Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-09-12
Business Men Unanimously
Agree On Forming New
Industrial Association
COMMITTEE is NAMED TODAY
Chairman Abbott Intrusted With the
Appointment of Committee to Ten,
to Float the Stock in the New Enter
pr;se-Those Present Talk on the
Scheme and But Little Opposition is
Found.

court room Friday evening, called te
consider an outline of plans for S2o.'
| 600 corporation to be known as an lm-
| provement company, was we'll at
| ing in that only limited number OF
| those who could De expected to take
stock in the enterprise were present A
great majority of those present, how
ever. We're decidedly in favor of the
scheme and a motion was carried
unanimously for the chairman, l.. c.
Abbott to appoint a committee to pro-
coed with the canvass for subscriptions
to the stock.
The plan proposed was outlined
briefly in a typewriter report. 1t pro-
ivides for an in ,orporated company
with $4,000 capital stock or more II
possible. shares 500 each, said shares
to be- paid up within one year at $25
per quarter, but only one-fifth of the
amount subscribed fer to be issued in
one year, and all subscriptions to ex-
tend over a period of five years; thus
each subscriber would take one or
more shares each year for five years.
Each shareholder Is to BE- a director In
the company and entitled To one vote
for each share held. A board of con-
troll OF five members, with the presi-
dent and secretary, will manage the
company, but no final action on an in
vestfnent of company funds can be
made, except by majority vote OF all
the shareholding directors. 1t is also
provided in the outline that the incor-
poration articles shall restrict the COM
pany's investments to purchases of
stock in new enterprises or real estate
TO be leased to nerv enterprises and bo-
nus paying shall be barred. No officer
IS to receive a salary and the treasurer
mus, give bond equal to ca ',ital stock
outstanding II is the purpose of the
plan to have a known numbtr of busi-
ness men all signed up, each to invest
500 every year in new industries in
Marshalltown. II would be advertised
to the world thai these men were al
ready pledged to make such invest
menrs aggresatinl, $4,000 or $4,000 IN
five years. All the bothersone and in
cessant eanvassing for funds for this
and that enterprise would cease. Each
member would put in each year just
what he signed Tor and when fac
tory proposition came up the money
would be ready and the organization
would be ready for the proposition TO
be considered by the men who were
putting In the money.
When the motion was opened for
discussion A. w. Heald was the first to
be heard. He opposed the scheme. be-
cause the company had no specific
purpose He thought that unless there
was something tc work for, aside from
new industries iii general, the propo-
sition was not good one. Mr.. Head
referred to the cid Commercial Asso-
citation organization, and again made
known his personal feelings toward the
former secretary of that organization.
He raised the question OF who was
going to guarantee the or 10 per cent
interest on the investment, and con-
Guided with the statement that he con-
Sidered the scheme one of theory, rather
than practicabilily. Chairman Abbott
took occasion, later in the evening, to
suggest 10 Mr.. Head that he did not
understand the proposition at all. Head
still wanted something located spe-
cifically.
Mr.. 7. j. Fletcher spoke briefly on
the project which he favors. He ex-
planned, for the benefit of those who
might possibly ut understand the sit
uation, that no Investments would be
made until the board Of control has
passed upon them.
Mr. Boardman spoke of the past en-
perience in the numerical club, in So
liciting funds, and outlined briefly tn.
meetings that had been held by few
OF the business men, In talking up
the present scherae. He said that it wa,
considered the best solution. but that
the committee was not welded to the
scheme, by any means, and was willing
to change its mind il more feasible
project We're proposed or suggested.
Mr.. w. NJ Clark raised a good point
when he spoke briefly on how much bet
ter 1t would be II an organization had
money behind It, ready at all times,
than it would be to have to raise funds
every time any new enterprise was ir
sight He gave a practical illustration
and said that he thought III, instead of
having invested in lots, When the pot
terry plant scheme was floatsd, the bust
ness men had invested their money IN
stock, all would be better satisfied to-
day.
Fl. b. Miller took the occasion to refer
to the apparent lack of patronizing
home industries that manufactured and
put on the market goods that We're
equal to similar goods manufactured
in other cities. They sold we'll away
from home, but had no market here
Among other things he mentioned
pickles. mustard and other staples
manufactured III this city. He went to
his grocer to buy a home product.
and found tina. the grocer did not
keep it in stock. This same grocer was
stockholder of the company manufac
turing the goods. Chairman Abbott, in
speaking of MI Miller's talk after
wards, said he had never thought of
this question in the same light before,
and this morning suggested to his wife
that hereafter, IN making the purchases
for the family table, she demand goods
made in Marshalltown, when she could
and If her groc er did not keep them,
buy OF some merchant who did.
Others who spoke briefly were f. r.
Benedict, N. S Ketchum, George NJ.
Lyon. George r. Estabrools, r. Aubrey
Smith, w. H. burrows, Jld Morrissey
and j. Nj. Viii. aker.
When the motion came to a vote It
carried unanimously, and The first step
toward organizing the company was
made, Chairncn Abbott has no doubt