The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1911-03-10

FIFTEEN THOUSAND
IS CAPITAL STOCK
Drilling opsfssIoas 10 Start A.
Soon A. The fstHs cspssa
70 Pad IN -ISs Nee
commitissmsn

Whist So pfobshig fh~ lsst meafln,
n the shsfahHifefs n tbs pssrssool !,
UrfNInpmeut tHmtsoY, me heal ~
ftnifttiHn thtt slll hqfe ~ 80 ~
laiae. hff1fn fhs permanent 4ssset
tfi1p ~ she rumF1ny, 49, hef1 lssf
Ffidag evenlne N the rDuffb6usa
The refmaHrnt nfgaoifstl1n ~ he
enmpsnf VII be effected luss ~ emf.
e The charter Il pntlished ~ thru
dsys snd approved ~ fsekt0u ~ tbn
state standardization
The meeting ~ ilst Fflfsy evening
placed The aim and object IN the ny
sanifstInn % permanent AMI rDo
csc basis, eliminating svefy feature
~ detaii eseept The rflme object ~
bufins fof pil THIS meeting waa me-.
ccssitsted BY The development ~ the
fact that the distribution N acreage
10 the ground noof shareholders
would be q violation ~ the anti.
lottery lsw, The most competent N
obtainab,e legal talent was called into
feIuisitl0n by the executive com.
mlttee prior W the meeting on the
shareholders, and the matter thor.
oughly threshed over.
when IL was shown that the tiIatri.
button Of two Ints % each aharehnIder
on the ground floor plan would tend
10 cause legal trouble In the future
that plan was Immediately abandoned
The object ~ the meeting, also, was
70 insure perfect harmony among all
shareholders and all parts " the port
territory Every action taken was BY
unanimous vote, the result OF tho
meeting appearing 90 have Infused
more enthusiasm and determination
IMAM had been previously existent.
ORGANIZATION PLAN.
10 order TO clearly define the posI.
ton OF the company and It's Individ.
ual shareholders and the method OF
procedure tn be adopted, the following
resolutions, incorporated 10 the report
OF the executive cummittee, were
unanimously endorsed:
Resolved, That the capital stock
Of the corporation shall be $500
divided Into fifteen Thousand shares
OF One Dollar each, fully paid and
aud that when the
full amount thereof shall have been
subscribed and paid In, the company
may begin operating. That no stock
shall be sold except what Ia known as
ground floor stock or on the same
basis to each subscriber,
THAT no person shall subscribe for
9 less sum than One Hundred (S10U)
Dollars, but any one may subscribe
Tor az much more as he may desire.n
The vote for the passage OF this
resolution was unanimous, the ayes
and nays being taken by a standing
vote and no person standing on the
call for the negative side OF the ques-
tion.
TWO NEW DIRECTORS.
Immediately following the adoption
Oh this resolution, other business was
taken up. The resignation OF J. w.
Grfflin as q member OF the executive
committee was read and accepted MIR.
Grifiin Is credited to Moss Point end
Df the port territory and the share.
holders were DESTROYS OF filling his
vacancy by electing another Moss
Point resident. j. Bounds, A, Il. |
DantzIer and Captain AIberts, all OF |
Moss Point, were nominated for the
vacancy. Because OF pressure of per-
sonal business and inability TO attend
TO the duties OF the Office III manner
they deemed IT necessary should they
be elected, each OF the gentlemen
asked TO be eliminated from the com. |
mittee. George Thompsonso Pasca.
youla, was unanimously named to |
succeed Mr.. Griffin on the executive |
A communication from K. B. Dun.
.on, active manager for the Riviera |
Realty Company OF Kendallville, Ind. |
Ind PascagOula, stated that, because |
u frequent absence from the city. be |
'ound 1t incumbent to resign his seat |
10 the executive board. Capt. 8. II. |
Bugge was elected TO ali the vacancy |
,ccasIoned blythe withdrawal Of Nj.
Dunton.
The executive committee was au.
horned to prosecute any plans OF de- |
all decided upon In completing the
sising OF the capital stock and bring.
Dg about the permanent organization |
u The company. The opinion pre-
allied that the principal object OF |
zach individual shareholder now is ID I
'eKsR drilling operations as soon as
possible. More than one-half the4
,es1edh amount OF $3.50 Is reported
70 having been subscribed and paid Ia i