Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1852-10-14

naid TO him for land for ienemenis OF the opera
tiycs The Directors also purchased OF HIM
building erected for WOODEN mil, located IN
Mortified for $4,000 They did this with the
advice Of experienced business men
The Committee also find that the President Of
tho road had, in times Of trial, loaned the
corporation large sums OF money, for which he
has charged only six per cent. interest, though
the rates paid in the market were then much
greater Inc has also endorsed the paper OF the
corporation to the amount of millions, Tor winch
he has received no compensation; he has also
labored increasingly to sell the bonds OF Tue COM
panv in Vermont. lie has at the same time large
lv invested in the stock OF the corporations ana
the committee estimate the depreciation to his
estate bv these investments at $4,000.
Mir. Dunn. one Of the Directors, who has been
in published statements charged with maiea-
sance. has, according to records. disposed of the
bonds of the Corporation, side by side with men
employed by others; Mr.. Dunn obtained q 4
according to the records others Is 81. 1t is
in evidence that Mr.. Dunn has loaned money
to the corporation at SIX per cent when 1t was
commanding one and half per cent. per month
in the street. For selling the bonds he received
one quarter Of one per cent, which IS iair re-
Enumeration. He has also received comDensa-
ton for personal services while ~ the employ OF
the Company on the line Of the road, in all SlO0
]
the Committee say, is charged 10 ccuanpubli-
cation with having paid TO a brother Director
half the proceeds of the per ccntage ON sale
Of bonds. THIS charge Is not supported by any
record on the books, and in their opinion Is not
a matter for consideration by them, as Mr. Dunn
has perfect right to divide his own money with
whom he chooses.
Mr.. Putnam, as another Director, as Attorney
and Counsel of the Corporation attends 10 ITS le-
gal business. The COMMITTEE found that hc had
received for his services $3.50. The items Of
this amour, are fully set forth, and the Commit
tee think the account quite a reasonable one, cs-
pecially in view Of their experience of legal
charges. His travelling expenses during the
entire period is within q fraction OF SOU, lnclu-
dinp per diem allowance while absent on the
business Of the Corporation
The case of Mr. " httemorc, Director and
also Chairman Of the Financial Committee for a
limited period, is next considered He IS m-r-
chant of large business and for his services TO
this Cooperation, money IS ne compensation; ne
was ac,uated by desire to see this road extern
ded and connected with the great West; ms la-
bors in thel undertaking commenced when all
was cloudy, requiring his utmost efforts. For
seven months, as Chairman of the Finance Com
mttee. he received 5000 lac has also received
1862 for services as Director; he has been char
red with using the money Of the Corporation as
belonging TO himself; the fact is, that the money
in question, about 100000, remained IN bank IN
his name only eleven days, at the time the Com
panv failed. and was then drawn out To pay the
debts Of the Corporation; the money stood IN his
name, while the Company had his note for the
amount. lie has also been charged with receY
ing ) o. for the simple transfer Of tour thou
sand shares of Vermont and Canada stock, when
in fact that amount was deemed to be justly his
:. consulted bN
the officers of the Vermont and Canada road. rs
TO what compensation he Should receive for long
and arduous services in selling stock To meet the
/ liabilities of that road after Mr.. Quincy failed
The agreement between HIM and the ermoui
and Canada officers was, that if he iulled IN ell
ing the stock he should receive nothing. hut IT
he succeeded he should receive a fair commits
sion,
Mr.. John Peck, another Director, has received
5000 which is all for actual expenses, and per d.
en- allowance.
Mr.. J. II Peck, another Director, has rcccW-
ed 5000, which is for actual expenses, and per
diem allowance, lis freight has also been trans
ported from Rouse's Point to Burlington for 81
cents per ton, sum totally inadequate But it
appears that this relates 10 flour only, and that
Mr. Peck can get It conveyed by steamers over
Lake Champlain, for 3 - cents per banel.
while he is willing TO pay the railroad five cents,
and that other persons have had their flour con
ycyed equally low.
As to Mr. Quincy, the late Treasurer, they
deem :he matter of too much importance TO make
a report until possessed Of al the facts They
( therefore beg leave 10 roman silent for the
present.
And to recapituate in regard to the charge OF
pcculution and robbery on the par Of the Dirrc-
tors there is SO far as the committee can see, not
the least faint of suspicion. u may be, that
fraud Is carefully concealed, but they do not be-
licyc it, aud if such fraud is hereafter discovered
in their investigation, they VIII tell the stockhol
ders the truth, the whole truth and nothing but
the TRUTH ia regard to the muttor.
The subject of the righteousness of the loca-
ton of the road through Norlhfcld was alluded
to, as il mas been charged that this location wa.
the result of private interest and not of pebble
good The two routes were alluded 10, and tho
opinion expressed that the Mortified route wa.
the most ludlcous one, taking into consideration
all the circumstances
The committee also considered the location O
the repair shops sc. at Mortified as Iud,cioui
T movement.
The investigation into the Construction Ac
coun, will be given in the report To be hcreaitc
submitted.
, The Committee have examined thoroughly in
to the condition of the road, and have found tht
mason work and bridges substnutiol the iron
shows some defects the cross tics are YER,
much deierioratod and must be soon partially re
, newed. The station houses are generally wei
A built and commodious and reasonably cheap
3 The engines, owing 10 the late fire are not d.
good order, but this the shops at Mortified vii
soon remedy the freight cars are generally d
, good order.
As TO receipts Of the Company, the Commit
tee state that from July !, 1851, to July
, 1852, they were about S550,COO and the cN
, pendturcs about Sg3i,OOO. For the month
= since May, 1852, the increase has been As pc
cent, and the committee think that the incrcas
/ for the entire year may be safely estimated at
per cent THIS, after deductng all expenses, ia
a terest, &c, would leave a small balance in fave
4 of the company.
e Mr.. Lee concluded with some remarks relatiy
IS to the expediency of raising the price of ireigh
President Wheeler said that the Commute
a were worthy of great praise for the able mamie
r IN which they have carried on the investigation.
n The meeting then proceeded 10 ballot tor Sc,
e On Directors, previous 10 which letters of rcsig
d nation from Messrs. Putnam, Dunn and Langdo
p were read.
. While the COMMITTEE was absent countnrtl
h votes, Mr.. Crane, President Of the Sullivan roa,
II addressed The meeting. lie argued that the r.,
K sources of the West were Just beginning to l.
e developed, and That's natural consequence of III
ne completion of various systems Of internal IN
tl,ara xg,,ll ,.t's