They signed a co-partnership contract, dated December 28, 1854, and effective January 1, 1885. It provided that they should engage in the buying and selling of merchandise, trade in wagons, stock, and equipment for trains across the plains and in freighting for the government or others. The business was to be conducted in Lexington under the name of Waddell, Russell & Company, and in Jackson County as Majors & Russell. The capital stock was fixed at $60,000.00, one third of which was to be paid by each. The new firm took over Waddell & Russell in Lexington and had branch houses at Dover, Berlin, Wellington, and Sibley.