The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1890-02-06
COST OF BUILDING AND EQUIPMENT,

lug and equipment Of mill and nail
factory.
COST OF BUILDING AND EQUIPMENT.
They deny that the cost OF the same
with improvements did not exceed
sl50,000, but allcge that they cost about
$3.50, 900; deny that at any time declined
to furnish stockholders with statements
OF their cost, but alleged that they did
so in writing ut their annual meetings as
well MS to the directors; deny that they
have absolute control of the moneys
and financial transaction and business OF
the corporation, in any other sense than
in the discharge OF the duties OF the
positions to which they were respectively
selected and chosen by the directors; /;
deny that they have kept no account OF
money received on subscriptions to the
stock Of said corporation, or that they
have ever refused to furnish to other
stockholders a statement Of the amount
by them collected upon the subscrip.
tions to the capital stock OF the corpora
ton. They deny that they have not
paid to the corporation any part Of the
said $4,000 subscribed by them to its
capital stock, having fully paid it all, as
is well known to plaintiffs. That it's
untrue that they have issued to
themselves certificates for any
stock in said corporation which
has not been fully paid for. That it's
not true that loss has resulted to said
corporation or Its stockholders by rea-
son OF mismanagement on the part OF
the defendants in conducting the busi-
ness thereof, or by reason OF the failure
to keep proper accounts touching the
same. The Losses the corporation have
sustained they allegc is due to combi-
nation OF causes beyond their control
suc! as putting a new plant into opera
ton at time when the supply Of nails
greatly exceeded the demand therefor,
the decentralization in the nail trade con.
sequent upon the introduction first Of
steel and afterwards OF wire nails, COM
petition, insufficient capital, and losses
and injuries resulting from long con-
tinued strike OF nailers, including
plaintiffs Edward, Joseph Haigh and
John Yeager,
WHO DlsREGARDING THEIR AGREEMENTS
with the stockholders OF said corpora
ton, and in violation OF their duties
as we'll to these defendants as to the
other stockholders Of said corporation
and to the corporation itself, allied them
selves with other striking nailers and
thereby occasioned long interruption
OF the business OF the corporation at the
only time since said mill was completed,
when money could have been made by
manufacturing and selling nails, and
losses resulting from the food OF Feb
ruary, 1884. They say that a profit OF
s., 800 was made in eleven weeks since
September l, 1883; also that there was
loss Of Sl2 per ton resulting from the
manufacture and sale OF muck iron; that
the same was an experiment aud with
no actual loss during the past year.
Thnt it is untrue that they have neg.
lected to have the mail plate manufac.
tured into nails, but it was their purpose
to do so and fill existing contracts
for nails as soon as it could
be done, and that they've not ceased
70 make nails because they could not be
made with profit, neither engaged in the
manufacture and sale Of muck iron il,
order to produce loss to said corporation
or it's stockholders. That it's not true
that they or either of them, have never
made a report to the other stockholders
Of the rate at which the bonds therein
mentioned, were disposed Of, or how, OF
the amounts received therefore, neither
is it true that these bonds or any portion
Of them were improperly disposed OF, Of
were put into circulation for a purpose
or in a manner not intended by the
stockholders at the time they were
issued. Its not true that they have
kept no accounts Of said bonds, theil
sale, ETC., nor that the stockholders have
no means Of knowing, or that they dc
not know what became Of said bonds OF
their proceeds.
BONDS IN EXCHANGE FOR STOCK.
Defendants admit that bonds OF thu
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