BANKERS AND MERCHANTS 343 



markets and they asked each subscriber to take 

 twenty-five shares of the stock of the Bankers 

 and Merchants Telegraph Company at par. I 

 drew my check for $2,500 and gave little thought 

 to the matter beyond attending meetings of di- 

 rectors. 



In September, 1881, work having progressed 

 for six months, more capital was required. It 

 was proposed to issue additional stock to holders 

 of record at ninety per cent. It was argued that 

 the promotion of the work was worth ten per 

 cent and that stockholders were entitled to that 

 much discount on their new subscriptions. I 

 was the only one who objected to this watering 

 of the stock and I insisted that if the promotion 

 was worth ten per cent then our stock was worth 

 110 per cent and ought not to be sold below that 

 price. I had a warm time defending my posi- 

 tion against the general opinion that it was only 

 the thought of getting something for nothing 

 that would bring in the subscriptions we needed. 

 I predicted that not a stockholder would refuse 

 to take his proportion and added that I would 



