Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1904-04-01

profits to every real estate owner here.
When you. Mr.. Chairman, at the last
meeting endorsed my suggested plan
Of corporate organization along the
basis of half stock and half mortgage
bonds by agreeing to subscribe $1,000,
failed to meet you half way. l now
agree to subscribe $1,000 on the same
terms, and If necessary will subscribe
more. Furthermore, without any fool
ishness about the matter. I suggest
that the secretary at once open sub
scription list. and let us see If we
cannot build a hotel before we go out
of this room." Loud applause, and
shouts of that is the talk"].
Acting on Mr.. Carroll suggestion,
without waiting for formalities. the
secretary wrote out as a heading for
the paper an agreement by which the
signers pledged themselves to sub
scribe the amounts opposite their
names, one half in capital stock and
the other half in first mortgage bonds.
Mr.. Moore signed the paper for $1,000,
Mr.. Carroll for $1,000 and the secreta-
ry, Mr.. Witherspoon, signed for $1,5O0.
Several other members were crowding
behind anxious to sign. and 1t was
some little time before the reporter
could get a glimpse of the paper.
Some of the additional names and
amounts appearing thereon were like
this: S. M. McNeel, $4,000: G.. H.
O'Leary, $1,500; DR.. r. A. Bratton,
81 1000; o. E. Wilkins, $1,000; John A.
Latta. $1,000; Louis Roth. $1,000; c.
E. Spencer, $1,000: w. B. Wylie. $1,000;
Glenn & Allison $1,000; H. c. Strauss,
$1,000; J. M. Heath & Co., $1,000; and
a long list Of smaller amounts ranging
from 5000 up and including nearly
every business house in town.
At the request Of member, the
and announced the aggregate. 1t
amounted to s2S,50O and the announce
ment was greeted with enthusiastic
shouts and .clapping Of hands lasting
for several minutes. Hurrah for York
ville!" broke in a member, and the
shouting was continued until the chair,
Though confessing that he had been
pretty nearly swept Off his feet, had
to. rap for order.
It's presumed, Of course" remark
ed the chairman, that everybody
knows exactly what they are doing In
this matter; but in order to make sure
I suggest that Mr.. Wilkins explain the
nature Of the obligation upon which
we are entering, and the commercial
status Of the securities for which we
are to exchange our money. The in
formation may be Of interest to quite
a number" The suggestion was Sec
onded by members and Mr.. Wilkins
acceded to their request.
well gentlemen, 1t devolves upon
me to tell you what most Of you no
doubt already know. Interest In cor
porate property is evidenced by two
classes Of paper-stock and bonds.
Stocks are divided into two classes
common and preferred, and bonds rank
also in precedence according to wheth-
er they are secured by first, second or
third mortgage, etc. This proposition
contemplates only common stock and
mortgage bonds. Say we undertake
to create property to the full amount
lof our 500. Under
the terms of our agreement each sub
scriber will receive half in stoL.. and
half in bonds. The stock will control
the organization Of the company and
the subsequent disposition Of the prop
erty. The bonds will draw fixed rate
of interest to be agreed upon here
after. This interest must be paid be-
fore there is any dividend on the
stock. If there is default of interest
on the bonds, or on any single one Of
them, the holder of that bond can have
the mortgage foreclosed forthwith and
get either the face Of his bond or his
pro rata part Of the proceeds Of the
sale up to its face, and interest. At
ter the bonds are paid in full; but not
until then, any surplus that may be
left is divided pro rata among the
stockholders. I would like to say
that, for one. think there Is rea-
sonable probability Of getting divi-
dends on the stock in addition to in
terest on the bonds. But as to the
bonds, there is no question Of the fact
that they would be gilt edged, and
worth 100 cents on the dollar. There
can hardly be one among us so skep-
tical as not to be willing to believe that
we can create one dollar Of property
value with two dollars Of money"
Mr.. Wilkins's remarks were re-
ceived with general interest and ap-
proval, and at the subsidence Of the
applause the chair took occasion to
thank him for his very clear explana-
ton of the proposition. "And also"
continued Mr.. Moore, II want to say
that although have always felt much
pride in this old town. in view Of what
has happened here tonight that pride
is stronger than it has ever been be-
FORE" [Applause].
While three or four members were
trying to speak at once the chair rec
ognized Mr.. Roth. who rose to say:
II haf no criticism to make Of this
business, except I think we hat sub
scribe more money than Is necessary.
We do not need so much as twenty
eight thousand, fit hundred dollar.
Fifteen thousand dollar is enough-cer-
,tl orif