The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-05-14
THE AUSTIN COTTON MILL
Its Charter Adopted and Board of Direc
tors Elected Yesterday Afternoon.
WEnNESnA IDIDI,<rY>--r,

tors Elected Yesterday Afternoon.
WEDNESDAY, HAPPENINGS.
ABOUT seVenty-hve of the subscribers to
the cotton mill stock were assembled ot
the Board of Trade hall little after 4
o'clock yesterday afternoon. pursuant TO
call, to properly launch the the new mill
our citizens have decided to build. Mr., 4.
"A. L. Woodbridge called the meeting to-
0Tder ana on motion of Mr.. Franz Fiset,
MI. Walter Tips was made chairman
On motion of Mr.. Albert Burleson, Mr.. ].
II. raymond, DR., was elected secretary.
;lr. lips, on assuming the chair. congratu-
lated the citizens of Austin and ali nres.
ent upon the successful securement of the
S5,loo,ooo FOR the cotton mill. He said the
llstS turned over to him as trustee footed
up 9oS shares, or S96,SOO. but the lists
as printed in The Statesman included 30
Snares not on the lists turned over TO
MN. There were two lists still out in
the hands of solicitors, and these other
shares We're on them. SO that. all told.
there was now subscribed 1927 shares.
OF Slo2, 100. Of these there would be
some shrlnkage, as in the case of the
gentleman from Massachusetts. who had
Iecently dled. But he considered that
I s1e ISIS ISIS would, all told, surely pan out
SlUOOOO. On motion of Mr.. Woodbridge
MeSsrs. Tips and Raymond called out the
names OF those present to arrive Mt the
number of shares represented either in
person or proxy, so as to see if a maiori-
" OF all stock subscribed was present.
Ipoh Such investigation it was deyeloped
.lit 'here was present in person and by
written proxy G69 shares. or S6G. 900.
Inns being majority of all the stock sub
ScrlDed the meeting was declared ready
I3r business; Upon Mr.. Tips request,
MI. "A. l.. Woodbridge read the form of
charter that had been gotten up by the
special committee of five appointed for
that purpose The charter was general
III terms Tor such line of business as was
proposed TO be done by a cotton mill. 1t
called for nine directors. and fypd the
capital stock at $125,OOO On motion of
Mr.. Albert Burleson the charter was
adopted as read.
MT. Walter Tips then submitted list
OF nine names that had been selected by
the committee of five as suita BILE men for
the nrst years directory. He declared
that these names were not at all binding
upon the stockholders present, and that
any additional nominations were then in
order. The nine names submitted were
us lolloWs: a. ). Burleson, W. A. Black.
burn, Lewis Hancock, Ira II. Evans.
frank Heierman, J. H. Raymond, Jr.
~ ~. ~ LieI >, -. L. w OOldrldge and Walter
Ups: Mr.. Fenner asked why the name
OF Mr.. Gildard had been left off the list.
and Mr. Tips said Mr.. Gildard preferred
not 10 be director. DR.. Swearingen
moved the nine names submitted be de-
clared the directory for the ensuing year.
After some discussion about bylaws, Mr..
Patton renewed the motion made by DR..
Swearingen. Mr.. Bergen moved that the
secretary cast the ballot of all present for
the hlne names. and Mr. Woodbridge
amended that the secretary cast 669 bal
lots, that being the number represented
Tor the nine names, and this motion pre-
vailed unanimously. Mr.. Tips then said
the hrst thing in order would be the call
ing in of the 10 per cent of the capital
stock, as required by law. He said as
trustee OF the organization he would, in
lne next few days, as soon as he could gee
ms receipt blanks printed, call in this 10
per cent, and he asked all to be ready to
promptly respond. After this $4,000
mad been collected in cash then the board
OF directors created at the meeting yes
terday, would meet and organize by cleo
tlon of officers. Then the mill site would
be secured, plans for the mill drawn III,
machinery ordered and work begun on
the mill. The meeting then. upon motion
OF MIR. Fiset, adjourned sine die. All
subscribers to the stock should be pre-
pared Tor the 10 per cent call on stock to
ne made IN the next few days, some time
this week