Middletown transcript., 1876-05-13

~
shot from the main track on a siding al
colliding with two empty cars hurled Of
over the embankment into the river and Il
other from the track The engine was bad
wrecked and The loaded cars thrown from Il
track. Nobody Except the fireman was hu
bV everybody was terribly frightened, the
alarm being increased by the rough bumpin
of the car as it jumped from tie to tie. Wome
tainted and men jumped out of the window
and for time every thing was confusion. A
last however, order was restored, and II
passengers, as many as could, got on board
street car to ego to the Centennial" anon
them our Middletown men. They hadn't &C
very far before another crash was heard
women screaming and men jumping Tn
difficulty this time was-the street car ha
collided with grocery wagon which wa
crossing the track, broken it down and scat
tered its contents in every direction. After
few minutes delay they got started again ant
at last reached the grounds in safety. Blu
time" they got most terribly hungry ant
began the search for something TO allay th'
cravings of the inner man, but nothing coult
be had. From restaurant to restaurant they
wandered, but always the same cry, 'every'
thing gone" Finally, their suferings being
beyond endurance, one of shem "froze on to-
lot Of "dog feed,' handed the owner q
quarter, divided with his companion and
went on his way rejoicing. In the evening
these Jonahs left the city on the 5'l5 Della
ware Railroad express, and instead of getting
TO Middletown at 7.l4 it didn't get here until
9o'clock. While waiting at Wilmington some
of the other passengers talked Of throwing
these two unlacky chaps overheard, so that
the rest could get home. We won't mention
names for fear these two fellows will not get
to 60 to the Centennial any more
Smyrna Bank Election-The squabbie
Over 1t.
The annual election Of nine Directors for
The Bank OF Smyrna was held here, in the
Bsnk, last Thursday, when an entire change
Of regime was effected in the board of direc-
ion. In view of this proposed change, and
he manipulations BY which it was accom-
,lished, a widespread interest had taken hold
If the people of the entire State in regard to
t, and to satisfy this interest we are COM
'elled to give publicity TO matter that we
rould rather ignore, and bring out facts,
Vhich, for the sake Of impartality, we would
ather pass in silence.
The election resulted in the choice of the
blowing gentlemen for Directors, viz 3
'avid j. Cummins, John E. Collins, Robert
!. Cummins, Peter Collins and John G.
alley, of this town George v. Massey, of
over; Hon. Jas Williams of Kenton, and
|. B. Fiddeman and Peter F.. .CauseE. of Mil
'rd. This put five new members IN the
oard, with the understanding that said
oard, as thus constituted, would elect D. J. !
ummins to the Presidency, in place of Geo.
!. Raymond, the former presiding officer -
he members who were retired were George
avis, John Mustard, John r. Hoffecker and |
ames R LoAand. The new Board (Messrs.
ddeman, Massey and Williams teing abb
nD accordingly elected Mr.. Cumrnins Pre-
dent. This is known as the triumph of the
Cummins faction,' and while the contest
tensibly hinged on this issue, really il was
to the policy by which the change was
fected. With the mere personal features of
e contest, as to who should be President /
ere was little interest expressed il tH
mind, but the measures devised u work
It the change Of programme have eIicli5a
ep public interest. To meet the public de-
and upon us We will explain the policy adopt
to carry the election through. .i
The Bank has capital of $lOO, 900, repre-
nted by 1000 shares of stock, and 48 stock
lders. Such was its standing go days be-
.e the election. These 4s stockholders could
st 492 votes Of these stockholders, before
: manipulation Of the stock, Mr.. Cummins
Is endorsed by IA and COL Raymond by
and we're counted as neutral. The vote,
wever, is graded to decrease in an inverse
io as the shares increase, thus a person
lding share is entitled to ! vots; 10
ares, votes 80 shares, 10 votes so
,res, Is votes, &c. No one stakeholder,
wever, is allowed to vote more than 30
tes, under any circumstances. Of the 1000
ares, before the manipulation, 1918 $780,
D) were in the hands of the old Board; 72l
36, O5O) were controlled by Mr.. Cummins,
26l ($l3,O5O) were not voted. But
ty days before the election the 72l shares
re divided up as far MS convenient into To-
are lots and transferred to fifteen of the
mediate relatives of Mr.. Cummins, and 36
Ter persons, mostly employees of those re-
ives The stockholders were thus in
.assd from 48 to l03. The object of this
riding up was to increase the votes for the
W Beard Thus: stockbolder owning so
ares, who, according to the charter, would
entitled to only l3 votes, could, by cutting
up and farming it out in l0-share lots
Ike it count rs votes. To this manner
nority Of the stock was made to control the
ction, while two-thirds OF the 4s bona tide
before the transfer were ousted
one-third. Before the transfers the stock
mitted of AGO odd votes after the transfer
} days before the election as required by
artery it was increased to 66l-l70 odd, all
which were made to count in favor Of the
" Board, giving them over 60 majority of
votes cast Yet the new Board repre-
tied only Ill shares, to 646 by the old
ard The old Board represented individ-
ly over $50, 900 Of the capital stock the
" Board about $5,50 The point objected
on the part Of the public in this manipula-
n is that it is contrary to the spirit of the
.rter; it sets dangerous precedent; and
against the very safeguards which the
.rter designs to throw around the time
1ored institution. With the people the !
int is not question Of men SO much as
,stion of measures, and it is the latter that
are holding up for consideration. AS to
o should be President of the Bank would I
-dlv causa n second con sideration in tho | .