Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1852-05-20

! OF .J3U
Post Office Department, 1920 OF
Cash, $40 81
Total, Sl37 AS OF
Most of the above accounts have since been set
tied others have been adjusted and carried to the
ledger, and the balance to the debit of cash ac
count at this date agrees with the actual cash on
hand, 1882 26
The system adopted, in keeping the books, is Oh.
ectlonable in many partculars,-the accounts do not
show within themselves the nature of the transac-
tions,--and would recommend that in future the
compromising of cash transactions with other mat
tiers be discontinued
From the result of my examination, | am satisf-
ed that the accounts they now stand are correct
and will compare favoraby with those of other roads
whose constructing and running is going on at the
same time. | can discover nothing in them, for the
period OF my inve LEGATIONS, mplicae in the least
the integrity of those who have had them in charge
Respectfully, your obedent servant
JNO. l.. COFFIN
The PRESIDENT explained, that the system of keep
ing the accounts in the Mortified Office was adopted
against his opinion, and that of the chief clerk.
Adjourned to o'clock tomorrow morning.
WEDNESDAY, MAY 5, 1852
The stockholders met pursuant to adjournment
The preamble and resolutions introduced by Mr.
PurNAN, relative to further issue of Mortgage
Bonds, were considered, and after debate thereon and
the rejection of motion to dismiss, the resolutions
were again laid on the table
In answer to an enquiry made by one of the pro-
prietors, Why the wants of the company by the
Ircasmcrs estimate 50 much exceed the estimate
of the Trustees in November last -
Mr. DEXTER replied as follows, VIZ:
That his estimate now embraced some items not then
included the Trustees estimate, such as, the bonds of
the company due until 1856 and amounting, nclud-
ing interest scrip to 100000 also the private of
Mr. Quincy, amounting to 100000, and at that time not
known exist "a contingent liability imposed upon the
company by the unauthorized application which Mr. GUM
cy made Of the bonds of the company his person
al debts and that it also includes Mr. Stearns
of the amount necessary to finish the road and replace
the loss by fire Northfeld viz S3S9000 the whole of
which in addition to the estimate furnished in November
last the Trustees by Gov Paine the President of the
pauy That these three items together 5000
and cNplain so much OF tnc'excess TO ms amount must
be added in explanation of the balance of the deficiency
the loss the company has since sustained in the depreca
ton of certain then relied upon available tor dis
charge of portion of their liabilities and which, by the
recent failure of MIR. Quincy, and the rapid decline in the
value of the shares OF the company still belonging the
corporation, reduced III his estimate about 100000
Also the payment of mortgage bonds on the
first inst intended to be provided for by the Trustees
and amounting to $4,000 That thus 1921 900 of the
deficiency accounted for, follows viz.
list. Bonds due in 1880 S306. 900
ID. j. Quincy, Jr's private notes. which he
he had secured by the bonds of the company
without the knowledge of the Directors, 100000
Sd. Mr.. Stearns' estimate, which includes
100000 to repair loss by fire, $4,000
$lOi5,OOO
To this add
9TH. Loss note of Mr.. Quincy for S30q-
zoe, valued by Trustees at its face, but since
his failure considered worth only the present
value of the collateral ($2OooO0) 100000
9TH. Depreciation stock of this company
valued by the Trustees at $25 per share and
called nothing, 100000
9th. Interest paid May lst on mortgage bonds
not included in Trustees report, 10000
1921 600
The DmEcToRs presented the following Report for
the information of the stockholders, and it was read :
REPORT ON TIE PRESIDENTS ACCOUNT.
Toe Directors cfhe Vermont Central Railroad Company
The undersigned having been appointed ON the
18th instant, by vote of the Board of Directors
committee to examine and adjust the private account
at the Mortified office between Governor Paine and
said company beg leave to report that they met at
Northhed on the 10th instant for the purpose afore-
sad, and that an account presented, embracing
the entire transactions between Gov Paine and the
company, as entered on the books at the Mortified
Office from the commencement of the survey and
building OF the road to the present time except for
travelling expenses, &c.
The account rendered, amounting in the whole to
the sum of Si16S23l, thoroughly examined
and compared with the books, and also with the
vouchers on file in the office
The co,nmittpa f,rtb A. L