The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1886-04-06
j. Hamlin, Robert Smith, ]. B. Hus-
ton, w. r. King and 0. Hurt.

j. Hamlin, Robert Smith, ]. B. Hus
ton, w. r. King and o. Hurt.
4 On motion the report was adopted
and the gentlemen named declared
daily elected directors for the ensuing
year.
The committee appointed to pre-
pare
ARTICLES OF ASSOCIATION
submitted a report of the draught of
such articles, which were adopted sec.
ton by section. The name of the
company and the amount Of the capi-
tai stock were left blank. The names.
Sedalia Northern, Chicago, Sedalia
IL Southern and Sedalia, St. Louis &
Chicago were suggested. After a
brief discussion the blank was filled
with the last mentioned name.
Quite discussion ensued as to the
proper sum to ELL the blank giving
amount of capital stock. The road is
to be fifty miles in length, and the
amount of stock thus far subscribed is
$55, 900. 1t was at first suggested to
fix the amount at the lowest one pre-
scribed by the statute, which is
SIC, 900 per mile.
Mr.. Jaynes called attention to the
fact that bonds could not be sold for
more than eighty cents on the dollar
under the most favorable circum-
stances, and said that the amount of
stock should be placed high enough to
leave sufficient money with which to
build the road after the discount on
the bonds is deducted. He read a
telegram from a gentleman in New
York, who proposed to interest
himself quite extensively in the road,
recommending that the capital stock
be placed at $25, 900 and bonded in
debtedness $40, 600 per mile. After
some discussion these figures were
adopted, making the capital stock of
the company 1,250, 900, and it was
ordered that the blank in the articles
of association be filled with this
amount. Shares of stock are 500
each.
The articles of association set forth
the object of the company, name,
capital stock, board of directors, etc.
THE ROUTE
is designated as follows: This road
shall be constructed, operated and
maintained from the city of Sedalia,
in Pettis county, Missouri, at such
convenient point therein as shall here
after be selected as most convenient
and accessible, and running from
thence in northeriy direction through
the counties OF Pettis and Saline, In
said state, to the to Sn of Miami, In
Saline county, by and over the most
advantageous and practicable route as
may be determined by the board of
directors of said corporation, between
said terminus, crossing the line of the
Kansas City, St. Louis d Chicago
railway at the most convenient
and practicable point within
the corporate limits of the
town of Marshall, in Saline county,
as the said directors may hereafter
determine, with view of eventually
connecting with the Chicago, Burling-
ton Il Quincy railroad.
Considerable discussion was had as
to the proper manner in which to pro-
coed in the collection of assessments
on stock. Several of the stockholders
from Saline county stated that it was
the understanding of their people that
only five per cent. would be collected
now and the remaining ninety-fve per
cent. when the road is completed.
Severalmotions and resolutions were
submitted, none of which seemed to
be altogether satisfactory, and they
were voted down. A resolution was
finally adopted instructing the board
of directors to prepare an agreement
to accompany the subscription list and
articles of association to the effect that
only five per cent. of the subscriptions
shall be called for now, the remainder
when the road is completed.
There being no further business the
meeting adjourned.
MEETING OF DIRECTORS.
Immediately after adjournment of
the meeting of stockholders the board
of directors met and perfected an Or
ganization by electing the following
officers for the ensuing year: Presi.
dent, John B. Jaynes; Vice-president,
o. Hurt, of Saline county; secretary,
j. G. Mclaughlin; treasurer, Phil.
E. Chapel; attorney, John Mont
gomery, jr.
The board then adjourned.
From Col. G. III. Mackey, 32d
Iowa Infantry: / have derived more ben