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Updated: May 16, 2025
The capital stock was placed at five million, full-paid and non-assessable, with John T. Lytle as treasurer, E.G. Head as secretary, Jess Pressnall as attorney, Captain E.G. Millet as fiscal agent for placing the stock, and a dozen leading drovers as vice-presidents, while the presidency fell to me.
"We oughta know it," Stoner said. "It saves paying a big corporation tax and lets you sell all the full-paid, nonassessable stock you want to issue, regardless of what the property is worth. Oh, we got wise to that, muy pronto! Why, these here Texas laws are the bunk! Them fellows at Austin, if they had their way, would make it impossible to promote a legitimate enterprise on a paying basis.
The November loan was issued at 95 per cent and it was announced in Parliament that the Bank of England would loan the issue price at one per cent under the Bank rate. That the loan was fully subscribed is not contradicted by the small fraction of discount soon quoted on the full-paid loan.
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