The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-04-30

tl0n. The committee DO not recon-
mend any change by legislation, but
state few conclusions for the benefit
ofqwhom il may concern: First, this
and similar organizations are not cor
porati0ns in the meaning OF the law.
Second. individual stockholders are
personally liable for all debts of the
company, the same as business part
nershjps are liable for the debts OF
the firm. Third, the stock Of such
companies. when offered at the
Stock Board, is liable to get into
the hands of irresponsible parties.
Fourth. as long as stockholders
of Express Companies are solvent,
public dealings with them have great
er security than with corporations,
each being liable TO the extent Of his
private fortune for the Obligations of
the Company. Fifth, the system is
open to objections to close cOrpc-
rations. The officers virtually hold
their positions for life. There Is
title check upon their compensation
The real condition of the concern
can only be known to the Direct
ors, aud every facility for success
fui gimbing In stock is presented.
Fifth, the purchase of propt rty by the
agents of the Company at one
price, aud turning it over to
the same at another and high
er price is q profile source Of fraud
and REGULATION. The whole system
ct receiving commissions for pur
chases By persons acting in an oficlal
or Judicial capacity should be re-
strained by the statute
The charges ag INST the officers and
agents Of the Company, partlcn larly
in reference to the purchase Of Ger
rain real estate on Broadway, New
York, the " illnesses failed to substan-
tiate Articles of association of an
Organization of this character should
be fled in the Secretary of States Of
fee, and each stockholder furnished
with a copy.
The majority report is signed by III.
Raw, O. S. Wright and j. L. Miller.
The minority report says the great
loss of the Compauy-S3 500 000-ex-
cited alarm and it is almost impos-
sible to ascertain the facts. The
Executive Committee kept all know
ledge Of their operations from toe
stockholders and the public. On the
minutes Of the Secretary was reso-
luton by the Executive Committee
granting to each Of It's members and
to the Company's attorney $50 900 OF
stock; also, that brokers were en-
ployed to manipulate the stock mar
l1et, getting off stock at higher prices
and buying it at low. Stock was
given outright to SlOcum, Green, and
Stark TO induce them TO resign. The
attorney stopped speculation by say
ing that the officers had no right to
speculate with the funds of the Com
pany, aud afterwards the accounts at
the brokers were placed in the name
Of ". Ii. Slocum. Jocelyn. broker,
testified that from 100000 to
$120, 900 was made by him in buying
and selling this stock, which profits
he did not believe went into the
treasury Of the Company.
The existing Board of Management
is virtually without esp0nsibility-
the large capital having no real exist
ence-and the utter heiplessness of
the stock holders demand a remedy.
The ability to water stock is suscepti-
Bile of abuse towards purchasers who
are entirely dependent on declarations
aud certificates, which are not fair
representations of the intrinsic
strength of the Company,
For information with respect to this
matter is submitted a bill for the or
gauization of Express Companies, re-
quiring the capital to have been all
subscribed and half paid before the
company commences operations, and
an annual report Of the condition Of
the company to be filed in the County
Clerk Office.