Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-03-19

1t Is that the buildings should be raised few
feet Chicago, a. town of yesterday, scarcely
yet to be heard of In geographical gazetteers
has shown that it can be done, and, compare
lively speaking, at no great expense. sos s5'
| 75is, s4T ---------.------------ Oh. iaa
a Great Railway gwindle- The Case Of the
Great Western Of canada-Asteunding Dis
closures. iln. ss.cs -a las tHt fa'acr VI r.l
From the report Of the Committee Of the
Great Western Canada Railway, we make a
| fewextracts = cs.t ..lg .s1 .s .araE s tHntofa
The transactions detailed by the Committee
are in some instances Of 90 unquestionable q
nature that it is recommended that "the best
legal advice be at once had as TO the proper pro.
.ceedings to be instituted against the persons
| concerned" iag ra4 f5-, .ut ftE
pr Among the persons whose conduct is serious
ly impugned is Mr. Samuel Laing, late Secre-
tary to the Treasury of England. The commit.
tee refer to the "extraordinary fact" admit
ted by Mr.. LaiDg himself, that upon the occa
sion of the issuing OF the prospectus of the
Hamilton and Toronto Railway, in 1852, that
gentleman, while acting as one of the Trus-
tees, had partnership agreement with Mr.
Wythes, the contractor, by which the profit or
loss upon the contract was to be shared between
them. ...-....fr ~J.3 f9 y
With regard to the issue Of freeland shares
of the Detroit and Milwaukee Railroad, Tin
1880 through the agency of the Great West.
ern Directors, the report states that the sub
soribers to the shares have been grossly deceiv.
ed by the Detroit Company, "the land promised
never having been legally at the disposal of
the company" With regard to the loans Of
Gl5O,OOO and fl0O,000 made by the Great
w WesterD Company to the Detroit and MilWau.
kee, the committee observe; ...s..,,...
"Mr. Bridges wrote letter to Mr.. Gill, the
chairman, urging his views, aud ntimatng there
were few matters Mr.. Gill and his colleagues
ought to know, hardly worthy of being officially
alluded to- hoping the directors would like the
arrangements for the outlay of the loan, and
stating that the Detroit and Milwauke ee directors
had authorized payment Of agency expenses in
London TO the extent of $4,000, to be paid out
of the loan, and of S400 to the Office, as sug-
gested BY Mr.. Govan, and intimsting his expec.
tation that Mr.. Gill would shortly be able TO OBJ.
tain for the Detroit and Milwaukee Company
another loan of $780, 900 from the Great West.
ern shareholders. This letter appears to have
had the desired effect, for on the 26.h of Janu-
ary, 1855, the directors met and resolved that
the arrangement made by Messrs. Brydges and
Reynolds was the best that could be made, was
quite satisfactory to the Board, and fulfilled the
requirements of the resolution of the share
holders, and that the same be confirmed, and
Meesrs. Bridges and Reynolds thanked for their
exertions and abilities. Tho day following the
directors met again, and resolved that the out.
lay Of the loan having been satisfactorily ar
ranged, Mr.. Brydges' letter to the chairman be
taken into consideration, and that the sum of
f2,400 voted by the Detroit and Milwaukee di.
recLors out of the loan TO their company, be ap-
propriated In remuneration to the members of
the London Board and the staff at the Office for
past services in conducting the final business of
the Detroit and Milwaukee, Company. and, tho,
various negotiations relating to il; and Mr.. Gill
received E7ll; Mr.. GovaD, Mr.. Cullen, and
Admiral Lave, E430 each, the Secretary f250,
and the Register fI50. s5-...,- ....s
"With the exception OF the interest on the
bonds, these douceurs would appear to have
been the first payments made by the Great West
ern directors out of the loan. Itfurther appears
that one hundred shares, fully paid up, were
transferred by the Detroit and Milwaukee d.
rectors into the names of each of the elk Great
Western directors. (Four London and two Ca.
nadian.) ltwould also appear that the neces-
sary stimulus had been applied by the Detroit
and Milwaukee directors to the exertons of Mr..
Bridges in obtaining the loan, for on the Oath
of December (four days before the date Of bis
effective letter to Mr.. Gill) they voted that gen,
tleman ga. 900 for his past service; such sum
was paid out of the loan, and, therefore, formed
aportion of the 'satisfactory arrangements made
by Messrs. Bridges and Reynolds for the outlay
Of the loan In January, 1858, the Detroit and
Milwaukee Board was reconstructed in Canada,
Mr.; Bridges being made pfesident, Mr.. Rey-
nolds vice president, and the six Great Western
directors flour London and two Canadian) being
made directors The remuneration of the Lon.
don directors was fixed at Ell 900 per annum,
and that OF Messrs, Brydges and Reynolds at
E5,0OO per annum between them. The London
directors charged the loan account with two
sumo Of E5OO each, one in July, and the other
in December, 1855, for two half.yearly payments
to themselves. The loans having been exhaust.
cd, they were unable to pay themselves in 1859,
and Mr.. Brydges Gays they asked him TO remit
their pay, ana found fault with him for not hav.
ing done so. ig2-.ti - gs1 it5igsl4.la odss
''ln October, 1883, twelve months after the
date Of the frst loan. the Great Western Direc.
tors obtained from their shareholders second
loan (slOO,0 600 in amount) for the Detroit and
Milwaukee Company, o concern which their
own Secretary had long before described as
'helpessly insolvent;' and this time, it would
appear, the Great Western Directors not only
suppressed the knowledge they possessed of the
real state of affairs, but they ventured to tell
their shareholders they were happy in being able
to, state that all difficulties had been sur
mounted BY the energy and exertions Of the
executive in Canada e a. ts}sa
Another development is as follows:
"The committee also call attention to an ad-
vance Of $1,000 made by Messrs. Brydges g.
Reynolds to the Port Huron and Milwaukee
Railway. Company; the money was paid out of
the funds of the Great Western Company, and