page, DDS, "the landing field . . . located three miles northwest of Yanceyville on the Yanceyville-Reidsville highway and on the farm known as the Nettie H. Paschal," with the option of leasing a number of additional years.

At the first meeting of the Yanceyville Airways board of directors (held 14 December 1945 in the office of Yanceyville lawyer Ernest Frederick Upchurch), the following officers were elected: Wilson Allen Slaughter, President; Robert Lee Brooks, Vice-President; and William Thomas Shelton, Secretary-Treasurer. Dr. L. G. Page was appointed as a committee of one to attempt to secure an agency for the company to sell one or more makes of airplanes. Stationery was ordered printed and the Secretary-Treasurer was authorized to pay when the bill was received for the corporate seal, stock book, and minute book.

At the first monthly meeting of the Yanceyville Airways Board of Directors 2 January 1946, 7:30PM in the office of Yanceyville lawyer Ernest Frederick Upchurch the President and Secretary-Treasurer were directed to execute and issue stock on payment of par value. The following was inserted in some lease: "In case of non-renewal of lease, the lessor pays corporation per hanger, less depreciation of 10 per cent per annum." The directors were authorized to sell forty shares of stock per hangar and new airplane.

Another Board of Directors meeting was held 7:30PM, 6 February 1946 in the office of Yanceyville lawyer Ernest Frederick Upchurch. Issues: insurance; Southern Airways of Danville bill; T. S. Lea bill for work on hangar; Dr. L. G. Page reimbursed for corporation expense; Allen Slaughter reimbursed for roofing [presumably on hangar]; liability insurance; and Dr. Page appointed a committee of one to investigate the possibility of "getting gas." Hicks Insurance Agency had been paid $107.50. Income from flying: $37.00. Cash on hand: $990.69.

Yanceyville Airways Board of Directors met 6 March 1946 at the office Dr. L. G. Page. Issues: Hicks Insurance Agency bill for liability insurance; Dr. Page appointed as a committee of one to investigate further the possibility of a Kaiser-Frazer automobile dealership; and the Secretary was directed to investigate installment plans for "purchases of aircraft."

Board of Directors meeting 3 April 1946. Issues: decided to purchase two parachutes from Southern Airways, Inc., of Danville, Virginia (verbal agreement with Southern Airways to exchange parachutes for forty dollars and cancellation of sixty dollar debt to Yanceyville Airways, Inc.).

Board of Directors meeting 1 May 1946. Issues: discussion of the "Piper contest"; discussion of gasoline and tanks; payment authorized: Dr. Page for gasoline and parachute repairing, and Southern Airways for parachutes. Directors decided to "finish hangar as soon as possible and secretary was directed to investigate cinder blocks." Final plans for wiener roast were made and date set for May 11.

Board of Directors meeting 5 June 1946 at the Caswell Airport. Flying school offered to ex-service men and women by the government to be investigated. Discussion of base operator's duties and schedule agreed: Monday, Wednesday, Friday, Saturday, Sunday 1:00PM to sunset. Tuesday and Thursday 4:30PM to sunset. Directors authorized operator commission of $1.00 per solo hour for private licensed pilots and authorized operator to report following airport changes to C.A.A.: trees cleared, 80-octane gasoline, and portable lights. Operator authorized to apply for mercantile license. Authorized $40 to Mr. Ashley Yarbrough for wiring hangar and $5.60 to Southern Airways for maintenance. Discussed "buying new plane" and "decided to take first Super Cruiser available and the first trainer available as floor plan."

Board of Directors meeting 3 July 1946 held in the office of Caswell Airport. All directors were present and stockholders Dr. L. G. Page, Clyde C. Cole; J. O. Gunn; and Ralph _______. Discussed finances, including plan to pay off Wachovia Bank & Trust Co. (Raleigh) note and to negotiate a loan of $2500 to pay off note and "continue with cost of hangar." Discussed possibility of concrete floor in hangar and obtaining water supply. Payment of bills authorized: W. G. Carter; Worsham Bros.; and Dr. Page.

Board of Directors meeting 7 August 1946 7:30PM at office of Caswell Airport. All directors and stockholder Dr. Page present. $2500 loan obtained from Danville Loan & Savings, with monthly payment of $200. Discussed GI school. Operator authorized to "put up water tank." Decided to do everything possible to obtain C.A.A. approval as soon as possible. Payment authorized: T. S. Lea; Standard Oil; Wachovia Bank; Piedmont Aviation; Southern Airways; and W. G. Carter.

Board of Directors meeting 21 August 1946. All directors present and shareholder Dr. Page. Discussed change of operator for Caswell Airport and to elect a new secretary-treasurer. Dr. Page appointed temporary secretary-treasurer. Decided to investigate obtaining a base operator. Accounts receivable: C. W. Hyler, Jr.; Ralph Harrison; Thomas Little; Dr. Page; W. J. Page; and W. J. Swicegood. Bills: Standard Oil Co.; Tom Shelton, Commission; Carolina Power & Light; and W. G. Carter (store supplies).

Board of Directors meeting 4 September 1946. Discussed part-time instructor. Secretary authorized to keep in touch with Mr. Warren in regard to instruction.

Apparently no October 1946 meeting.

Board of Directors meeting 4 October 1946. Authorized paying Ashley Yarbrough $35.50 for gas paid by him. Discussed retaining Paul Rembold as base operator and manager. Decided to recheck bill at Carters and phone bill.

Board of Directors 6 November 1946 (7:30PM). Paul Rembold, base operator, also present. Discussed insurance. Mr. Steed ordered Stinson 1?0. Bills authorized. [The airplane ordered in 1946 probably was a Stinson Voyager 150.]

Board of Directors meeting 11 December 1946. Directors present: Allen Slaughter, Robert Brooks, L. G. Page. Stockholders present: Johnnie Gunn, T. E. Steed, Thomas Little, and J. A. Murray. General description of the growth status and financial condition of the corporation as of November 30th was presented by Mr. A. H. Moses, Accountant. Assets: hangar and equipment ($2,059.94); airplanes ($3,611.75). Revenue of $2,701.30 and expenses of $3,308.75 resulted in a net loss of $607.45 for the year. Number of directors increased to "three or more," and the following elected: Robert Brooks, Allen Slaughter, T. E. Steed, Dr. L. G. Page, and Paul Rembold (with J. O. Gunn as an alternate and advisor). Bill payments authorized, including reimbursement to Dr. Page of $138.68 "on hangar expenses." Officers elected: Robert Brooks, President; Allen Slaughter, Vice-President; E. Paul Rembold, Secretary and Treasurer; and L. G. Page, Assistant Treasurer.

On 18 December 1846 a special meeting was called to "make arrangements for a new lease on the field." It was decided that Dr. L. G. Page take over the hangar. The Corporation agreed to pay Dr. Page 12 1/2% of the gross income the first year and 15% the second year and thereafter. The first year's 12 1/2% was to be credited to the hangar with no interest to Dr. Page. The following years could be based the same until the hangar was paid off, if it was still agreeable with Dr. Page. This was agreed by the five directors, Robert Brooks, Allen Slaughter, Paul Rembold, T. E. Steed, and L. G. Page. Dr. Page also assumed the responsibility for the care and maintenance of the field. The new lease had a term of five years unless either party desired to make a change.

These minutes were amended 5 February 1947: "The following is an amendment to the minutes of the meeting of December 18, 1946. The Corporation needed additional cash to pay taxes and to carry the business through the slack months. Dr. Page agreed to pay the Corporation in full for the hangar in order to give the Corporation the needed money. The new lease was drawn up for five years duration. The Corporation agreed to pay Dr. page 12 1/2% of the gross income of the first year and 15% for the remaining four years as rent for the hangar and field." [Thus, it appears that Dr. L. G. Page owned both the airfield and the hangar constructed thereon.]

Board of Directors meeting 1 January 1947. Retained services of Mr. Moses to keep the company's books in 1947 and to pay him $50 for his services in 1946. Bills ordered paid. Dr. Page suggested some arrangement be made about charity trips "on the corporation's airplanes." [This suggests that Yanceyville Airways owned more than one airplane.] All directors were present except Allen Slaughter.

Board of Directors meeting 5 February 1947. Bank balance $1,825.28. Report by the Secretary as to the expenses incurred in operating the Stinson and the revenue taken in on the plane. Revenue was $234, with expenses of $103.46. The net revenue of $130.54 was split evenly between Yanceyville Airways and T. E. Steed [who apparently owned the airplane.] Some lease was read and approved. The subject of building new hangars was discussed. it was decided that the woods on Mrs. Howard's place could be secured and cleared, "this being the most logical site." The Board decided to look into this matter at once. Authorized bill be paid.

No monthly Board of Directors meeting in March 1947 due to sickness. Payment of bills was authorized by President Robert Brooks: Morris Telephone Co., D. F. Jones Oil Co., Carolina Power & Light Co., J. T. Townes Printing, Hicks Insurance Agency, Paul Rembold for reimbursement, Piedmont Aviation, Danville Flying Service, Danville Loan & Savings Bank, Paul Rembold salary ($212.00).

Board of Directors meeting 8 April 1947 (special meeting). Present: Robert Brooks, Allen Slaughter, Paul Rembold, and Dr. L. G. Page. Authorized payment of bills and first quarter payment to Dr. Page "of field income." Discussed "insurance on the airplane" and decided to "make an investigation in order to determine the high rate of insurance which is paid out each month." [Apparently, Yanceyville Airways had only one airplane in service.]

Board of Directors meeting 7 May 1947 held at Caswell Airport. Present: Robert Brooks, Allen Slaughter, T. E. Steed, and Paul Rembold. Adopted monthly hangar rent of $8. "Due to the financial condition of the company, the directors decided to try and cut expenses down as much as possible and to try and get a little revenue in from the hangar and back on the insurance. June 4, 1947 set as the date for a stockholders' meeting "to decide what will be done about the company finances."

Board of Directors meeting and Special Stockholders' Meeting 4 June 1947. Stockholders present: Allen Slaughter, T. E. Steed, L. G. Page, Paul Rembold, Johnnie Gunn, Thomas Little, Herman Gunn. Absent stockholders represented by proxy: William Gunn, Robert Brooks, Thomas Shelton, and Ralph Harrison. Finances discussed and it was decided to attempt to reduce expenses and to obtain an additional loan from the Danville Loan & Savings Bank, with Mr. Gunn to make arrangements with the bank.

Board of Directors meeting 2 July 1947 held in the office at the Caswell Airport. Discussed approval of the G. I. Flight School and the commission on "the new Stinson." Bills approved for payment.

Board of Directors meeting 18 July 1947 (special meeting called by President of Yanceyville Airways) to discuss a letter of resignation submitted by Dr. L. G. Page, which resignation was tabled until the next meeting.

Board of Directors meeting 6 August 1947 held 8:00 P.M. "at the office of the company at Caswell Airport." Resignation of Dr. L. G. Page [presumably as Assistant Treasurer] accepted and William Gunn elected to fill the unexpired term of L. G. Page. Airport Advisory Committee created: John Gunn, Chairman, Dr. Page, Ches Matlock, Ralph Harrison, and Clyde Cole. Discussed letter from Veterans Administration that required operators to charge the same price to private students as to veterans. Hourly price schedule adopted: $10.00 dual; $8.50 solo supervised; and $7.00 solo not supervised. "The subject of insurance on the field wad discussed and it was decided to investigate and see whose responsibility it is." Bills approved for payment: bank, salary, misc., telephone, insurance, advertising, Danville Flying Service. Cash balance: $112.76.

Board of Directors meeting 3 September 1947 held 8PM at the office of the company at Caswell Airport. Present: Robert Brooks, Allen Slaughter, Paul Rembold, T. E. Steed. Absent: William Gunn. Bills submitted: gas; Danville Flying Service; insurance; Piedmont Aviation; bank; salary; and reimbursement. "The Secretary was advised to pay what bills he could, until further revenue came in."

October 10, 1947: A meeting of the stockholders of the Yanceyville Airways, Inc. met in the office of Robert T. Wilson at 7:30 P.M. October 10th, 1947, and it appearing to the Board of Directors and the stockholders of the Yanceyville Airways, Inc., that the said corporation is insolvent and not able to meet its obligations and T. E. Steed and his associates offered to the stockholders the sum of twenty-five cents per share for each of the outstanding shares of stock.

The following stockholders being present or represented agreed to accept said offer as follows, W. L. Gunn, 5 shares, Thos. Little, 6 shares, Dr. L. G. Page, 5 shares, T. E. Steed, 5 shares, R. L. Brooks, 5 shares, H. G. Page, 1 share, Paul Rembough [sic], 1 share, John O. Gunn, 6 shares, C. O. Matlock, 1 share, and Ralph Harrison, 1 share.

Special Stockholders' Meeting 27 October 1947 at 7:30 P.M. in the office of Robert T. Wilson for the purpose of reorganizing the corporation. Present: T. E. Steed, T. B. Daniel, and Paul Rembold, they being all the stockholders of said corporation. Elected: T. E. Steed, President; T. B. Daniel, Vice-President; and T. B. Daniel, Secretary and Treasurer. Elected directors: T. E. Steed, T. B. Daniel, and Paul Rembold. "It is ordered that ten shares of stock be issued to T. E. Steed upon him paying to said corporation the sum of one thousand dollars." It is further ordered that ten shares of stock be issued to T. B. Daniel, upon his paying to the corporation the sum of one thousand dollars."

Board of Directors and Stockholders' Meeting 19 November 1947 9:00 A.M. in the office of Robert T. Wilson. Present: T. E. Steed and T. B. Daniel, "who own all of the stock of said corporation except 5 shares, and the following business was transacted.

It appearing to the board of directors and stockholders that since the reorganization of said corporation that T. E. Steed and T. B. Daniel, have sold to said corporation equipment and have also paid off the liens and debts of said corporation in the sum of ten thousand dollars and the said T. B. Daniel paying five thousand dollars thereof in money and equipment and the said T. E. Steed paying five thousand dollars in equipment.

It is agreed among the stockholders and board of directors that new stock be issued to T. B. Daniel in the sum of five thousand dollars or fifty shares and T. E. Steed be issued five thousand dollars in stock or fifty shares in payment of equipment and money paid to said corporation as hereinabove set out."

Board of Directors and Stockholders' meeting 18 December 1948 [probably 1947] at 7:30 P.M. in the office of Robert T. Wilson. "It is ordered that two shares of stock in the Yanceyville Airways Inc. be transferred to Robert T. Wilson, for one dollar and other valuable considerations. The said stock holders and Board of Directors of said corporation met for the purpose of electing officers for the ensuing year. On motion of Robert T. Wilson, seconded by T. B. Daniel, that T. E. Steed be elected President which motion was seconded by T. B. Daniel and duly carried. On motion of Robert T. Wilson, that T. B. Daniel, be elected Vice-President and secretary and treasurer, which motion was duly carried."
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No further records of Yanceyville Airways, Inc. have been found, and what happened to the business and its assets is unknown.

For more on the Caswell Airport see: Caswell Airpark.
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People mentioned:

Brooks, Robert Lee (1909-1995)
Carter, William Green (1896-1981)
Cole, Clyde Caviness (1903-1969)
Daniel, T. B. [possibly Tommy Branson Daniel (1911-2003)]
Gunn, Herman Lafayette (1912-1991)

Gunn, John Oliver (1892-1992)
Gunn, Pattie Griffin (1895-1956)
Gunn, William Laroy (1910-1984)
Hyler, Claude Wesley
Harrison, Ralph

Howard, Mrs.
Jones, D. F.
Lea, Thomas Sidney (1873-1963)
Little, Thomas Arthur (1924-1997)
Matlock, Chesley Overby (1908-1963)

Moses, A. H.
Murray, J. A. [Possibly James A. Murray (1887-1962).]
Page, Herman Gunn (1904-1979)
Page, Ludolphous Graham (1902-1970)
Page, Wilbur Jones (1913-2009)

Paschal, Nettie H.
Rembold, E. Paul (1913-1988)
Shelton, William Thomas
Slaughter, Wilson Allen (1912-1993)
Steed, Thomas Edward (1884-1963)

Swicegood, Walter James (1901-1968)
Upchurch, Ernest Frederick (1877-1960)
Warren, Mr.
Wilson, Robert Thomas (1883-1952)
Yarbrough, Ashley (1888-1958)
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Social Security Death Index
Name: E. Paul Rembold
SSN: 176-09-0581
Last Residence: 24543 Danville, Virginia
Born: 29 Nov 1913
Died: 26 Jul 1988
State (Year) SSN issued: Pennsylvania (Before 1951)

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