The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1876-03-31

ests and rights embraced in the purchase.
This could only be done approximately,
and that there might be no deficiency in
the provision, surplus of the several
classes of bonds and stock was prepared,
and the whole amount placed in the
hands of the Purchasing Committee,
from which the Just distribution was
made. After final satisfaction was made
by such distribution to all persons who
surrendered their old securities, accord
ing to the plan of reorganization, an ex-
cess of bonds to the amount of S2Si, 900,
besides $3.50, 900 of common and S131,
600 of preferred capital stock, at its par
value, remained. For this professional
engineering and his agency service in
this business, Tilden charged and was
paid S21, 900. l could have employed
any one of fifty lawyers in Indiana or
Illinois who would have done it all bet
ter, more wisely and quicker for S., 600.
This man has an amazing talent for
looking wise. He is theatrical Solon.
If simple question were proposed to
him, which any Justice of the Peace in
the West would have answered instantly
and correctly, he would shrink himself
into physical expression of mental Ia
Dor and suffering such as would startle
or alarm the anxious questioner, which
would at length terminate in a profound
doubt, worth not less than 1000. Be-
ing bit of lawyer myself, / was not
able to realize the atstruse force of these
t-anscendant demonstrations. But they
were effective in New York, since they
have, with the aid of this miraculous
moral faculty in getting hold of bonds,
advance him, in fifteen years, from the
state of poor man to the position of
millionaire
Well, continued Mr. GriswO old, at a
meeting of the Board of Directors of
the new corporation in New York City,
i'm the summer of 1862, the question was
securities should be cancelled and de-
stroyed, or should be packaged ap and
placed in secure deposit for such posi-
BILE future use as the welfare of the road
and the interest of the company might
require. The latter alternative measure
was agreed to. lido not remember what
the records of the Board of Directors
contain anything, but it will be remem-
bered by members of the Board then
present. Hon. Anthony Thornton, late
a judge of the Supreme Cour. OF Hi
nois, was one of the directors, and was
present. Mr.. Z. Tousey now of Indian
apolis, was Secretary and Treasurer, and
was also present. Afterwards these
bonds were extracted from their place of
deposit, and the suit against Tilden, Sage
and Butler is now brought for their re-
covery. They were members of the
Board of Directors OF the new organ
ization, and continued until June. 1875.
These men have supposed themselves
sheltered in impunity for their audacious
dishonesty by the fact that the common
stock of the company under their ma
nipuIation has been and is worthless
This calculation was realized for many
years. The common stock of the COM
pany has been quoted on the New York
marke. at from Is to per cent, and
has been a gambling card of merely
speculative value. Capitalists generally
could not afford to hold the stock as an
investment, and no one could afford the
time, worfiinrut and expense which
would have been required in proceedings
of prosecution, when nothing could be
gained to himself, and the conspicuous
result would be simply disgraceful ex-
posure Of the swindle. And besides, a.
and held by ring for the protection OF
these rascalities. This was used 10 con-
troll the elections in connection with the
bonds which have voting power in
that corporation. The better to protect
and perpetuate their power, they CLASH
fed the directors, so that only one third
or one fourth of the whole board went
out annually, and they were always re-
elected. But in 1873. it being discovered
bv several holders os this stock that the
company we're paying interest on an un-
due amount of bonds, and that the cou-
pons of the bonds which were of the
surplus were being collected semi-annu-
ally, a few of them combined aud resolv-
ed to make aI effort to unveil these
frauds and to prosecute the criminal
parties They sought and were refused
at the general Office in New York, an in
spection ot the voting registers of the
bondholders, which were under the con-
troll of these parties. They appointed
a committee to come out to st. Louis to
attend the election of directors in June
of that year, with such votes as they
could find without the registers, and
they employed an able young attorney
and counselor, Mr.. W. c. Whitney, to
come out with them to aid to unearth
these subterFaDean operations Headed
by Mr.. Whitney, they appeared at the
meeting of tie stockholders. which was
composed OF Charles Butler himself,
carrying ii.s prepOnderating proxies of
the New York ring and their dupes, with
few persons from Illinois, whom he
had called together for the OCCASION
Mr.. Whitney made the fat charges, and
demanded their admission, OF some ex-
planation Of the excessive issue of secu-