Herald of the times. [volume] (Newport, R.I.) 1849-1856, 1855-12-20

hand at present, a,d they value Il at
ol,25O. A portion Of this coal cost about
two dollars more q ton than Il could have
been purchased for In New York very
short time after they bought, and at that
time coal was falling. Ifthese Bogus Di-
rectors understood how to manage the
business Of the Company, and were dis
posed to do SO in the most economical
manner, why did they purchase a large
quantity Of coal, at q time when coal was
falling why did they not wait until it was
down, and then take advantage OF the
market And why did they buy so large
yf They have years supply Of coal on
hand, at the lowest estimate. as they prob
ably consume about two tons per day now,
Judging by what was consumed year
ago, and allowing ior the increase OF con-
sumers since that time. we do not un-
derstand why such large supply of coal Is
kept on hand unless 1t Is to exhaust the
earnings OF the Company 30 that no divi-
dend could be paid, and consequently the
stock might come down 30 that those who
are anxious to buy il up as money-mak-
ing operation may have an opportunity to
crafty their desire.
Among the1 assets as named in this
"RePort' Is the following ltem,-"From
John Lockwood q Co., Tor repairing streets
left in bad condition by them, - ~ AZ"
This was the amount which these Direc-
tors paid to the City for repairing the streets
few weeks ago. We are clearly OF the
opinion that the city had no claim upon the
Gas Company for these repairs. The
terms of the original grant from the Town
to Lockwood & Co. were that the pipes
should DO laid under the direction Of the
Town Council, and that the streets should
again be put in rs good repair by them a.
when the openings were commenced. The
work was done under the direction Of the
Town Council and at the completion no
dissatisfaction was expressed by the author
ltles. More than two years elapsed when
mo Guy called upon the 'as Company to
repair inc suee'si we say that 'he Guy
"'u no 'ega' claim upo" Tue company Du''
above all thlngs' the Has Company has
no c'a'm upon LOCKWOOD ~ 20. Tor Inc
amount '"ey nave paid he chy' lot
LOCKWOOD @ No' assignee me'r grant
''"'" INC Town 10 1he company on
'he iN day oi september 1898,
nearly Two ana nall years ago. ana al the
sa''o ""e transferred Tie en'''e "oikS 70
''e company 'eoe'e,"s 'ne" pay !" inc
w"''' BUCK y, VIC COMPANY ooi'e VI
'"eS' 'ep'''" nave oee" ~ne'e service
pipes nave 'ee" 'ala s'"ce h'okwooo "
20. transferred the WORKS 'or al 'he ''me
OF the transfer only about ~ services were
'aid' ana THIS "keport states that there
are now 3oS consumers; OF course, LOCK-
wood q 20. have nothing to do with any
OF the street operations OF the Company
since the tran fer In September, 1853.
In this "RePort" Bull says,-"m"asures
are however IN progress which will u'l'
mately require strict accountability from
those with whom the finances Of the Com
pany have been entrusted" There are
several lawsuits pending to which Bull has
made the Gas Company party. About
months ago, David Buffum, Influenced by
good motives ana always Wiling 10 lend
MS services TO reconcile d'fhculties which
eAis' among MS ie'ow men, called upon
Bull and sus gested to him the proprlety OF
leaving all disputes IN regard to this matter
to disnterested men; Bull signihed will
hngness to do 80, but ne was not sincere,
as Will De seen directly. Friend buffum
came to US and stated what he was anxious
to do; We replied that we would cheerful
ly agree to refer all matters in dispute
TO dlslnterested men. lie saw Bull again,
and we think that ne said Bull proposed to
re'er them 10 the Hon. John Pltman and
the Hon. hicnard w. Ireene at any ra'e'
these were the names mentioned by friend
Buffum. We at once replied that we
would gladly leave all matters In dispute
between US to the final award and deter
mination Of these legal gentlemen. Bull
backed down from his offer, and then pro-
posed to leave the settlement of the ac-
counts to three disinterested men, and
named, as such, BENJAMIN Finch, Oliver
Read and Silas H. Cottrell. We at once