The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-04-18

soeAhoiders Who bought their stock Al par by Issuing
sums At all prices from par 90 per cen, discount TO
RAISE money 10 pay its interest IL violate, lis pledged
'"'a WIN ose~ho bought lis foreign stock last year
inc assurance That no more should be issued and
with adeelining trade and populs,on
oy ITS excessive TAXATION !, goes increasing its deb, at
the rate Of TO si,oooooo per ann. when il las, wear fell
IN arrears to its Contractor and failed negotiate do
nestle loan 10 pay them In consequence Of its loss of re-
DIT among hs own citizens. Why ne, taxation re-
sorted TO because the fate awaits taxation I'm
Ohio tina, overlook n In rennsyIvsnis In 1870 Atax,o
raise ~ 600 imposed and the levy handed TO the
county cfhcers but not dollar sr~paid. The re.
puiaon Of the tan Jailed 10 enable the Estate borrow
and she became bankrupt Uness Ohio Ia more ior,u-
note In borrowing. her fate will be the same.
In all the s,ssmenisof the Auditor. TO the ability Of
the state TO psy the tolls Of the Canals have been
hsrped upon iasrsssins resource And in the late
circular ofths, officer put them down sass being
$4,000 more than Las, year This done with the full
knowledge tina, the bospi Of pnblc works have reduced
the tolls Of merchandise 20 per cent ami produce 10
per cent This should the quantity be great last
yearwill reduce the so7 Geo. $4,000 esa than
the saiemeni in the circular Whist the public 10
pecifrom such half statements and concealmentsl
The Merchants Exohsnse buliing sold today a,
auction. under Judgment. and bought in by John
Ward Co. for $500. crushing all ether judgments
house IN Wall street, bondhoiier. Of the company have
commenced legal processes to hold the directors Of the
company responsible for lis ieb aocoun, OF the le
gaty OF their conduct. This emeni will he concurred
IN by the large stock and hondhoders circular call
ing meeting has been issued 10 this effect James a.
King John A. Stevens Roger, the architect, and ose or
two Others the active men in this concern and nors
wanton mismsnsgemsn, never was pcrpcsrated in any
stock Co The original charter Of the co. was a 600.
COO subscribed to build exchange projected the .x
travagant views Of isss. Before the concern was well
under way, the revolution overlook the commercial
world Every person, possessed OF particle Of sense
eurtSed his opersons trimmed his vessel to the ssle"
James O. King however pushed the expenses Of the com
pany, exhausted the capital 81 100000 and became evil
dent that another 81 600 necessary. In this state
oil affairs. what was the proper 20 pursue Com.
mon sense would have dictated call Of the stockholders
in meeting laid before them the state OF affairs and sub
mted the propriey OF reducing the whole plan Of tho
building within the subscribed, which could east
ly have been DONE and the building now paying per
cent. Mr.. King and his accomplices, however chose
without law or license, TO mortgage the capital their
own responsibility, for 5000 Ooo thereby virtually ncrea
sing the capital to that extent The suits mentioned above
are based the ground that right whatever existed to
make the first mortgage and therefore those that did
responsible. The original stockholders subscribed ST.
oOeOoo, and the creditors 100000 this building Now
the former have proposed that each should lose per
cent that is to merge the debts into stock per cent
and conduct the whole capital OF 81 900 for the
benefit OF all parties pay the taxes regular and divide
whatever profits might Instead of this however
all parties shut out and the whole concern given over
to Mr. King who made these bargains for the benefit of
hsindvidual friends This is taking advantage of his
own wrong" with vengeance. little examination Of
the dates of the correspondence contained the late cir
,,Io r~,.n clxz Al t-t--
the occasion Since the expose of the American and
Trust moth ng better could be expected from the ecors
in it. Retrbution u.s. however at hand and the RESPONSE
by these directors about be enforced will do more
for the safety and restoration of confidence corporate
companies, than any thing which has gone before