Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-05-14
THE EXPOSITION.
The Company OrsaniEed-The Minimum
Of stock Subscribed.
Meeting in tIse Chamber of Commerce
last ning-Determined Efforts
InRugurated.
The New Board of Directors.

The stockholders IN the Memphis EX-
position met last evening in the Cham
Der of Commerce, for the purpose of
hearing the report of the Subscription
Committee and of organizing by the ap-
pOintment of officers and the election of
directors.
Colonel Tyler having taken the chair,
the Secretary, Mr.. Mansford, reported
that there were four hundred and twenty
six shares subscribed for by one hundred
and forty-eight different firms, corpora
tiOns and individuals. The highest
stOckholder owned only twenty shares.
There were three such ON the books
Mr.. Hartley, the Mechanics Institute
and Messrs. Ferguson 4 Privett.
DECLARATION OF PRINCIPLES.
Mr.. Nelson said, before proceeding to
effect a permanent arrangement he
would wish to read paper he had pre-
pared, and submit 1t to the meeting, as
follows:
The stockholders of the Memphis Me-
chanical and Industrial Exposition, now
assembled in convention, for the purpose
of organization and arranging the nee
essary pTeliminaries for the holding of a
grand tExpOsition" at Memphis next
fall, and from time to time thereafter as
may be deemed best, hereby make the
following declarations as to the funda-
mental objects and management of the
business by Board of Directors, hereaf-
ter to be elected by the stockholders:
First-That the intention in establish
ing the Exposition" is for the purpose
of promoting the general good of the city
of Memphis and the country contiguous
thereto, and particularly of our own and
neighbOring mechanics, manufacturers
and artizans. But competitors from
other cities or elsewhere shall have the
same rights and privileges as our own
people in fair competition for public
favor.
Second-The objects of the 'tExposi-
ton" being for the public good, the
stockholders now present rely on the
good sense and liberality of the
people, particularly the citizens
of Memphis, in sustaining them
in their laudable undertaking.
Third-That the organization now be-
ing perfected, is not for purposes of spec
ulation on the part of stockholders or
other persons, and the business shall be
so conducted as to avoid that end.
Fourth-It Is the sense of this conven-
ton that the Board of Directors shall
cause to be refunded to each stOckhold-
er, as soon as the financial condition of
the association will justify, all moneys
which he or she may pay in as stock,
with reasonable compensation for the
use thereof, after which, the association
will be kept up by itsmeans. But when
the money shall have been refunded,
the right to vote for the election of a
Board of Directors shall continue with
hi har fhni n
as though the money paid for stock had
not been refunded.
Fifth-When the association shall
have realized from its 'Expositions" a
sum sufficient to meet its current wants
in extension of buildings and improve
ments, and the financial condition will
justify, library and suitable accommO-
datiOns shall be provided for the use of
mechanics and such other citizens as
the Board of Directors shall think are
entitled to the same, and under such
rules and regulations as they may pre-
scribe.
Mr.. Farris moved the adoption of the
paper as the sentiments of the meeting.
After;some debate the paper was adopted.
Mr.. Randall moved for the appoint
ment Of a committee of five, to suggest
the names of a Board of Directors.
Being duly seconded and put, it was
carried.
Mr.. NJ. Burke moved that the Board
Of Directors consist of twenty-One in
number. The motion was carried.
The committee to name directors are
as follows: ]. B. Cook, w. r. Moore,
F. B. Pickett, William Farris, ,eand J. E.
Randall.
The committee having retired to fix
up a ticket, Mr.. Nelson submitted this
resolution, which was adopted:
Resolved, That the several gen.
tleman heretofore appointed TO So
licit subscriptions of stock be
requested to continue their eff
forts and report to the chairman, Mr..
Burke, at the Chamber of Commerce, ON
Friday next, at five O'Clock.
The chairman, Colonel Tyler, who
had been to Nashville recently, gave
some encouraging information in rela-
ton to the success of the Exposition
there, after which a recess of ten min
utes was taken to allow those who wished
to subscribe for more stock. Some stock
was subscribed, and the meeting coming
to order again, Colonel Pickett submit
ted the report Of the committee on the
directory of twenty-One.
Mr.. Burke moved the adoption of the
report. Carried.