The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-05-31

But instead Of this they are asked to
take 100000 Of stock in q road some 900
miles long, with q capital stock Of some
$6,OOO00O, already under contract, it Is
said, at $4,000 per mile. The location
Is still open from the river to Lake Erie.
The stock is to consist Of $4,000 per
mile, to be subscribed on the line Of the
road and the cities at It's termini, and
$4,000 to be subscribed by the contrac.
tors. In addition to this $4,000 per mile
Is to be obtained by way Of loan. Weob.
jected the other day that as the contractors
held one.hslt It's stock and would there.
fore control the organization, and conse.
quently It's location and construction and
everything connected with it.
In reply to this It is said that the prl.
yate stockholders can vote on their full
share Of stock on the payment OF an in.
stallment, and that contractors can only
vote on so much as they have paid up
And in support of this we are referred to
the Ohio law. 1t would have been much
more to tho purposoif they had published
their contract We suppose nobody ever
doubted that where o man subscribed
for a share of stock in acorporation, that
he could vote onhis stock II he paid the
installments as called for.
But why can not the contractors vote
on their stock on the payment Of install.
ments as well as the other stockholders?
When they have subscribed their $4,000
to the mile and done one months work,
our installment will be paid and they can
give as many votes as they have sub
scribed for shares. As well as we can
gather from the extracts from the con-
tract that have been published, we under.
stand the certificates Of stock are to be
made out and delivered to a trustee, to be
delivered in full payment Of the amount
Of shares.
They are to be delivered to all stock
holders alike, the contractors as well as
others. Then why may not the contrac-
tors vote on their stock subscriptions
without their certificates as well as
other stockholders ? The impression
soughtto be made Is, that the contrac.
tors do not subscribe for their stock
at all, but simply become stockholders by
receiving paid up certificates as the work
progresses. But this is wholly inconsist.
emit with the whole theory Of the contract.
The amount Of the capital stock is fixed
by their charter. In all their estimates Of
the amount Of stock subscribed they esti.
mate the stock owned by the contractors
as constituting one.half. Besides, any
such principle would be unjust. 1t is the
dictate Of natural justice that each share
holder in joint stock enterprise should
have an influence and control proportion.
ate to the amount of capital he has invest.
ed in it. According to the theory of Mr..
BELL and our correspondent "H +" this is
not 10 be tho rule at all. Suppose an
election for directors should be held when
an instalment Of ten per cent and no more
has been called for and paid, the stock.
holder who owns one share and has-paid
$40 has one vote The contractor who
has paid 800 has only one vote. Does
anybody believe for moment that the
contractors would consent to have their
voting power and control curtailed in this
wayH They certainly ought not, and we sup
pose they are men who have intelligence
enough to understand their rights, and
courage enough TO maintain them. There
Is another difficulty about this contract.
1t is claimed that large subscriptions will
be made by towns and cities in Ohio un-
der recent law of that State.
The law Of Ohio does not authorize
any such thing. 1t authorizes county or
township to construct q railroad through
such county or township, and ifauthoriz.
ed by vote, to levy tax for that pur-
pose. But it must be let by contract to
the lowest bidder. Hence these contrac.
tors cannot build that part OF the road un-
der their contract.
The W. s. L. E. r. R. Co. may lease or
buy such roads after they are built, but
they cannot be covered by their present
contract.
1t will be observed that amongst the
things the written pledge Of the members
Of the city Council requires them TO do
before they will subscribe this stock, there
is a total omission of any point at which
the road shall leave the river. This will
therefore be entirely at the discretion of
the directors, who will be elected by the
contractors, II we do tho company
any injustice in making this as.
sumption, we have only to say thatit
might have been avoided by publishing
their contract, instead of keeping it secret,
or allowing an opportunity Tor a perusal
and hasty reading of it by a few persons,
We should regret exceedingly II any.
thing we may say or do should prevent
the construction oil railroad from this
city to the Northwest through the State
Of Ohio. But we do not believe the de.
feat of this proposition will have this
result.
When the first vote was taken on the
subscription Of $4,000 to the capital Of
the p, W. & K. R. R. Co., 1t was rejected
A.