The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1907-06-07

. superintendent Oh Tue COmpdhy dhA
since then it has enjoyed a steady,
prosperous growth, DR.. Porter devot-
ing his best thought and EFFORT to the
welfare of the company, not for the
small salary allowed for his services,
but on account of his loyalty to the
people of his county and to the work
he had undertaken, and has accom-
plished what probably no other man
in the county could have accomplished
the equipment he started with. When
DR.. Porter took charge, the company
was in debt, the equipment was out
of date and in i'll repair, and there
were only 3S1 phones in service.
Since then the plant has been much
improved, the lines have been extend
ed, the debt has ben wiped out and q
balance of nearly $4,000 is found on
the right side of the ledger, and there
are 623 phones in service. DR.. Por-
ter has had the loyal assistance of
the Manager. Mr. Manuel Edwards.
About one year since the company
reached its maximum of usefulness
under the present plan Of operation.
The switch board at Columbia was full
and a new switch board was needed.
So many wires were entering the cen
trail office that cables were needed
here in town, and cables are costly.
Under the present plan, and with the
limited finances, users of the Citizens
phone were required to take out stock
to the amount of the. equipment fur
nished them and then paid a monthly
rental much less than that charged
by the Bell. Many would-be users OF
the service did not feel like making
the initial outlay for the stock and
consequently had Bell phones put in.
In this way the Citizens company was
losing valuable business and the Bell
was attaining a growth it would not
otherwise have enjoyed. DR.. Porter
took these matters under mature con-
sideration and after consultation with
a number of the friends of the Com
pany formulated plan he thought
would work to the best advantage OF
the company, and finally called Mon
days meeting.
The outline of the plan he submitted
was as follows:
1. That the Stockholders of the
Citizens Telephone Company re-organ-
ize with AN authorized capital of $751;
10000, divided into shares of $1,000
each.
2. That the rental rates and tolls
of the proposed new Citizens Tele
phone Co., shall be such as will yield
sufficient funds to maintain the sys-
TEN and pay an annual dividend of 8 !
per cent. on the stock issued.
g. That the amount of stock issued
to any one individual or corporation
shall not exceed so shares ($5O0.0O)
A. That there shall be no legal and
valid transfer of the stock of the new
Citizens Phone Co. except by the con-
sent of the Board of Directors; and
that all subscriptions for stock shall
be taken with this condition annexedsy
and each certificate of stock shall SO
stipulate on it's face.
5. That to every Stakeholder in
the Citizens Telephone Co., there
shall be issued stock in the new Tele-
phone Co., on the following basis, to-
wit: All Stockholders Of the Citizens
Telephone Co.. shall receive 21s shares
OF stock in the new telephone COM
pany, for each share they hold in the
Citizens Telephone Co., provided they
have paid in as much as $500 Stock
holders who have paid less than $500
on stock shall be issued stock in the
New Telephone Co., approximating
the amount so paid
6. That the sum of $5,5OO.00 which
consists of subscription made on
and Immediately after Jan. IA, 1898,
for the specific purpose OF saving the
Citizens Telephone Co., from bank
ruptcy shall be repaid by an issue of
stock In the New Telephone Co. 10
interest to be allowed on said sun
Z. That theNew Citizens IL
phone Co., having been organize $
above Indicated II shall be the d
of the said Company TO est1o 4.
throughout the County syst Il
modern, well built exchanges, lcca ed.