The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1910-09-28
Keokuk Is 5usiIy Engaged In Trying
to Decide How to Finance Suit
able Armory for Military
Company.
HOW FAIRFIELD DID IT
Raised $4,000 There and keokuk
Can do it Just as Easily
Enthusiasm Seems to
be Growing.


! proposed military company Steps
! are being taken to devise means OF
! financing such a project and any sug-
] gestions are deemed of interest right
] now. Fairfield is building a big
! armory that is to cost $4,000 and
i the armory proposition as submitted
] at the time has been received by
leaders in the movement here. 1t is
! published by The Gate City to give
4 those interested an idea of how such
proposition might be conveniently
and successfully financed 1t follows:
/. 1t is proposed to erect an arm
i DRY in Fairfield. Iowa, for the use Of
! Company NJ, Fifty-fourth Infantry. /.
N G., outside dimensions to be about
e6x132 feet, at cost neighboring on
but not exceeding s1s,oO0OO, this sum
/ to cover ground, building and equip
] ment complete
2. 1t is proposed to raise the need
] ed funds In the following manner: A
] corporation shall be formed with the
! right to issue stock in an amount not
exceeding 100000 in shares Of
! $500, said stock to pay four per cent
! annual dividend, and there NAV also
be issued to such as may desire it
non-dividend bearing stock.
\ 8. Company NJ will take up within
short time. and not later than
d 1910, 100000 Of this stock to be
h held for the present within Company
q NJ or by members thereof
4. 1t Is proposed to sell stock of
n said corporation. or to secure dona-
tons outright. for which no stock
& shall be issued, in the sum of about
100000 thus making in the aggre-
& gate, with the 100000 mentioned
y above, the sum of about 100000.
II 5. 1t is proposed to raise the re-
81 naming sum, about sS,0Oo.Oo by
N mortgage on the grounds, building,
n fixtures and equipment, so far as they
q are not the property of the state.
y g. Company NJ now has a fixed and
q bsable income of about 81 500 and
a this sum shall be applied annually as
follows:
II !. To the payment of the interest
on the mortgage notes.
i 2 To the payment of dividend on
stock.
.. To the purchase by Company M
\ OF stock of said corporation held by
citizens who are not nor have been
members of said Company NJ at not
4 10 exceed its face value.
4 To the payment of the principal
OF said mortgage notes.
D. And this said income UP to ap-
pfoSimately $500 shall be used for
'hese four purposes and none other,
ana provision shall be made to this
erect with Company NJ as matter
OF legal contract.
I, Whenever any of the funds of
company M are used to pay the prin-
eipal OF said mortgage notes, or in
.aklng up stock held by citizens as
Inscribed above, stock of said corpor-
aton shall be issued to said Company
TO be held or placed as it shall de-
'erfnlne, dollar for dollar, for the
amount paid on the principal of said
notes, and said stock of citizens so
.aken up may be disposed of as said
company NJ may determine, and sub
slltute stock may be issued If said
stock is cancelled by the Company af-
YER It's purchase, but no duplicate stock
can be issued.
8. The board of trustees of said
corporation shall consist OF ...
members, one Of whom shall be chosen
ny Company M, one by the bondhold-
eis and one by the citizen stockhold.
eis, and said trustees shall have gen
e'di charge of all affairs of said cor
poraton.
Due provision shall be made in the
aiecies of incorporation of said pro-
pused company for the carrying out of
aH the matters herein provided for,
uut the order OF application of funds
specified as between Nos 3 and
named above may be changed by the
unanimous action of the board of
justices OF said corporation.
y The net amount above running
expenses arising from local rentals
anaii be applied to payment of the
lefns as set out in paragraph here
u as provided for in said paragraph
as to revenues derived from the
state.
MS agreement has been signed by
''T 81 Of Company M.
we individually and collectively.
- - members Of Company NJ, Fifty.
~ sui'n infantry of the Iowa National
faald, ratify and approve all OF the
~. esoing and agree that Company M
s snaA fulfill each and all of the re-
asiements above set forth as basis
~. raising funds, issuing stock and
~ ooilus in furtherance Of the building
an Armory as contemplated and as
e,ein above proposed.
anu we, the undersigned, individual