Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1852-10-14
Annual Meeting of the Vermont
Central Railroad Co.

The annual meeting Of the Stockholders of
the Vermont Central Railroad Co. took place at
Mortified last evening. The annual report was
presented, and the reading dispensed with.
Mr. VIM Raymond Lee, from the Committee
of Investigation made verbal report. lie be-
gan by stating that the report would give facts,
SO far as they had been ascertalncd, and not spec
ulations. The Directors Of the road had been
anxious for an early report in consequence of the
excitement in the community, MS TO the alleged
conduct of the Directors in connection with the
pecuniary affairs of the road; that in conse-
uuence of reports and statements that they had
been guilty of gross robbery and peculaton, they
were surrounded by financial embarassmenis,
and desired as promptly possible TO be ena-
bed to call the annual meeting, and there have
statement of the facts, brought to light by the
Committee Of Investigation, laid before the
stockholders. In consequence Of tins request,
the Committee agreed TO make partial verbal
report at the present meeting.
One reason that the Committee have occupied
so long a time in their Investigations Is, that
several clerks acquainted with the details Of the
business have left the Boston office, and thus
rendered their investigation more difficult
The Committee state that there has been
manifest want of system in the books of the cor
poration. The stock list was found to have been
kept very impenecily, but is at the present time
entirely correct There has been stock issued
10 individuals which really belongs to the cor
poraion. One hundred and fifty shares were
passed by Mr.. Quincy to his account, which
were in fact the property Of the corporation, but
Mr.. Quincy was led into the mistake by a clerl
of the company, and acted unwittingly in TIA,
matter. The corporation has a claim for ihl
stock upon the estate of Mr.. Quincy.
The record Of the bond account is, he wa
sorry to say, quite imperfect and II is not casl
TO account for all the bonds which have beer
printed and issued. Mr.. Quincy has received
large amount Of bonds which do not appear OF
the books, and also about $4,000 of bonds ar,
charged to him which he never received; IT ap
pears that the late Mr. Belknap had S22 900 II
bonds OF which there Is no record In the books
and which were not included in the se,tlemen
of his estate he took them, probably as wa
sometimes his custom, for sale In the streets a
the time he was contractor upon the road =
there were some other discrepancies, but moi q
great magnitude. The stock account is now be
leved to be materially correct
As 10 the earnings and expenses, the Commit
tee say, that as to the published report Of earn
ings, the reality falls considerably short of III
representations, but they believe the expenses
baye been fairly stated With further examim
ton they Will speak on this subject more =.
length.
The next subject was the individual transa,
tons, of Directors Of a pecuniaJy character, vii
the Corporation. First the President, Mr. Pain
The committee find his salary 10 be 5000 p,
annum; and in view Of The length and charact,
OF the road, and the duties to be performed, IL
oommittee believe that the salary Is not too hig
for person competent for the place In addnio
10 his salary, he has had transactions with Il
corporation IN the sale Of property at Mortified
viz; twenty acres Of land occupied by Dep
and road bed. The price of this land was l.
out TO Commissioners, the award To be final
Mr. Paine, bat the corporation having the rig;