St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-04-08
THE INDUSTRIAL idea
Given It's First Real Impetus
by a Powerful 0rgani-
ZatiOn.
New Loan and Investment
Company, With a Million
Dollars Capital.
Two Hundred Thousand DOL
lars in Sto ok Taken at
the Meeting.
The New Move Will Not I'm
pair the Usefulness Of
the Union.

pair the Usefulness Of
the Union.
A corporation composed Of st. Paul
men. and to act in the interests of the
manufacturing industries of the city as
loan and investment company, with
S1,OOO,OOO as its capital stock. was the
scheme submitted last evening to the
Industrial union by Hon. Albert Schef-
fer, John Espy and j. j. McCardy, the
principal promoters, and which was in
dorsed by that body and the articles of
incorpOra ton adopted as read. Mr..
Scheffer, in an explicit address. showed
the objects and aims of the proposed
company, and read the articles of in
corporation as drawn up, which are as
follows:
The Articles.
We, the undersigned, each resident and
taxpayer of the city OF st. Paul. Minnesota,
being of the opinion that our own interests
and the interests and prosperity Of said city
may be greatly advanced by cooperation and
organized action in encouraging and build
ing up the industrial interests of said city,
have agreed to, and do, hereby associate our
selves together for the purpose of becoming
incorporated under title two (2) of chapter
thirty-four (34) of the General Statutes of the
state of Minnesota. and the acts amendatory
thereof and supplementary thereto, and to
that end we do hereby adopt and sign the
following articles of incorporation, VIZ:
Article l. The name of this corporation
shall ne 1.-THE Manufacturers Loan and In
vestment Company" and its aim shall be to
promote, encourage and aid, by and under
any and all lawful methods (the giving of a
bonus, save as herein authorized, excepted).
such industries and enterprises located, OF to
be located. in said st. Paul and its tributary
suburbs as now are or shall be incorporated
under the laws of said state, for the purpose
of engaging in manufacturing or mec ham
ical business; and to aid. by a loan OF money,
individuals engaged in business OF the
character aforesaid; and with that end In
view, the general nature OF the business of
this corporation shall be the buying, owning,
improving, selling and dealing in lands, ten
ements. hereditaments, real. mixed and per-
sonal estate and property. The principal
place at which this corporation shall transact
its business shall be St. Paul, in said state.
Article 2. This corporation shall also have
authority to receive and acquire title to any
and all kinds of property donated, to be used
and expended as pure bonus to aid enter
prises of the character in these articles
named. and property SO acquired Shall De
managed and preserved separately and ap-
propriated and used for the purposes for.
which it may be acquired or donated.
Article 3. The time of the commencement
of this corporation is Aprii..... "A. d. 1890,
and the period of its continuance is twenty
years next thereafter.
Article 4. The amount Of the capital stock
of this corporation shall be 81, 100000. and
the same, when subscribed for, shall be paid
in by inStallments as called for by the board
of directors; provided, however, that this
corporation may perfect its organization and
open its stock for subscription as soon as it
obtains froW the secretary of said state q GER
tifcate of It's existence. and IL may enter
upon its business operations as soon as SUBJ
scrlptions for its capital stock in the sum of
two hundred and fifty thousand dollars
($250,0O0) shall have been made or re-
ceived.
The directors shall not be authorized to
call for more than two (2) per cent OF any
subscription in any one month, but any sub
scriber should he SO desire, may pay all or
any portion of his subscription in advance
of call for same. and such advance pay
ment shall be credited upon any future call.
Said directors shall not be authorized to
make any call until stock subscriptions to
the said amount of $250,O0O have been OBJ
tanned.
highest amount of Indebtedness or liability
to which this corporation shall at any time
be subject.
100000 Raised.
Appended to an agreement to execute
as corporators of the articles Of incOr-
poration of the company, and to sub
scribe each the sum of $1,000 as soon as
the organization of the company had
!. been effected. Mr.. Scheffer exhibited
the names of twenty-One gentlemen, as
follows: Albert Scheffer, Greenleaf
Clarke, Frederick Driscoll. Stone d Nor
ton. Crawford Livingston, Thomas
Cochran, Charles E. Marvin, G.. II.
Lienau. A. Fl. Wilder, Bohn Manufact-
uring company, w. r. Merriam. II.
A. Castle, James II. Drake, A. B. Stick
ney, B. Kuhl, D.. r. Noyes, 3. a.
Hendrickson, D. Merrill, Charles E.
Flandreau, william Dawson Jr. and
Theo l.. Schurmeier. These signatures
represent S1O5,000 of the necessary
S1,0OO,0 900 already subscribed for, the
entire amount having been secured by
the personal efforts of Mr.. Scheffer, who
heads the list. 1t was clearly shown
that over half of the necessary capital
was already in sight, and that, with the
Endorsement of the union, the success
of the venture and its usefulness was
assured. The conclusion Of Mr.. Schef-
fer'S explanation of the plans and pros
poets Of the proposed organization was
the signal for great enthusiasm,
and recess was taken for the
purpose of allowing the members
subscribers for stock in the company.
There were but few whose signatures
were withheld, each name going down
for an amount sufficient to swell the
total amount of subscriptions to close
upon 100000. The question was raised
prior to the adoption of the articles as
to what would be the connection be-
tween the Industrial union and the pro-
posed corporation, whether the useful
ness of the union was to cease with the
consummation of the scheme now be-
fore it. Prof. Phelps, who will be sec
retary of the new company, held that
there was
No Question of Cessation
of the usefulness of the union. This
was the first proposition which had
been placed before the union on busi-
ness basis by business men. Hereto
fore everything had been bonus, bonus
ad nauseam. Here was different af-
fair, a practical and feasible way Of eX-
pediting the accomplishment of the
very objects for which the Union had
been called into existence. The plan
was one in which every man in st. Paul.
at least every taxpayer, was, sin-
terested in and could afford TO
become a subscriber to. Capt.
the union spoke highly of the place pro-
posed. On motion Of Capt. Castle, q
committee of twenty was appointed by
the chair to solicit subscriptions and re-
port weekly at the meetings Of the
union. There will. it is anticipated. be
absolutely no difficulty experienced in
raising the necessary amount OF money,
and Mr.. Scheffer offered to become per-
sonally responsible for signatures re-
presenting one-fourth of the whole
amount. The meeting then adjourned
to meet next Monday evening at
o'clock.