Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1905-10-18
WILL he GO TO LAW
That Is Ramsey's Only Chance
Now to Get Control Of the
Wabash Railway.
Is DEFEATED ON EVERY POINT
Bond and Stock Holders Throw Him
Down" Very Hard = Cannot
Even Elect Himself
Director.

Toledo, o., Oct. 12.-Joseph Ramsey,
Jr., was twice defeated In his effort
tc control the Wabash system, and
failed even to retain his seat as d.
rector. Ramsey's first defeat came In
the morning, when the result Of the
1t was admitted that his greatest
strength lay in the proxies given him
by the bondholders, but he was una
Bile to elect himself director, secur.
ing but 3l,SlO votes against the $685.
$40 east for each of the six men nom-
mated for directors by Gould. Ram
sey made no nominations, but cast all
the votes he controlled for himself
Couldn't Have Won. Anyhow.
He made demand that he be nj
lowed to cast his vote under the cumu-
lative system, but this would have
only given him 19l,O4O votes, and lie
could not have been elected even in
that manner. The tellers refused to
allow a cumulative vote, and Ramsey
was forced to content himself with
the smaller number of votes. A cumu-
lative vote In the bondholders' caucus
was the only way In which he could
hope to retain his position in the d.
rectory, for 1t was foregone conclu-
sion that he would be overwhelming
ly defeated in the caucus of the stock.
holders.
Wanted the Count Checked Up.
When Vice President Blodgett, act
Ing as chairman Of the caucus, an
nounced that total of 2GO,35O votes
had been cast Ramsey objected to the
statement. declaring that his private
tally sheet showed that the number
was 10000 less than that. He asked
that his count be checked up with that
of the election inspectors. This was
refused after considerable debate,
Ramsey being informed that he could
check up his list ut any time after the
adjournment.
| Protest spread on the Record"
He then offered protest through
his counsel, Judge Doyle. against the
action of the tellers in refusing to ell
terrain his demand for vote under
the cumulative system. 1t was "spread
on the record" and an adjournment
taken. The caucus of stockholders
made much more rapid progress than
did that of the stockholders. The roll
call to determine whether or not q
quorum was present was concluded al
G:3O p. M, when recess of two hours
was taken. 1t was roughly estimated
before the figures had been cast up
that the call had shown, that close ia
$5O,OOOOOO out of $62,OOOOOO of the
stock was represented. OF this amount
$46,OOOOOO, or 100000 votes. was
set down as the strength of Gould
and $3.TOO,OOO, or $1,000 votes us that
Of Ramsey.
Turns on Date of Ownership.
Ramsey throughout the stockhold
ers' caucus made the same objections
to the voting of the stock held by the
Iron Mountain and Missouri Pacific as
he offered Tuesday against the vote
OF the bonds held by those two com
panies. The inspectors ruled against
him. He also submitted number OF
affidavits from people setting forth
that they were the actual owners OF
stock which had been loaned by then
they having bought the stock since til,
stock book was made up last. The
inspectors ruled against him, the in
spectors holding by the stock book
The point in this is that Gould hclt
the proxies of the owners in the stool
book. while Ramsey had those of thu
| nrtilai owners of this stock NOW