Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-03-01

ton. We have cheorfully given you a
monopoly o! all the carrying business by
express controlled by US, and that, too, at
rates much higher, in some cases, than we
might have had the work cone by the old |
companies, and all for the sake o fredeem>
log our obligations. expressed or implied,
by the act Of becoming stockholders with |
you.
Having thus acted in coed faith, and IN |
the hope aud belief than you were actus'ed |
by lisc impulses, il should not excite sur
prise on your part il your circular Of the
many stockholders Who agree with me in
this, doubts. Whess ~ have hssstofoss
reposed explicit coo6dsnss. surely we had
right 70 expect that In any communicasion
Of an explanatory q apologeuc character,
you might feel called upsn 70 address, US,
frankness should net b lacking.
The failure in your recent circular 10
meet this just expectation suggests tho pro.
pristy Of few inquiries touching the sd-
ministration Of the trust committed to your
care. its presen: condition and future pros
pcctsp and these We now submit, with the
hope that we will be favored With explicit
responses thereto We ask:
first-With reference to the capita! stock
| on how much of the stock have calls been
made or assessed If on less than twenty
millions, why? And what dis osition has
been made. or is proposed 20 be made, OF
the stock not assessed, il any there be-
An answer 10 the question is desirable,
because It hes been alleged, and is by tome
stockholders believed, that a portion OF the
capital stock has been assigned TO various
parties, az Juuy paid up. and for n nominal
confederation while il "a by others believed
that n portion Of the stock is withheld from
assessment 20 be taken up hereafter by
| yourselves. in case the enterprise should
prove n suce sss.
Second What proportion u the stock 10
delinquent on calls heretofore made, and to
what amounts What effort he's been made
TO collect 10,
Th,rd-Whst is the whole amount re-
ccived by you on account Of the calls made
up 10 seventeen per cent, and how hes the
money boon investeds How much fer real
estatey How much for equipment, and
what amount on hand
Fcurth-You commenced operations DC.
tober !. What were your gsoss receipts IN
tho quarter ending December 81, and what
your expenditures fvr conducting the bust.
ness in that time
| In your resent circular. - IN previous
ones, you indulge in eplthets toward your
competitors in business, and strangely, too,
refer TO them IS to an uncssta,n quantity,
affecting the problem to be solved BY you,
viz. The point at which certificate might
withspropricty be issued. You finally cay on
this point, that the time has arrived whom
all the requirements OF our own Company,
aud the utmost opposition Of tho old m0Oop-
olies, can DO calculated with sufficient Ger
tainty." viii you favor us with the results
Of such . circulation, as affecting the q0sa-
tion Of profits from nm enterprisef
II is known that We control . very large
amount OF business; but il 10 PLAN that
our competitors will have voice in fixing
the rates at which il 10 to he transacted, and
they may. and probably Wilt able TO pre-
vent thc realization Of profit BY ~. II 10
the result Of your calculations on this point
that We seek.
You Tan readily understand that IL profit
are uncertain, further calls, even after the
certificates have been issued, may be comfy
IDENTIFY relied on. So that, after Gil, the "old
monopolies' may command the situation,
notwithstanding your earnest aud of re-
| pthtcu ucuuutihttOu VI thetu
You say that the calls just announced will
place the stock beyond any reasonable Ia
bIitr' TO further assessment VIII you
explain wha, you mean by the term reason
able liability. in that connection. We sup
pose the stock to be liable for any and all
assessments lhat may lie levied on it by the
proper authorities of the company, wrthou,
regard to amount, The latt,r being rcgu
lated, in great measure. by the ''0ld mo
ropoics" in their administration Of The
question ol rates to DC charged on the bus,
mess done.
When OF the subject Of liability, will Il be
too much for Y. 10 ask Of you that you give
Us somc information rs 10 tho manner In
which you expect our stock holders to avoid
or cvade, the personal liberty that attaches
to all stockholders in Joint stock association
organized ~ ours is, under the law Of III.
State Of New York.
The law in express terms makes oil such
stockholders liable 20 tho extent Of their pc
cuiar responsibility, and they are liable e
be bounced upon at any time, when outside
of their own state, as NONRESIDENT debtors
for tho obligation Of your company, and liza
bic at home when any one chooses to su,
them, ius,eil " the President or chief mar
vi tie firm This would amount to OILY ar
annoyance. ~ ong az the firm continued
solven. and are able TO meet its obligations
iiut prudent men will not close their eyes
TO the fact that there are in the business
many and great chances Tor a different con
tinGcncy.
Ii has been claimed by the old companie
that their success Is due to the persona
supervision Of the details Of their business
gwen 10y their leading stockholders ant
managers. and that. in giving their super
: vision, they were nctuated by . knowledge
Of the iisk they incurred every hour in th'
day and night, aud . sense Of their rcspOn
s,bilty. II this be true. (and il seems en-
tircy reasonable does il not effectualIy in
validate fact in our organization, On Vhicl
We. have hitherto felicitated ourselves, viz
that our stock is held in small amounts, o.
not exceeding $4,000 BY auy one person
because stock thus sublmated fail 20 max,
II an object with any one Of regulate abii
. " TO devote his time and attention 10
/. supervisor Of the details Of the business
aud therefore, with management c0nfeao
eddy without knowledge OF experience Il
: the business, and dependent entirely upol
the hired services Of men whose interest Il
our behalf begins and ends with che bust
ness day, for which they ere paid, it 10 pos
sb.o that We shall successfully compete III
the taking care Of our property and busi
ncss,) with those who, in working for thei
companies are working directly for them
selves. and in proteetiea Of their own liabili
~ and responsibility. being the holders 9
interests in the business that fully justif!
them in 20 doings We presume you hav
thought Of this-vill you favor us will
your views on this sutjectl
1t may be we'll for you TO understand tha
the pains taken BY you to impress stock
holders with the favorable condition Of ID
affairs II the company, without supportin
: your dsclaraaios, il trus, - you nigh
! readily have done, IL - inclined, leaves u
: 10 determine whether you would. at til
critical period Of our company's existence
!. allow = simple lack Of inclination TO ints,
J. fere with SO plain duty.
Ii would be very pleasant, under oths
!" circumstances, to read, - we do in you
j" circular. Every obstacle in our path, thu
far, has been put out Of the way" Yo
y don't tell us what obstacles have been r,
70 moved, and We still sec, in place, the onl
; obstacles that, to our knowledge, ever 81
: lsted--the old companies.
Again you tell US, "Our company is a
= longer an experiment; il 10 an sstablishe
= 4 a