BUSINESS EFFORTS. 359 



shall hereafter be three years, and the said State Alliance shall, at each regular annual 

 session, elect stockholders to fill all vacancies. 



" Each stockholder shall hold one share of stock in this association, in trust for 

 the benefit of the members of the Farmers' State Alliance, and shall discharge his 

 duties as owner in trust of said stock, to the best interest of his constituents, and turn 

 over all stock and every privilege accruing therefrom to his successor in office. The 

 stockholders of this corporation shall elect from among their number an Executive 

 Board of three members, who shall be the Board of Trustees, and who shall have the 

 general supervision and management of all the business, and shall procure such 

 charter or charters from the State of Texas as may be necessary to carry on the work 

 and business desired to be done. They shall be governed by such general by-laws as 

 the stockholders may from time to time adopt. 



" In order to raise the capital stock above entrusted to the stockholders, for the 

 benefit of the members of the Farmers' Alliance in the State of Texas, each Far- 

 mers' Alliance in the State of Texas is hereby called upon to vote an assessment of 

 one dollar per member, both male and female, due and payable October 15, 1887; and 

 one dollar per member, both male and female, due and payable December I, 1887; 

 and those voting in favor of said proposition shall immediately notify the State busi- 

 ness agent of the fact; and the money on such assessment, when received, shall be 

 sent to the secretary of this corporation, and a notice of the remittance sent to the 

 secretary of the State Alliance. 



" It is understood that, when as much as $50,000 have been paid to the secretary, 

 each share of stock will be credited with ten per cent paid in, and for each subse- 

 quent payment of that amount a like credit will be made. 



" Unanimously adopted at regular session, in Waco, Texas, August 12, 1887. 



"EvAN JONES, President. 

 "H. G. MOORE, Secretary." 



The Trustee-Stockholders met and organized, by adopting by-laws 

 and electing officers and a Board of Directors. C. W. Macune, as State 

 business agent, presented a proposition from the business men of 

 Dallas, which he, in connection with R. J. Sledge, had secured after 

 much negotiation. 



This proposition was adopted by the Trustee- Stockholders, and the 

 Executive Board was instructed to go to Dallas and close the contract, 

 according to the terms of the proposition, and locate the headquarters 

 in that city. 



As we have now seen, the Alliance membership of the State were to 

 pay in the capital stock by an equal assessment of two dollars each, and 

 the State Alliance was to elect twenty-five Trustee-Stockholders, who 

 should represent the stockholders in all meetings, and elect from their 

 number a Board of Directors, composed of seven men, who should con- 

 trol and operate the business. In organizing the business, the Board of 

 Directors found it necessary to have a business manager, and they 

 selected and employed for that purpose Brother C. W. Macune, paying 



