The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-04-29

scratching match, 'and very easily explained.
You see all the financial exhibit that Kennedy
has furnished the directors with is one in which
he states that about $4,000 shares have been
subscribed for. A part price Of 81. 90 each has,
he says, been collected, which, calculating one
dollar share commission, leaves So, 900 col
lected. He reported receiving notes in part pay
ment amounting to about $lS, 900, which leaves
balance of 1874, 500 to be accounted for. That
might be all right, but in a circular issued about
the first of the year he says over his own sigma
ture, up to December 25 1888, upwards of 80 900
shares had been subscribed for, which at five
per cent paid in would make 81, 00O, 900 worth of
stock. In other words, 80 900 shares of stock at
$3.50 share would make $500, 900 col
lected. Take from that $4,000 for
commission, and it leaves balance
of $4,000 collected. Deduct from
this the $18 900 in notes and there is $102, 900,
and not 1884, 500 to be accounted for. What L
wanted to ask Mr. Kennedy was which of his
two statements was true-that which he has
given the directors here, or that which he has
made in his circular One or the other of them
must be false and if that in the circular is false,
then he ought to be made acquainted with the
provisions of the penal code, section 564, which
makes Misrepresentation of that character a fell
onyp
them, but one will answer for the present" con-
tinued Mr. Reynolds (which will throw light
on Kennedys mode of running corporation to
build a railroad by the people and for the peo-
pl6i DIS ne pdFdueS III his circulars, anu DIT JLe
same time show why he does not take kindly to
newspaper reporters inquiries 1t is seen in
this batch of resolutions which Kennedy pre-
pared himself for his board of directors to pass
when they met in this city on the Sd inst" The
Chronicle reporter selected the following sam
pies
Resolved That all the acts of the former board of
directors and the acts of the president in his official
capacity representative of the board hereby
approved and legazed to date. and that Emf Kennedy
is hereby recognized for the remainder of the term for
which he duly nominated and elected the act
ing presidents that he is hereby vested with the
to create from time to time the necessary offices
the business demands them, and fill the by ap-
pointment, with power of substitution and revoca-
ton.
Resolved, That all the forms of subscription and
rightofway blanks existing that may hereafter be
found necessary shall be and hereby declared the
legal forms of the company"
The above resolution, Mr.. Reynolds explained,
the railroad president thought would cure the
defects found in his subscription blanks. Some
subscribers had taken legal advice, and were told
that they were not bound by them.
Resolved That the Peoples Railway Company of
America by its board of directors hereby authorizes
and by this resolution legazes said acts, Emil Ken
nedy to make all contracts and sign the the
part of the company.
Resolved, That the president is hereby authorized
to make such contracts in his judgment are deemed
expedient to construct 300 miles of railroad i'll Cali
forna that he may dispose of the bonds in the best
possible manner to aid in the execution of said
tracts" ETC.
1t does not seem necessary to add anything to
explain the meaning of the above resolutions.