Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-02-10
INCORPORATE AND
GET DOWN TO
BUSINESS
At ONCE
STOCK HOLDERS ELECT
STRONG DIRECTORATE
Enthusiastic Meeting Of Street
Railway Builders Last Night
Takes First Step Toward the
Construction OF New Lire.

The first actual forward step tow
ard construction Of the long desired
street railway line through the High
lands vas taken last night at a meet
ing in the library building when the
Citizens Traction and Power COM
pany was organized. with a capital
ization of $4,000. consisting of 49,
GOO shares. par value, 81.
The meeting. which included all
stockholders in the new company,
was an enthusiastic one. and a strong
board of directors was elected to look
after the filing Of Incorporation
work necessary to carry out before
contracts for disposition of the stock
ana construction of the line can be
closed. ,
Tile hackers of the Highland line
arc now crtain thai their project is
on the way to q successful completion.
Their view is shared by j II. Barrett
Of P%ittsburg. who Is here preparing
10 inter into a contract with the new
company for the construction OF the
line, and the meeting last night is
likely to prove one of the most inn
portant in 4 development way IN the
history OF Albuquerque.
NJ. p. Stamm. who has been one OF
the most active promoters Of the
Highland line project. acted as chair
man at the meeting last night, and
John w. Wilson az secretary. MI
Barrett was also present aud after
the meeting expressed himself rs n
tirtly satisfied with the action taken
and with the outlook for the pro-
posed road.
The committee appointed Thursday
Ia secure $4,000 IN stock snbsertp-
lions to the new company. reported
amid great enthusiasm that it had
completed the canvass and had more
than the desired %artount. n a mo
ton was at once made and carried 10
proceed with Incorporation. Another
empowered the chair to APP
point The first board of ten directors
whom the officers will he
This board was appointed
by Stamm as follows
A. w. Hayden, Isaac Barth, Ed
ward Lembke. Arthur p. Walker, G.,
Hodgin. a, \. Trimble. w. G.
Hope. p. G. Cornish. ID II. Boatright
ind ]. G. Baldridge.
The directorate was given fun
power at the meeting to carry out the
of the project and to complete
organization.
Under the terms Of the proposal
made BY Mr.. Jarrett. the company is
LSiNRu 10 AuIllISl HlbsVVO III pau uDi
An additional $4,000 Is re-
Iuired for incidental expenses. Stock
i'll be issued to subscribers 10 the
mount Of $4,000. which has already
zen subscribed. and the matter is
low up to the Pittsburg nan. or Will
'e so as soon as contracts have been
losed between him and the officers
f the company.
According to Mr.. Barrett prop
sition. there is to be an authorized
ond issue of $4,000. 6 per cent.
lirty years. $4,000 of which is moi
, be issued unless its issuance and
ale becomes necessary to covor any
deficit in the operating cN-
nses, $4,000 of the bonds are 10
y issued and sold hy Mr.. Barrett at
. cents net. making a sum OF S3a.-
which, together with the $1,000
in by the stockholders. would be
lie mou paid for the construction
{ the road; that is, $4,000.
Mr.. Barrett agrees to build a first =,
ass electric street railway with the y
w sixty-pound rails. and two now 4
'rty-paSscngcr cars. ana turn II over u
the directors ready to operate. n
The road would be c"ontrollcdI a.
rough the $4,000 stock. ana therc u
Guild Dc Il mortgage against II, on b
count or tho bonds. Of 100000.
The matter is now in very salts Il
ctory shape. said Mr.. Barrett last h
chi, and ! have no doubt that we b
soon he under fun Roadway here. +.
ic only work remaining to be done ri
FOR MS to Sign up contracts. This II
mot be done i'm proper form, ofIG
trse. until the directors have elect v
the officers of tho company. but ! az
We no doubt that these details wiz
out of the WAY within o few days 81