Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1858-06-02
Nil. & La Crosse Railroad Election

Nil. & La Crosse Railroad Election.
Board Of Inspectors-Wm. A. Prem
tiss, I. 0. Howe, and ]. Allen Bar
Der.
The first ballot offered was by Mr..
Gould, of Albany, who represented as
1872 votes.
MIR. Newcomb Cleveland objected to
the reception of these votes, on the
ground that some 100000 of stock
has been issued and sold in violation
OF the Charter at less than par value
some OF it as low as 10 cents on the dol
lar. $4,000 has been sold to Cham
berlain and Alden, contractors, for SO
cents on the dollar. This should not
be allowed to overrllle the stock which
had been paid for at par.
The Board asked Mr.. Cleveland if
he knew that any of the stock on which
Mr.. Gould proposed to vote was what
he claimed to be fraudulent stock
Mr.. {. replied he did not knoec that it
was, tho from the fact that this stock
has been thrown on the Eastern mar
ket, and this was Eastern stock, he pre-
sumed some of it was
The Board decided that they could
not adopt any rule as to voting, bnt if
there was any objection to any vote, it
could be challenged, and then the
Board would decide upon it.
Mr.. Gould being challenged was
sworn and testified that the proxies on
which he voted were sent him through
the Post Office; that he knew the per
sons sending these proxies owned the
stock and were entitled to vote on it.
only from the certified list on the stock
book. He also stated that he had had
no communication with any of the pres
ent boatd Of Directors in regard to
those proxies previous to receiving
them.
We understand that the Eastern
stockholders owning majority of the
stock, feeling anxious to protect their
stock, had united and entrusted their
interests to Mr.. Gould. And the inter
ests OF these proxies Of Mr.. Gould de-
pended upon the fact that the ballot he
proposed to give represented s5,162
votes or more than teco-thirAs of the
whole franchises Of the Company. AS
the whole character of the direction
tor the ensuing year depends upon this
ballot, we give the form of it. On one
side is the following, printed:
FOR DIRECTORS.
n. Z. STANTON, ELI PERRY,
ARrEMAs FISH, G. W. LUTHER,
JACOB Fl. SHEAR, D. V. n. RADcL1Fr.
WILLIAM WATSON, W. E. SMITH,
JOHN p. McGREGoR.
On the other side is written length
wise of the ticket the following:
No. MIR. Gould Proxies-35.1 1852
shares.
A long catechism and discussion
arose as to the question whether priv
legged stock should be allowed to vote.
Privileged stock is that issued with the
Land Grant Bonds. For instance a
purchaser Of a Land Grant Bond for
$1,000 pays $500, and if he chooses he
can have $1,000 Of stock issued to him,
on which he pays his 3 per cent. or $50,
on which he is not to be called for anv
more till all the resources of the com
pany are exhausted. If the land and
ordinary stock is sufficient to build the
road, the subscribers make 95 per cent.
on the preferred stock.
Before deciding the question, Mr..
Gould gave way to let the farmers vote.
who wished to return on the afternoon
train.
While the discussion was going on
in reference to Mr.. Gould's voting. the
Western stockholders held a meeting
on the platform, and nominated for Di-
rectors the names presented at the
meeting last evening.
They also passed resolution of cen
sure on Superintendent Goodrich, for
refusing to allow those stockholders to
pass over the road, who presented no
evidence of being such.
MIR. Gould's vote will undoubtedly be
received, which will settle the election.
P. ST P. M-The ticket given
above is elected by large maj GRITTY
Ill., Free Dem.