The Brunswick news., 1917-01-19
SATSUMA MEET
WAS LARGE AND
EARNEST ONE
Considerable Enthusiasm Was
Manifested at the Gathering
Held Last Night.
MORE STOCK SUBSCRIBED
Seven Trustees Named to Per-
feet the Organization and
Proceed With Preliminary
Work. Four Tousand Needed.
MORE STOCK SUBSCRIBED

The representative business men of
Brunswick worked true to form last
light when they met to perfect the
organization of the Glynn Land and
Orchards Co. There was a large at
tendance of Brunswickians both as
subscribers and as citizens and there
was not a dull moment in the entire
evening. L. H. Haym was made
chairman of the meeting and F. E.
Twitty secretary. Chairman Haym, in
his usual forceful manner stated the
object of the meeting and asked for
new stock subscriptions.
In very short space of time $1,70O
in additional stock had been subscrib-
ed. R. R. McGreggor of Mobile, was
asked for statement and he respond
ed as he has done on several oc-
casions since the Satsuma matter has
been before the people of Brunswick.
Ips remarks were well receivd and
Immediately after he resumed his seat
a motion was made that a committee
retire and name seven trustees to
perfect organization, etc In the mean
time Chairman Haym read the follow
ing report of the executive commit
tee named at previous meeting:
TO The Subscriber TO the Capital
Stock Of the Glyn Land and Orchards
Company:
Your executive committee begs to
report. in connection with your sub
scriptions committee, vigorous efforts
have been made from time to time to
increase the subscriptions, and we
now report that the subscriptions to-
tai 34,200.00. AS it was agreed that
we would commence business when
s40O00 had been subscribed, it is now
necessary that the citizens of Bruins
wick subscribe an additional $500 to
hake up the minimum $4,000.
1t is the intention to issue up to
$4,000 of preferred stock as fast as
the additional stock can be sold. Mr..
MacGregor's original proposition
which was favorably acted on by your
committee. was that subscribers to
preferred stock should receive a bon
lis of 25 per cent of common stock,
To facilitate the rapid completion of
the subscriptions, he now agrees that
subscribers to the preferred stock
shall receive a bonus of so per cent.
in common stock. The preferred
stock shall be entitled to a cumulative
dividend of per cent per annum, as
set forth in the original prospectus.
The contract with Mr.. MacGregor is
to provide that he shall be elected a
director and that he shall be the man
ager of the company at a salary of
fifty dollars ($50) per week. The other
directors shall be srch persons as may
be chosen by the stockholders other
than Mr.. MacGregor, as his stock is
20 be placed in voting trust until
such time as the preferred stock shall
have been liquidated, or such time as
his connection with the company as
manager is severed 1t will be seen,
therefore, that Mr.. MacGregors COM
pensation will depend on his making
a success of the company. The furth-
er details of this contract are, of
course, to be worked out between Mr..
MacGregor and the directors.
We have called this meeting that
you may elect temporary directors
and transact other business as you see
fit and that you may authorize the
procuring of charter for the COM
pany, and that you may take such act
ion as you deem proper to obtain
further subscriptions to the stock
Respectfully submitted,
L. H. HAYM,
F. E. TWITTY, Chairman.
Secretary.