North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1867-02-27
From the Buffalo Courier, Feb. 1lth, lse

Merchants Union Express Company
Stockholder In Pursuit. Of Knowl-
| edge.
EDIToRs COURIER IL am bona fde
stockholder in the Merchants Union Ex-
press Company, to the extent of one hum
dred shares. These shares were obtained
| while was engaged in business in the
State Of Ohio, from which have since re-
| tired. am free to say that subscribed
for them because it seemed to me that
there was money in the enterprise. and
for the reason that | expected the divi-
dends of the Company to aid me in sup
porting myself in gcnteel retirement. 1t
seems to me, however, the "logic of
events is somewhat opposed to these
| pleasant theories. have, with misrivino,
and yet not without hope, responded to
the several calls of the Company, up to
the aggregate of seventeen dollars per
share. Judge OF my present surprise
when l am asked to disburse to the tune
of eight dollars per share ON another call,
and, what IS worse, am coolly informed
that, In case l demur to this new and ex-
traordlnary demand, my stock will be con-
fiscated?
lhave been endeavoring, for some time,
to ascertain how matters were progressing
with the company, but have been unable
to find any one at headquarters who
seemed to be any better posted than my
self. Letters from friends and brother
shareholders in Cincinnati Chicago, St.
Louis, Cleveland and other places, inform
me that similar experiments have there
been tried with a like result. These cor
| respondents agree with me that our money
10 holm h., ..xl...
prodigality which must, of necessity. de-
stroy any Legitimate business. Let me re-
s)rt to figures for a moment:
The capital Of the Company is $4,000
OOO. Seventeen per cent. the aggregate
OF former calls) upon that amount gives
s., 100000. We are now called upon to
pay eight per cent. more, amounting to
81 100000, which, added to the sum col
lected in former calls, makes the hand
some result of five millions of dollars. Is
it wrong for the stockholders to enquire
what disposition has been made of the
three million four hundred thousand dol
lars before the consent to pay in this extra
one million six hundred thousand? Be-
sides, the receipts of the Company, up to
the date of the last call, must be, at least,
one million more what then, has been
done with the three million four hundred
thousand paid in by shareholders, and the
one million in receipts-in all, four mil
lion four hundred thousand dollars p
These are ponderous figures, Messrs. Ed
itors, and this is an important question.
A circular issued by the company, un~
der date of January 26, 1866, informs the
stockholders that the enterprise is "a COM
plete success" A complete success. when
four million four hundred thousand dollars
have already been absorbed, and one mil
lion six hundred thousand dollars are now
demanded Mathematics against mere
statement, you see with tho chances
largely "a. favor Of sl,s n.osl.sn,"t;eo.
Besides, what immunity do the stock
holders possess against future calls and
frequent ones, when, even at this early day
they have been levied upon to an extent ut
terly at variance with tho original repre-
sentations of the managers. This is anoth
er serious question.
When l subscribed for my stock, was
informed that not more than ten or twelve
per cent. thereupon would be needed for
the uses of the company. When this
amount had been called for and raid, we
were informed that five per cent. more
was necessary for extensions" Now We
are asked to pay eight per cent. more and
for what? The levy up to the aggregate
OF seventeen per cent. may have been
proper enough, but why this new demand
upon stock already burdened beyond the
original agreement? 1t cannot be that
the outfit of the company, foolishly cxtrav-
asant as it is, has absorbed more than one
million dollars. What, then, has been
done with the pnormous balance Of three
million four hundred thousand dollars de-
rived from calls and receipts? And if it
has required S4,00O,OO0 to sustain the
concern thus far, how long will the amount
Of the new call, namely 81 l,GOOO,O 900, sus-
tain it.
For one, shall positively refuse to hon
or this call, until satisfactory public
statement as to the condition and prospects
of the company shall be made by some one
in authority, or by a committee Of stock
holders appointed for the purpose.
Very respectfully,
| PADDOCK.