The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1867-02-23
Merchants Union Express Conn
pamy.-.A Stock holder IN I'ur.
suit of skuO vysesi-e.


We publish the annexed communicate
to the Buffalo Courier by request. It relates
to a matter in which many OF our readers
| feel lively interest:
| EDIroRs COURIER: / am bona fde stock
holder in the Merchants Union Express Com
pany to the extent of one hundred shares
| These shares were obtained while | was engaged
| in business in the state of Ohio, from which |
have since retired. ! am free to say that
subscribed for them because it seemed to me
that there money IN the enteryrlse, and
| for the re son that expected the dividends of
| the company to aid in genteel retirement
| 1t seems to me, however, the logic of events
is somewhat opposed to these pleasant theories.
| have, with msgiving and yet not without
hope, responded to the several calls OF the com
pany up to an aggregate of seventeen dollars
per share Judge of my present surprise when
| am asked to disburse 10 the tune of eget dol
lars per share on another call, and, what IS
worse am cooley informed that. in case demur
to this new and extraordinary demand my stock
will be conhscated!
have been endeavoring, for some time, to
ascertain how matters were progressing with
the company, but have been unable to find any
one at "headduarters'' who seemed to be any
better posted than myself Letters from friends
and brother shareholders in Cincinnati Chica
go, ST. Louis, Cleveland, and other places, in
form me that similar experiments have there
been tried with a like result. These cOrrespon-
dents agree with me that our money is being
scattered over the country with prodigality
which must of necessity, destroy any legitimate
business. Let me resort 10 figures for mo-
ment:
The capital Of the company i. $50, 900, geo
Seventeen per cent. aggregate OF former CALLS
| upon that amount gives So, foO, 600 VIE are now
called upon 10 pay eight per cent. more amount
ing to 81 600 600 which added to the sum col
lected in former calls. makes the handsome re
suit of five millions of dollOrs. Is II wrong for
the stockholders to inquire what disposition has
been made of the three million four hundred
thousand dollars before they consent to pay the
extra one million SIX hundred thousand Be
sides, the receipts of the company, up to the
date ofthe last call, must be- at least one mil
lion 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 million tour hundred thousand dol
lars; These are P5nderOus figures, Messrs.
Editors, and this !. All important question.
A circular issued BY the company, under date
of January IS. 1861. informs the stockholders
that the enterprise Is g a complete success
complete success, when four million four hun
daed thousand dollars have already been absorb
ed and million six hundred thou sand dol
lars are now demanded Mathemati E against
mere statement, you see; with tht chances
largely in favor Of the mathematics.
Besides what immunity do the sto ckholders
possess against future calls and FREQUENT one.
when, even al this early day, they have been
levied upon to extent utterly at variance
with the original representations Of the mana
gers. THIS IS another serious question.
When subscribed for my stock, | was inform
ed that not more than ten or twelve per cent.
thereupon would be needed for the use. of the
company. When this amount had been called
for aud paid We were informed that tive per cent
more was necessary for extensions Now
we are asked to pay eight per cent. more, and
for what, The levy up 10 the aggregate Of sew
enteen per cent. may have been proper enough
but why this new demand upon stock already
burdened beyond original agreement; Ii can
not be that the OUTFIT Of the company. fJUl!shly
extraysgant II IS, has absorbed more than
one million dollars Whist, then, ha. been done
with the g 10000 derived from calls and re-
ceipt.y Aud if 1t has required s. 400. 0vJ to
sustain the concern far, how long will iAe
amount Of the new cali, namely { tQo, gJ' .Us-
! tain IL.
For one, | shall positively refuse 20 honor
| this call, until satisfactory public statsme ut
as 10 the condition Of the company shall be III 4de
/ by some enc IN authority, or By committee ~
| stockholders appointed for the purpose.
Yours respectfully,
P.uLOCK