The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1867-01-30
NEW SERIES---VOLUME O. NO. 26

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principal, nor reduce their rate of interest,
uhi.ss all shaIeholdtrs lhslI make the tians-
itf uivrt raid.
DEEp CONVEYING FRANCHISE.
RisoLrIn, 1batthe Directors Of this
cLiulany, in case they shai net be able 10
arrange with the purchases OF the Rail- DAD
property and franchises Of the Company, by
setting aside the SAFE heretofore made. shai
be md sle authorized to execute and deliver
to said purchases, or their successors or Us
signs, detd eopyt yiug to them the ilap-
| chises theletOtole enjoyed BY this eompsny,
whlch are hot by The laws OF Ohio, the sub
jects Of judicial sale, upon the best terms
and conditions which can be Obtained, with
Ill the puryiew OF the act Of the 9TH April,
1868, sulplemt ntary to the act to provide
Tor The creation anu regulation Of lneorpo-
rated COMPANIES III the State Of Ohio.
Ry rhe hrst Of these it will be seen that
the s.ocklul teIs agree, for the consideration
thcIeh named, to traLsier to trustees, to be
selected by the purchasers, one-half Of the
capital stock held by them respectively, SO
that, with the stock already held by one Of
the trustees, an ais lute majority of the
whole capital passed into their hands; thus.
ole Ot The tunoauicntal conditions upon
the sale WAS fulfilled; the second resolution
covered the other esse ntial stipulations made
by the purchasers, namely; that iD tteevent
OF u iallule On the part oi the Company to
secure the assent OF all the ock,:oldt rs and
common creditors to the proposed arrange
ment and the purchasers should determine
to have the sale confirmed aud take possees- !.
ION Of the Compauy's property, then, ia
that event, the directors would be authorlz-
cd to convey tu the purchasers whatever OF.
the franchises of the Company which did
not pass by the judicial sale. Thus, 1t will
be seen, the apprehension that the action
Of the Council aud trustees, il carried into
execution would pass the control of tho
Company into the hands Of the representa-
tive Of the bondhoIders, Is without reason,
because'it it had already be, done under the
resolution above NAMED, and not only go,
but at subsequent meeting OF the Direc-
tors OF the Company, held on the lith of
the same month these proceedings of tho
stockholders were unanimously approved
| by the Board, and the Secretary directed to
certify and furnish to the trustees therein
provided for, copy of the same, and ask
their acceptance OF the tfustsaained in such
proceed ngs. - - -
Aid further and above all, full three
iourhs Of the stockhol iers have renfirmed
their action in this behalf by surreBdering
their old stock and accepting now certificates
| therefor, issued under the how reorgaaiza-
| tlun. - r.. = ''
So it will be perceived that neither for
the purpose Of having a controlling inajori-
| ~ OF the stock, noI for the purpose of, OBJ
tanning such oi the franchises Of Company
as do 10, pass BY judicial sale, was the as-
81 Dt H.r thlfipTE "A nd i,r the
! s@!Ds .! the proposed preferred ss3caa, 5Is
sOlpy as financial III 'a>urp, whereby o
lare' interest raIing 4. 1t, constantly accu-
n,u;t.i {. ana tfn! arcs ing tie Company,
! hhls lt Il cytHgul>hCd, and III lieu thereof
/ prt' t'iErd ttCtn lsSttd. tprn which dividends
! VGuid ! :! !Gu Ny Eih II fG!IG q: measnts
which torr l.nl lrcie;:te tie liabilities OF the
| ecu y,ai IL Ii t J. ast, Gcatse the law u1-
der Which it Is j>slud gives authority only
to issl,e II III lG!ln,rt II existing debts;
nor does it affect he control If the general
stock holders in the affairs OF the Company,
bt cause that control had already passed
away under the resolatSoi. Lelcinbefore re-
ielred to.
shall not. in this conMurication, discnas
the question in its financial aspect, but SIM
ply submit Whether 1t is letsr to haze o
debt already xisting floating on the market,
the Company unable eve to pay the inter-
est thereon, or to have that debt funded ia
preferred stock. which would bu with
drawn from the snarket entirely, ard the
company have no concern aL0ut it unless it
made earnings sufficient TO justify the pay
ment ot dividend thereon, or whether il
is better that they should refuse to take sny
action in the premises and let the purchas-
cs proceed as 10 them may setsn best under
The proceedings referred to and have the
sale confirmed. '%
These are questions which | shall leave
tor each ard every stockholder, whether cor
ro,a,e or individual, TO determine tor them
selves.
TIIOS. l. JEWETT..