Smyrna times., 1876-05-10

and while the contest ostensiblv binoed on
this issue, really it was as to the nolicv bv
which the change was affected. with the
mere personal features of the contest. as 10
VINO should be President, there was little
interest expressed in the public mind. but
tne measures devised to work out the
change OF programme have elected deem
puollc interest. To meet the public de.
mand upon us we will explain the policv
adopted to carry the election through
Inc Bank has capital of $IOO.OOO.
represented by 1000 shares of stock. and
80 stockholders. Such was it's standing
oo days before the election. These az
stockholders could cast 492 votes. OF these
stockholders, before the manipulation of the
STOCK, Mr.. Cummins was endorsed bv IA
anu Col. raymond by 80, and 2 were
counted as neutral. The vote, however,
Sldueo 10 decrease In an inverse ratio as
the shares increase, thus: a person holdinC
share is entitled to / vote; 10 shares. (
votes; 30 shares, 10 votes; 60 shares, IL
votes, &c. No one stockholder, however.
Is allowed to vote more than 30 votes
under any circumstances. Of the 2OO0
Snares, sn9a before the manipulation, lOl8 |
S0O,gOO) were in the hands of the old |
Doard; III ($36,050) were controlled bv |
MIR. Cummins, and POI ($I3,O5O) were not |
voted. But sixty days before the elec. |
tlon the 12l shares were divided nm nc
lar as convenient into lO-share lots. and
transferred to fifteen of the immediate
relatiVes OF Mr.. Cummins, and Sc other
persons, mostly employees of those rela.
tlVes' The stockholders were thus in.
creased from 4S to l03. The object of this
ulVldlhg :, up was to increase the votes for
Tue new Board. Thus: Il stockholder own
ing oO shares, who, according to the
charter, would be entitled to ONLY 13 votes
could, by cutting it up and farmino II ont
IN !0-share lots, make it count 25 votes
In this manner minority of the stock was
made to control the election, while two.
thirds OF the 48 bona tidc stockholders befnra
u tue transfer were ousted by one-third.
before the transfers the stock admitted of
IVY odd votes; after the transfer (GO davs !
oelofe the election, as required by charterli II
was increased to 6Gl-l70 odd, all of which ,
Tere made to count in favor of the new t
ooard' giving them over 60 majority of the c
vote cast. Yet the new Board renresentnd {
2nIy ~ shares, to 646 by the old Board s
ldn ne old Board represented individually over f
'SSO,UOO OF the capital stock: the new Board b
loout So,5OO The point objected to on the t
|art OF the public in this manipulation is @
nat IL Is contrary to the spirit of the char Ii
eri IL sets dangerous precedent; and is p
SalisC the very safeguards which the a
narter designs to throw around the time Il
lohoreo institution. With the people the IL
'olnt is not a question of men so much as B
ueston OF measures, and it is the latter m
nat we are holding up for consideration tc
IS to who should be President of the Bank CO
'ould hardly cause a second consideration tc
the public mind, ordinarily.
another matter of public criticism was
ne way IN which the organization was III
lade up. 1t was wholly in the interests of fo
ne new Board-W. NJ. Farr. of Pbilo h,
residents; A. G. Cummins, Sec'v; r. ri
ummins, ?. F. Causey and P. S. Collins p,
ldges. The three judges were elected 7
lrectors, and thus adjudged their own
ectlon. Two Of them had not previously
zen stockholders in the Bank. but had TT
le stock transferred to them to entitle
em 10 the position. Seventeen persons. r.
hants, laborers, and other EMPLOYEES of
e new President and his relatives. were w
arched INTO the Directors room to effect d
e organization, vote transferred stock or
oAles' ana TO carry such other points as FIR
9truGted upon. This was an odd feature Sa,
banking transactions, and one that has
et with no favorable comment. K
The Bank has been MOVING alopo noI
loothiy enough for a year or more. and
IS last emerging from the misfortupes of sor
panic OF 70. Within the past wear the w
spended debt of the institution has bean
iuced from $56,4O0 to $2.O69. OF the tlo,
per discounted by the retiring Board, Ma
dollar remains suspended. A diyi, -
hd OF per cent. was declared for the
81 SIX months, as may be seen bv refer.
ce to our advertising columns. and 7
10 added to surplus fund. ~ rem
Al the election, all the old Directors q,
cepting Mr.. Cummins himself. voted in
or OF the old Board, including Messrs wei
ideman, Massey and J. E. Collins, who A
members of the new Board. pro
IT,, = ,,,.,,. pla'
on: Jas. Williams has written letter p
m washington declining to serve in the =,
board of directors Of the Bank of the
yrna; lie states that he was made n anu
ckholderand director without his knowi. r
'e or desire, and shall not accept EN-,
n letter to Col. George II. Raymand min
m Col. IL. B. Fiddeman, of Milford n
ed the Sth inst, he states that his r.
gnation will be forwarded by Tomorrow CSil oS II
t also reported that Go v NJ -, gait
gn. VIII r
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COUNTY AND STATE ITEMS. excl
EeltOO hon hoe L. Plil