The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-05-31
acknowledgement.
,-..,,on of Mr.. Bells Position
EXP ,Ia Contractor Voting Stock

~, Editor Of the lntellIGeheI' =,
TO .hS N 'onort Of Mr.. Bells remarks q,
Your Tde sGRy night meeting hardly doe loci
The du ~ NJ explanation Of the point ySE s
jlsn Ooyc NJ 10 make upon that part OF Lnt
s e, 4 = ! contract which provides tha'
W q y, .a ~ o sLsll take stock in part pay
i tas III work. A full report OF the % E.H,
l2 SW ~ BejI's explanation would nay
c o. St,, that il was neither "illoglcaT nOl
"uptrue," ,,.,,od hv Won thil
naming Is shat the stock dsli iI.n.oJ r.
u Li ,%S Contractors and that deIlyereG ). y
.""S S each month will 20 eql y
and from the time the first stock y y, g "
AIiyered the contractors WI nave s ns1 n
0I and need have no trouble III coI'''0"
in" tho directory ofihc company. o.,
", Rails explanation was to this elect
That II Is true that ftFteeSn y, s'o onI o." nc
n he issued to local subscribers oaly u, ~
so !" " oa isspcd to the contractor, DHt Ihal
,%'i %' Inc 'I law of Ohio, under which INC
WIZ ~ (, T. q. Company Is incorporated
local subscribers can vote Their iuIl SUP W!
S sC st0ck from the time Of subscrip'
, I so long as they arc not delinquent
IN %O tbe payment Of calls. The contractors
stock n moi being on the Company's books,
he NOT being q subscriber, has no sucD
: The general railroad law Of Ohio, un'
dor which the W. g. L. E. Company Is
o ore may be found on page 97l {, O.
ths first volume of Swan IL CritchheIds
clifton OF that State. Section nine con-
tsiSs the provision referred TO by air.
Bell II is in these words: "That the
ancrsops named in said certificate Of in
arorporatlon, or any three Of them, shall
"5e authorized to order books to be open.
"ei for receiving subscriptions to the cap
"itSl stock of said company, at such time
"or times and OF such place or places as
"they may deem expedient, after having
"clyen at least thirty days notice in u
newspaper published or generally clrcu'
"lated in one or moro counties where
"books Of subscription are to be opened,
"Ol the time and place OF opening books;
and so soon as ten per centum on the
capital stock shall be subscribed, they
"msy give like notice for stock.
holders to meet at such time and place
AS they may designate for the purpose
aOI choosing seven directors, who
shall continue in office until tho time
"6xed foFtAe annual election, and until
"ibeir successors are chosen or qualified /;
AT the time and place appointed directors
shall be chosen by ballot, by such Of the
stockholders as shall attend for that pur.
"Dose, eItherin person or by lawful prox-
"ies; each share shall entitI6 the 0toNer 70
zone p0te, and a plurality Of COteS shall DO
"Nsceary for q ct0ice, but after the first
selection Of directors no person shall cote
"oa any share on Which any instdl!ment d
rs due and unpaid" Then follow like
provisions for subsequent elections.
Let me add o few words. There is
nothing TO prevent any individual or mu.
nCipal subscriber from voting the lull
amount Of stock subscribed by him or it,
50 long US there is no delinquency in pay
ment Of calls. II no instruments have
been called in, the full stock may be
voted, though not cent has been paid on
10. Every one knows that the right 70
vote stock does not depend on the pos.
session of the certificates for that stock.
That right to vote depends on the stock
book OF the corporation, ind is exercised
by the one appearing by that book to be
tie owner, though he may never have
received or may have parted with the
certificates. 20 the right OF local sub.
scriberS to the stock Of the W. & L. +. L.
R. to vote their subscribed stock does
not depend on the possession Of
certificates for that stock which may be
withheld by the trustees un-
der the construction contract, and that
right to vote may always be exercised
though such certificates may never be
printed. Subscribers therefore vote their
full half Of the stock from the beginning,
while the contractors, or those who pur.
chase from him, can only vote stock to
the amount which has been assigned him
Tor an equivalent amount Of actual work
done on the road. His half oil the stock
can never be fully voted until the road is
completed.
Certificates Of stock are only useful
when the stakeholder desires TO negotiate
bis stock. 1t was to prevent local sub.
scribers from selling their stock before the
completion Of the road, that the clause Of
the contract you criticize was inserted.
That clause is wise and proper. The
contractor receiving most Of his pay in
bonds and stock, must, through the trus.
tees sell those bonds and stock, or most Of
them, to obtain money TO fulfill his con.
tract, lle takes them at par. If he can.
not sell them at par, the loss falls on him.
II would be obviously unfair TO him that
aIIlOCal subscribers should receive certifi:
Gates for their full stock at the outset,
which they could put upon the market
at any time TO compete with and depre.
Clate the contractors certificates when
his necessities compel him to request the
at 6is [,sI T0De' 'l''i' vi s"'c' WHICH sa'e Is
In , i'o% H,oro,o,;o. =, ,.,
whole O,,d pGtH.'oo .. !1IS contract tlls
,biScHon OI "m,;oi was TOasIuereu anu your
,rs SU o' aus.S.P"Sc9 ny men OF some de;
iho ,o "' HNpIi'cllcc III SucI matters, ana
was 10 a" SHOWS S snat 'nSt consideration
"% Sa " SOnePurpose' ~