The Russellville Democrat. [volume] (Russellville, Ark.) 1875-1898, 1886-02-18

HfX--sI4e InC0rVVfHt0fS
ana Their Interests
/ The articles Of agreement on
which the company was formed.
They show that Garland, Harris
Atkins and others we're presented
| With 800 900 worth each q the orlgi
NAL stock on payment Of $3.50 each
ia their share of the expenscs. The
Original stock. which was vi .OOO, VOV,
Mas, it Is understood, judiciously
swatered;;D as Is stock Of all great
I CON panies. by increasing the total
stack to 100000. Each mans
lump OF Tie original stock was swell
led up to half million dollars. The
form Of contract begins with the
Statement james Harris Rogers
J. !. s invented and patented certain
Telephone and telephone improve
Iments, and then adds: sAnd where
as said James Harris Rogers is de-
sirous Of further developing and put
ting into practical working opera
tion said improvements, discoveries
and Inventions, and for the purpose
OF obtaining aid and assistance IN
1.-THE furtherance and accomplish
ment Of this object Of the persons
herein named, it 10 also desirous Of
| forming an association or joint stock
company with said Joseph E. John
ston, Augustus H. Garland, John u.
tic. Atkins. Isham G. Harris and Ca
scy Young.
Now, therefore, all the above named
persons hereby mutually agree 70
constitute themselves as an associa
tion or joint stock company for the
objects ard purposes above setout,
upon the following terms and stipu.
lations:
/. It is mutually agreed and I'M
derstood by all parties thereto that.
as among themselves, the value OF
SAID improvements, discoveries and
I inventions shall be estimated at 81,
600, 600; that this shall be divided
into ten equal parts or shares. four
Of which are to be held and owned
by said James Harris Rogers and
one each by said Joseph E. Johnston,
Augustus II. Garland. John ID. C.
Atkins, Isham 6. Harris and Casey
/ Young, and the remaining part or
share shall! be jointly held by the
company, to be disposed of IN such
manner as the members thereof may
see fit.
2. 1t is further mutually agreed
| BY the parties to this agreement
that they will, as soon as can be
doae, procure charter OF incorpora-
ton. constituting themselves cor
porate body under the name and
style OF the Pan Electric company,
embracing under such character Of
incorporation such objects and pow
ers as they may deem proper, and
are allowed Incorporated bodies un-
der the laws of the state Of New
York or any other state in which
said charter in incorporation may be
Obtained.
3. I, is also agreed that when
aforesaid persons are Incorporated as
corporate body, as hereinbefore
provided, all the capital stock OF
said corporation shall be the joint
property Of this company; and it
may issue, sell Or otherwise dispose
OF so much there of as they may see
| fit;. provided, that no individual
member shall dispose Of any interest
acquired under these articles of
agreement at less than the face value
thereof, without the assent of the ex-
ecutive committee hereinafter pro-
vided for; and all interests jointly
held BY the company, and which
may be sold as aforesaid and dis
posed OF by direction of aforesaid
executive committee, shall be sold
for the joint benefit Of the company;
provided further, that said James
Harris Rogers shall have the right to
dispose of to such persons as he may
Sc. fit an interest in the property of
the company hereinbefore enumer.
aLed, amounting to the sum of Sl7O.-
600, upon the basis of a capital stock
Of $500, 100000.
1t is also stipulated and agreed
that aforesaid parties to this agree
ment may admit Others to member
ship in this association or company
upon such terms and conditions as
they may prescribe, it being under
stood that they are the JOINT owners
OF all the properties, rights and
franchises herein set out or referred
to.
5. And it is also agreed that un
TIL said charter Of cooperation shall
be secured, the company organized
and the board Of directors esected
hereunder, there shall be chosen
from the parties above mentioned an
executive committee Of three, who
shall conduct the business and affairs
Of the company and direct The doing
OF such things as may be needed for
the furtherance Of the objects herein
set out; and any expense incurred
for the dong of the same may De as
sessed prorata upon the members 4
the company to the amount of $l50
each, and no greater sum shall he
assessed without authority from the
majority OF the members.
l. ~