The Placer herald., 1864-11-05

ture and as we, Of course, could not be expected
from memory alone to prepare it, some one, or
perhaps more, Of the officers OF the company, us
firmly believe, kindly took that duty on them
selves and saved us the trouble and responsible
ity. The report, however, refused to sign, con-
sidering 1t, in many respects an unalthful record
OF f,cts, und in its general frame work docu-
ment of an entirely different nature from the one
required. AZ to the general history Of the Pa
citc Railroad in the hands of its present energetic
mana gers you are'doubtlcss entirely familiar, rs
the public press from time TO time has kept you
fully advised thereof. A reeiterationot this, there
fore. can advance no useful purpose; but faith
u record of the internal management Of the
affairs Of the company would be of vast import
ance; from it. we, who are so deeply interest
ed in it, can see in what manner our moneys have
been expended, and whether their officers have
been faithful to their trusts. This information,
am constrained to say. fear you can never OBJ
tiin from the present Board of Directors of the
Railroad Company, except, perhaps, through
compulsory legal process Everything that saw
connected with their mode of management ire
sstibly forced conviction upon my mind that this
enterprise, in place of being rs it was intended
to be, u great national enterprise. has degener-
atcd into Il scheme Tor the sole advancement OF
the personal or pecuniary interests Of the D;rec
tors and their fvorite associates; and that the
interests of the stockholders and others will be
entirely sacrificed to aggrandiEe the projectors of
the undertaking, Now. in the apparent peni-
tuue OF tnelF SUCCESS, tuey uHu IL convenient 10
refuse information to their stockholders, to COM
pcate and confuse their accounts so as to defy
examination. Yet the time will arrive when such
q course will recoil upon them, and The Company.
whose rights have been outraged, will deprive
the Board of their powers of further evil. alb
stain from making any extended comment upon
the answers made by the Directors to the ques
tions they condescened to reply to. or upon their
refusal to answer others. simple perusal OF
them will suffice to show:
First-That the Directors will not, and dare
not show to the stockholders how their moneys
have been expended.
Second-That the Directors will not, and dare
not, show to the stockholders what amounts they
have paid among themselves for services and per-
qusites.
Third That the Directors will not, and dare
not show the stockholders the exact position OF
the affairs OF the Company, or their own delin-
quency as stockholders.
Fourth That the Directors do not intend to
prosecute the enterprise to the State line. but
only sufficient distance to "leed' the Wagon
Road enterprise, owned by portion OF the Board
of Directors. And, in fiuc, that the whole con-
Germ is close corporation, instituted, conducted.
and managed to enrich the Directors and impov-
erish the stockholders.
now submit the subject to your consideration.
The report OF my associates will. in all probabil-
ity, be laid before you. 1t is for you to Judge be-
tween them. Ii you prefer to rely upon the latter
document. prepared, as verify believe, by the
Directors of the Company themselves, being the
report of my associates only in their signatures,
then am cOntent-I shall have discharged my
whole duty towards yOu-and without prejudice
or fear OF consequences, have endeavOred to eX-
pose scheme rarely excelled in the history OF
corporations. JAMES r. ROGERS,
President of the Board OF Supervisors
of Placer County.
Questions prOpounded to the officers Of the Cen
hai Pacific Railroad Company, 6y James r.
NJ of r6 of SUn
of Placer County:
lst-How much OF the capital stock has been
issued. and the amount to each?
Answer--Eight thousand seven hundred and
twenty-one shares of full paid stock have been is
sued; company decline giving abstract of names
of stockholders and MIR. Madden and Scott do not
require it answ .red.
2 = How much stock has been issued for other
considerations than cash? To whom and for what
object?
Answer Eleven hundred shares to Lombard "
Co., for iron, and seventy five thousand dollars to
Wason Co., ior cars.
3--How much cash has been received from in
dividual subscriptions?
Answer-Four hundred and fourteen thousand
dollars and fourteen cents.
4th-What is the amount Of the subscription by
the Directors; how much subscribed by each, and
whether or not they have paid cash for the same?
Answered. p. Huntn.to six hundred and
fifty shares; Mark Hopkins, six hundred and fifty
shares; Leland Stanford, six hundred and seventy
| five shares; Philip Stanford, six hundred and six
ty shares E. B. Crocker ten shares d. NJ Strong
| fifty shares; G. Marsh. fifty shares l.. A. Booth,
ten shares; E. Miller. ten shares. Cash has been
received for the same as tar as paid. Company
refuse TO allow list of how much has been paid
by individual directors, or how much delinquent.
| 5th-How much individual stock has been sub
scribed as a total? How much paid on account OF
sans? How much deliquent stock is on the books
and who is delinquent
Answer-With regard to delinquent stock, the
company decline giving an account, and Nh. Scott
and Madden do not see the necessity Of it.
6th-How much stock has been issued by the
company to contractors? Whether or not they
have transferred it to others? II So to whom?
Answer Two hundred and ninety shares
of stock have been issued to contractors.
7th-How much has been issued, full paid, to
parties not living in California; amount issued to
each, and place OF residence?
Answer--Compauy decline allowing abstracts
| to be taken.
Sth How much cash has been received in to-
| tai, and from what source? From stock, sale Of
first mort gage bonds. sale of county bonds, re-
ccipts of road, and from loans? and how much has
been expended and for what object, viz: salaries,
| cost OF road, etc?
Answer-It will take too much time. We could
give it to you but it would take too long Mr..
Scott and Madden do not see the necessity OF
answering the question, and do not require il.
9th--W hat salaries are paid and to whom, of
officers of the company?
Answer-Company decline allowing copy Of
| pay rolls shown, but taken from table us soon as
| commenced taking an abstract.
| l0th--What amount has been received in gold
for sale of Placer County Bonds and Sacramento
County Bonds each? TO whom sold and at what
rates, or do the company still hold them?
| Answer - Filty.one bonds of Placer county
have been sold: twelve bonds were sold at 66s
cents in gold coin; thrty-nine bonds (Placcr
county, were sold October 9Th, 1868, at 95 cents
in greenbacks. Sale made East.
llth-Was or is money still borrowed upon
them! If so. II ON whom and ut what rate Of in
tcrest. whether in gold or greenhacks?
| Acknowledgements Stanford has borrowed mo
ncy upon Placer county bonds, but the company
are not Informed from whom: but suppose the in-
terest to be ten per cent. With regard to Sacra-
mento county bonds. they are under the control