The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1886-12-16

ceeding the amount OF its capita
stock, and issue lis notes or cou
e pons. or registered bonds there
}, for, bearing any rate Of interes
authorized by law, and may Sc
V cure the payment Of the same b.
= a mortgage of its real or person
r al property, or both" So far 81
good; bnt the statute states fur,
e ther: Upon the written assur,
ance of not less han three-f feu,th
= of The stockholders, representa-:
at least three-fourths Of the cap
ital stock of the company actu-
/, ally paid, any company may Dor
= row money, not exceeding one
half of the capital stock actually
: paid in,' &c. Again: mo cor
poration shall employ its stocks
means, assets or other property,
directly or indirectly, for any
F other purpose whatever than to
. accomplish the legitimate objects
, of It's creation"
Reversing the order of these
J extracts, we find in the instance
} to which we refer. that 100000 in
stock was issued by the Gas Com
pany. Not a dollar was paid for
this stock. The stock, the rights
and franchise of the company
were then assigned TO McDon-
ough & Riley, who erected the
works, and they re-assigned the
stock, works, rights, &C., back to
the present stock holders. There
being no money 10 take up these
things, bonds we're issued for
$4,000, and the property mort
gagged.
This is a plain and open viola
ton of the law, because there was
never a dollar of stock paid in,
and if this point was followed 10
a finis, the Logan Gas Light s.
Coke Co. mi ght be compelled 10
surrender ifs charter. But then
it should not be forgotten that
this company has Governor and
a Management-a Management
which, Gov. Foraker said, "stole
right and left," SC.
Bat we pause. Our esteemed
contemporary Of the Republican
Gazette wculd have it appear
that we are making an uncailed
for attack upon one Of the indus
tries of the town. This is mis-
take. The Sentinel is friend
of the industries of this place and
has done more TO advance The
material interests Of town and |
county and It's industries than
the Rep-Gazette ever Will if it |
should live a hundred years.
Ths Gas Co. is an anomaly
Nothing like it ever preceded if.
and nothing like it is likely to
follow.
Our esteemed brother says the
members of the company pay
their proportiomate amount of
taxes. We will admit that this
is true, (even If some of them
don't pave when ordered to do
so by the Council, } but how about
the Gas Coz We find that The
real estate is valued as $3.50, and
the personal property returned
for taxation, 1926, making a to-
tai Of sG3S5 On which they pay
taxes. Now there is a bonded
Indebtedness, secured by mort ,
gage upon the property of the
company for $4,000, and it would {
be matter of general interest 10
know something about the rest I
Of the property this mortgage t
covers.
The Gas Cos. contract with the t
own last spring amounted to c
about $4,000, and we find there 6
las been no return of this pro- S
,srty TO the assessor. The con- C
litions of the mortgage includes,
besides the other property Of the |
the rights, franchise l
nd contract with the town. We t
ave been specific in this matter, n
hat the tax payers themselves v
night see the cause for what II
ONE please 10 denominate an t
outrageous assault upon an in d
ustry of the town. c
We have charged and can de- jc
to the Council that the
las Co. has repeatedly violated
ie provisions OF the ordinance {
nder which it draws $1,000 per p
ear from the treasury, and the dI
suncil is fully aware that the pI
as Co. put in a bill for a full m
Ionth's run OF gas, when the it
,stimony of the night police on tf
uty at that time will show, that NJ
the hours are taken that the W
Is should have been burning, IN
id was not. twill amount to ten co
ghts the town was absolutely b
ithout any light at all. W.
The Gas Co. is not waxing fat F'
rough the toll ana sweat of the he
Y payers Of Logan This is in
frain of our cotemporary. He es