New-York daily tribune., 1865-09-28
The United States Telegraph Company

JANIS MCkAYl. esg. PrtsideHf L. s. TtlegrGph Co.
SIR. have been watching and waiting for your answer
to the questions addressed TO you by my companion
in misfortune. "a L. 5. Stockholier" through the
columns Of The TRIBUNE OF July % 1865, more than
two months since, but have watched and waited IN
vain.
You have nothing to say-or. at least. you say
nothing. Yet those questions embraced matter oi the
graVest character.
You wee asked whether the cash subscribers TO the
Pacific cx;ensioD-they who subscribe me money 10 bHf
The iae-are, by the programme TO have one'qnarter or
one.teuth OF the whole property they pay for No
answer Who were to have tie balance-hs great ma
jorfy Of tie stock. representing the who.e liner No
answer Whether the contractors for building the line
are directors alsoi No answer.
| Whether the interest on subscriptions which you
promised Is to be paid with the money of subscrbcrs
what other fund you could possibly have to draw upon
No answer. Whether tie " several gentlemen you
refer to having subscribed literally have not far
greater prospective interest in the building OF the line
ihan IN the earnings Of the stock No answer.
Whether the line would cost more than - .0JO.OOO-
Whiie The stock is TO be S6.5JJOOOi No answer.
Assuming that $1,000 900 would build the line
ana those who furnished that sum would get
but 100000 Of stock who would get the
remaining i've millions Of stock for what considerations
why entitled to It, what equities can they have as
against those who furnish all the moneyt No answer
These questions, IN substance If not In ior-rxpres,y
or mped-were put TO you by of your stockholders
some two months ago, together with many others no
less important. yet they remain unanswered Accord.
Dgly myself and my 'eow.stockhoder not admitted
to the precious secrets Of the few who would
"run the machine for tleir own benefit,
have not vet been advised by those who slotLd h,
simply cur agents and trustees, how much Pacific Fr
tension stock il designed to be issued and are ne
cordrgly unndysed whether II We put up 81 900 900
we shall get the phoie benefit OF the expenditure or a
fourth or a tenth. All information as to The actual cost
Of the ne and 10 the amount OF stock 1t is proposed
70 issue has been most scrupuousy withheld from
by our agents, who ask US 10 put up our money and
seek to tempt us by the proder OF seyen per ill.,
terest," which they can pay only by using our ouH
funds and by other vague and delusiye promises.
The letter of my companion in misfortune has natur
ay occasioned inquiry the cost OF the line and
a consequence not one only. but several, know not
how many gentepen Of intelligence and responsibility
have respectively declared they u0ad ou,id Ie heJor
one million dollars One ana half millions OF stock
sod y0ur circular rates would bring that million OF
money. TO whom and by what authority Oh what
principle Of equity, honor business usage, do our
agents propose to issue the rest Csay hye miiCh oi
the stock
Are you aware that prominent and influential
member of our Company, who expected to profit by
the success Of the programme actually put down upon
paper list OF tie Directors and perhaps some others
with varying amounts Of stock set opposite their
respective and parks to indicate how he would
expect them to vote and act in respect 10 his plan
twenty thousand dollars" opposite several Of
the names while the larger balance amounting to one
or more Millions set down to the 90 b) favored
few not exceeding i've IN number. Did you ever see
or know of that paperi am not aware that you did
Was 1t brought 10 the knowledge of and approval
by the Directors or the Executive COMMITTEE, or a
controlling number Of either BODY
| You NAV or may not know; for am assured that
you admitted to al the secrets OF the clique TO
whom refer. / do not know. But this can say, and
Won must admit ts truth II that or some similar pro-
gramme has received the concurrence OF the master
spirits OF our company. that ONE PACT will explain all
that row seems so mysterious and inexplicaoei II will
expsn why We tockhoders not permitted TO know
,he actual cost Of the line. nor the amount OF stock 1t
proposed to issue-neither what the line will cost the
contractors what 1t will the stockholders who arc
TO furnish the money build ii all anu yet not TO oSA
/ but small portion Of it,
1t VIII explain why much pains is taken by our
A ma IN fan 1.4k m ~