The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-05-25


to the people Of this StateI
Does any one suppose for moment that
the Immense transcontinental tranic now
enjoyed by these lines would reach them
interested In their ownership II owns ex.
clusiVely n line reaching from San Fran
cisco TO Ogden, Utah. II is generally be-
i nSyed tha, IMAM nTw s pssa VERY eS S res
lines identified with that interest. Who
doubts for a moment that II II were not for
It's ownership Of the stock OF the Texas
companies the vast Unconstitutional traffic
OF the southern Pacific would pass over
the short and more direct routes North
and would not touch Texas ut all? But
owning the stock OF the Texas lines IL
brings that vast traffic this way, Affords
profitable employment to thousands OF PEG.
pie In this State aud spends millions every
year in the development and improvement
Of railroad property In this state. Who
can possibly be benefited Ivy a disturbance
II this sltuauoni What law or principle
Of public policy In this State IS transgress-
cd therehyi
What do the people Of this state care.
and what do our laws care whether the
Southern Pacific company owns the stock.
residing In the North or abroad? Tho stock
must he owned by somebody, and the pco-
pie az this State do not want Il. We have
not money enough to own the railroads VI
this State. aud II we had we could hnd
more profitable Investment for II than VI
railroad stock and bonds. II is wholly int
material TO us whether the money Invested
mere IS iIrhlsheu Wy pNhNors, FusI COW
Englishmen or Dutchmen II Is the invest
ment ot the money IN the development o!
this state that We nre Interested in II
matters little ,whether u rs tnrnlSheu w
inc soutnern racine company ng OauNSrS
or by individuals.
THE RIGHTS
OF STOCKHOLDERS.
But It has been suggested that the owners
on the stock elected the directors IN Whom
the law vests the control OF the property,
ma that tho local Officers and agents obey
,, ,,.,..,,as- >, ,,,,,,
the wishes OF tue STOCKHOLDERS Woui'
certainly be n most unnatural condition u
ihls were not so No court on earth has
- ~, 80 ,i....,- .,.., W.. -
ever hoio 'u"l ullec'"Ie an" ou'V'iS w
corporations should NOT carry out tho
wishes ma pollcv OF tho owner. OF the
stock SO long as the same we're Iawrul.
Every honorable director or other officer
NJ corporation will curry ont the wishes
nr Tho stoetboldors II tbcy orc nnt uplaw-
-
full or viii resign rho management Is
vested hv inv IN tho directors and they
shopid and I'D coneuit tho st,,kbnIJcrq
' ~ Wv '
upon matters Of comforting hnpor'ah'''
though they exercise their own discretion
In tnatters of dntnu
,.,,,
Ih,s. nonresident Sl"ck ana BOND holders
can sol monage the Texas PROPER les except
through agents, I undo TAX to say tat
there are 40 set Of tNtrood managers NOR,
independents or cniotiuc Ing measure Of
discretion than the managers Of the i Nn
lines u all the stocks md houdS were
owned hero IN TcN1s the r0uds would pro Do
ably be mn practically hc men sci clcd Tor
their ability in wilr ad munJg meut aud
their character anu integrity MS men. II a.
suggested that they ur subject TO ID G
troll Gnd direction of nmcsil,ntS. As Il
matter of tact, they a.r not, hut thcI
would be unttuc 60 thc.r iru g. IN woull
fail in that which undoI tho law tlG
should do II they shom fl ell eco Sllf
the owners of the stock or thcu T. presc M
lives. Take the case iu p'ml. MI Stnhh'
is the agent OF the stoCE1oNderS OF le
SoutncIn Pncihc In tr0Hlc matters Ii'y
have great confidence "a his ADJ ity 4 o
chaIacter He is rec gul2cl 1s onc OF, n
not the greatest traile men ~ MS COIN
try He IS not an of Ger oi any OF ~
Texas companies, He hns no legal nuh 1.
ity 10 give any instruct ons any of the
Texas companies aud, ae ! under tam,
does rot do So, hut W. nll KNOW ,iHat ne
speaks for the stockho.dg,T ln traIlc MAJ
tiers. We all know that II should - ti
the stockh ldcrS lonuaNicv upon amy MAJ
Ter permitting 90 tran We SHOULD he
IN an FHn,c n'a''f ta: ~ ~, tho Igbt IN