The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-07-12
NO POOLING OF STOCK
BUTLER UNIVERSITY DIRECTORS RE-
Woke ALL ACTIO IN THIS LINE.
A. Il. Armstrong, of kokOmO, Elected
President of BOard-No Salary In
creases for the Faculty.

yesterday and revoked the action insti-
tuted by the board five years ago, looking
TO the pooling OF scattered stock in the
institution. This causes the abandonment
of the perpetual voting pool scheme, where
by selt-perpetuating trustees would be in
vested with much of the authority in the
of the university. AS stated
some time ago., the friends of Professor
Garvin were opposed to this pooling plan,
while many of those who questioned his
teachings were in favor of it. The following
are the resolutions adopted by the board
yesterday relating to This pool:
Whereas, 1t appears by the university
records that at a called meeting of the
board Of directors, held Feb. II, 1889, the
committee on faculty and schools sub
mitted TO the board its certain written
recommendation therein reciting that 'mucn
of the stock of the university is owned In
small amounts, and so scattered that 1t
is destined finally TO pass out or notice
and be forgotten and therefore recon-
mending that steps be taken for the form
alton or a perpetual voting pool, or pools,
of stock by self-perpetuating trustees,
which recommendations were at said meet
ing laid on the table until the next regular
meeting of the board; and
Whereas, Afterward, as further appears
by the university records, at a meeting OF
the board of directors held June ii, 1889,
there was presented to the board a GER
tain proposed draft or form of perpetual,
self-perpetuating proxy, the record OF said
meeting showing that said form was
adopted by the board, a proceeding clearly
without the province or power of the
board: and
Whereas, Afterward, as appears by the
university records at a peeting of stock
holders thereof held June II, 1894, a reso-
luton was adopted as follows:
Whereas. Ii appears that, as we under
stand, under the sanction of the board OF
directors, efforts have been made 10 form
a stockholders voting pool, whereby the
pooled stock was TO he voted by persons
to be selected, constituting a so-called
proxy board which efforts appear 10 have
resulted I'm procuring signatures of some
of the stockholders to the proposed pool
ing plan. but including also signatures of
persons not appearing to be stockholders,
but understood to be heirs of deceased
stockholders; and,
whereas, 1t is important that the rec
ords of the university show correctly by
whom and how its capital stock is held;
row, therefore. be it
Resolved. That the directors this day
elected be, and they are hereby intrusted
TO call in all such proxies and papers re-
lating TO said pooling arrangements and
place the same in the archives of the uni
versity;
''That a committee Of three stockholders
be appointed by the chair to examine said
proxies and papers, with authority to take
legal advice as TO the validity of such pool.
and report TO the next triennial meeting
of the stockholders"
Now, therefore, be it resolved that this
board disevows and disapproves of the
aforesaid proceedings of the board of d.
%reetors, and of any and all things done
by corporate representatives of this mi
versity in their official capacity in anv
wise in connection with the formation of
any such voting pool or combination.
Be it further resolved that pursuant to
the resolution of stockholders so instruct
ing, the board of directors hereby directs
all persons having any proxies. books or
papers relating TO the pooling arrange
4 0NntG nfnnEn1 4 IN enid -
stockholders to place the same in the office
If the secretary. and that the secretary IS
hereby directed to call in and place and
retain in his office all such proxies, books
and papers"
The following dire tors were at the meet
ing: A. NJ. Atkinson of Wabash, A. F
Armstrong of Kokomo, c. F.. Morgan OF
Minneapolis, Mimi, T. H. Kuhn of Upton
A. NJ. Chamberlain of Louisville, KY, L. C
Brewer of Danville, j. L. Irwin and n. T
Reeves of Columbus, J. s. Strong of Plain
field. Albert Johnson and f. r. Kautz o,
Irvington, and DR.. Brayton, Chauncey But.
Ter. H. L. Brown, z. H.. Jameson, II. b
Cole, c. F.. Thornton, j. s. Duncan, S. d
Noel and c. f. Hollenbeck of indianapolis
The session began at II o'clock in the morn.
ing and lasted all day. All the director.
except William Mullendore, OF Somerset
Pa: were present.
the appointment of Miss Lola Bridge.
as professor of English literature. Mex
year the two years course in history fol
juniors and seniors will begin under the
professorship of Hugh TIL. Miller. An add
ton OF two years in civics and increased
advantages in the premedical course were
made.
The president of the faculty made a re
port showing the prosperity of the institu
ton. The secretary's report showed the as
sets to be $500. coo. Donations of books hav,
been made by Messrs. Jameson, F. II
kautZ, William Thrasher and G. r.. Hol
lenbeck. AS a result of the treasurer's re
port no salaries were raised. 1t wa:
deemed advisable to take steps toward;
raising the endowment fund and the hnanc.
committee was authorized to appoint al
agent. The president of the board will
make appointments of committees in a few
days. The following officers were elected:
President-A. +. Armstrong.
Secretary-Simeon Frazier.
Treasurer-Scot Butler.