The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1865-07-28

James AfcRope, Esq, President United:Sta
Yele0raph Co1npdnN:

If your object was to convey informa-
ton, which every man you solicit to
take the Pacific Extension stock has a
rightto demand, "A 1.-THE Of the space you
occupy would have been sufficient; if
to divert attention from facts, it were
wiser TO have said nothing.
You are pleased to say any, "stock-
holder who chooses to apply to the
proper officers can obtain every partic-
ular, whether in regard to this contract
or to the other matters" &c.
l am happy to hear it.. You certainly
are very "proper ofticer;" am "a
rstockholder, ''iand apply to YOU for
"particulars.'
To "save postage" and relieve me
from the labor of repeating them to my
fellow stockholders, will you please
publish 1y your answers to my questions
Did or did not the Directors of the
original United States Line let the Job
of building said line to a party COM
posed mainly or altogether of Direc-
tors?
Did or did not this "ring" make a
very "fat job" of their contract with
themselves.
Did not one of this contract "ring,
retire with II very snug fortune?
2And are not of the rest ull inter-
ested i'll the contract for building the
Pacific Excursion?
Before proceeding further, let me re-
mark that your letter is ns silent as
your circular on the most vital points
stated in my first letter. You do not
tellhOw much stock in the aggregate is
to be issued. You furnish no date from
which 1 can ascertain whether the cash
stock is to be one-quarter or One-tenth
of the aggregate stock. But YOU saw
AflfiN
from $50, 600 to $780, 900 each" and here
1 want some "particulars."
Do these ffseYeral" possess in formn-
tion SO carefully withheld from stock
holders generally 27El ag3snE1aY
DO they know how much stock in the
aggregate is TO be issued 2
/ Have they or their stnext friends'' an
Interest i'll the contractfor bui1ding ~
Are they both directors and contrac-
tors /? (You say two gentlemen hold
these relations.) .l.-s t,l-..4.,,li H. 10.
Have they not a creator interest in
getting the stock subscribed than they
have In the prospective earnings of the
stoek2 rr- ~ .i.tf a. n "a :,
2 If these "severnl gentlemen" arc as
innocent as you would have us believe
i-if they really have put up, 1856, 600 to
$3.50, 600" each TO buy n given piece OF
property worth million ut the most
and if they do not know whether that
property is to cost them one million,
lsiN millions, EOr ten millions-if they
have no guarantee and ask none on
this point-could you not, on proper
application, cause guardians to he put
over them by the courts as men of UNI
sound mind, incapable of managing
their "seveTHl" estates?
You say that the contract for the
construction of the proposed line is
"highly beneficial, to the Stockholders
and that Aif it is a good one. all stock
holders 4re equally the gamers" Let
You still refuse tell us what--how
much. stoclS-that line is to cost under
I hear (indirectly) from an. officer 81
the company that the Extension Line
lis to be stocked in at 80 SOC, 600. NJ
From another source I hear that the
figures are seven millions. Dare you
affirm, that the contract or arrangement
provides for less than six millions and
n half of stock to be issued for the Pa
cific Extension2 ~ = q
I assume that You dare do no such
thing.
Well, then, for the present we will
capital stock Of the extension Isl to, be
only six and a half millions. 70" WI
The line, at a most liberal estimate,
will not cost over million-probabl
less than three-quarters of a milIfon.-
Six millions and n half of stock, sold
at the rate fixed by your circular,
would yield over four million three
hundred and thirty thousand dollars
cash-or an excess of about three mil
J lion five hundred thousand dollars
over the actual cost of the line.
This assumption would account for
the otherwise ineXplicable fact that
your circular tells us we can have the
stock at 66S1 per cent, without adviS-
inn IIS Jyhaf1raT. flIa line ia IN bta sfOclSa
at one million or three or six or ten
millions. Yet, if /. take 81, 900 of the
| stock, 1t might be worth par, or less
than sixteen cents to the dollar nc.
cordingly us the line should be stocked
at one million or at six and q half mil
lions. And on this vital point yom
circular gave no olguarantee, furnished
no Information, but was Significantly
silent. -.i.ii -.
Your letter confirms the "suspicions'
your circular engendered.
Suppose six millions and n half o.
stock be subscribed for, who is to gel
the surplus. -ei
''Seven per cent. until notice shall bC
given that the scrip is TO berendy to bC
delivered, )" would not take lnrloh of it
Suppose a million and n half only bt
i, ,taken-whfch would more than build
the line7who would get the five or, five
land half million of stocla Tigait
Again: Youlstate that the Pacific ex-
tension is a new company, having nc
interest in the stock or property OF the
United States Telegraph Company. o.
: course, then, Il has, and can have, NJ
: property nor funds except the proceeds
4 of stock Subscriptions, which you are
soliciting. l,. a
4 li Now Mr.. Mex, in view of lthssC
facts, Will,youitellt me where you pro,
: pose to get the money TO, pay "seven
4 per cent. interest, ON our spts scriptionsi
Do yon fotTrbe candid n0w-do you
not propose to take part OF the xerS