Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-03-18

October Cd, 1869 through George ".
Sweps0D, 6367 State Bonds. OF these 3l32
are said to have been sold, and 1924 by
pothecated; and Of the amounts received
upon this account, our attention has been
drawn to some 81, 845 0OO 90 which appears
in papers submitted by Gen. Llttieheld.
No testimony except hearsay has been sub
nitted to the companies as 20 the dealings
of Mr.. Swepsou with either the Bonds or
their proceeds In the evidence OF Gen.
LittlefieId will be found certain papers,
inverted in any way, which he reports as
having come into his hands from either
Mr.. SVepson, or SOutter and company, OF
New York. He could give no assurance
that they were correct. Mr.. Swepson has
at no time rendered to him an account of
his transactions rs President.
Gen. LittletieId charges himself with q
q certain sum Of money as rece1vt from
MIR. SwcpsOn, and gives statement OF the
manner in which that has been expended
bat. excepting certain Florida Railroad
Bonds turned over by Mr. SWepson, ne
could give no account of the manner IN
which the latter had disposed of either
Bonds or proceeds. The papers and state
ments above referred to show that Mr..
Swepson sold and hypothetical the 5.O56
bonds mentioned above that of their pro
ceed5 he turned over to Gen. Llttlefield
$136, PIT 63 expended $275,3 1888 81, of
which for contractors and the Treasurer OF
the Company, 1927, 81 Al invested $500
533 80 in Bonds of tho Pensacola and
Georgia Railroad Company and otherwise;
and leaves unaccounted for about S64O, OOC.
The bona tide of the Florida investment is
understood to be a question not settled be-
twixt MIR. Swepson and the Company. It
also appears that the figures submitted to
the commission il this connection do not
include the whole of the proceeds of that
part Of the Bonds which was hypothe-
Gated.
Gen. Littlefeld's statements show shat
he received as President of this Company
from his predecessor, Mr.. Swepson, $751;
925 80 in cash and S112, 946 II IN an order
upon the New York National Trust Com
pany, which held certain Bonds bypothe
Gated by Mr.. Swepson, and that of this, he
paid the engineer. contractors and the
Treasurer of the Company $127, All 96,
and otherwise $4,400-in all $131, 871 SO.
He explained that the "protection" con-
sisted in relieving these Bonds from GER
tain legal difficulties by which they had
been encumbered, previously to his taking
office in Florida. He believes that within
lew days this property of the said Com
pany will be entirely disentangled and
available.
II. THE WESTERN \. o. r. R. CO., E. D.
1t will be seen that al of the Bonds
issued to this Company have been either
sold or Hypothetical, and the amount
raised therefrom was 81, 234, 76O 40. It
appears from the evidence that all of this
has been expended in various matters con-
nected with the construction of the Rail
road. The evidence of Messrs Tate,
Mofk Nd II ~ II
found interesting in this connection In
addition thereto, there will be fonnd ex-
hibits, printed and in manuscript. con
taini0g official accounts rendered by the
above ssersons to the Company and to the
commission.
III. THE W., @. AND r. r. Il. co.
The proceeds and hypothecation of the
bonds issued to this Company are 81, O29.
54S 81. Of this ii appears that all except
ing about $40, 900 now on hand has been
spent in such matters as are ordinarily con-
nected with the construction of Railroads.
The facts connected with this Road will be
found in evidence and exhibits submitted
by Messrs. Cowan, Sloan, Alderman and
c. J. Cowles.
Upon reference to Schedule No. l, it
will be seen that twenty -three of the bonds
iSsued to this Company are charged to II.
81. Robinson, and none delivered under
the authority of the Act of 1866 81, CHI.
S. On reference to that Act, it will be
found that these items have 10 connection
with the subject matter Of this investiga-
tlop, being merely t.a exchange of that
number Of bonus ior others then in his
possession.
". THE WILMINGTON AND rARBoRo' E. Il.
COMPANY.
- ! l. ~
we're sold to or by John F. Pickrell, of
New York, for $160, 948 81, and by the ac-
counts rendered through the affairs of the
company, it appears to have been expend- |
ID in the ordinary details of constructing
Railroads. The evidence upon this item
S in the deposition of Gen. Stubs and
he exhibits filed Herewith.
z. THE NoRTHwEsTERN N c. r. Il. COM
PANY
All of the bonds issued to this Company
ave been returned to the State Sc without |
prejudice" as is understood. Mr.. Belo's |
deposition shows that no use whatever was
aade of them while in his possession.
VI THE CHATUA1I II. r. COMPANY.
Of the 3, 200 bonds issued to this Com
any, $3.50 have been returned, without
rejudice" to the State The proce eds |
rom the 1,5O2 that have been sold, are |
935, G27 %. The rs under pledge are
ound for running account in the pur-
base OF iron, the amount of which is not
scertained The money realized from the
ale of bonds appears to have been applied |
, the ordinary expenses OF constructing
ailrcaels, rs we'll as, in small profits, to
8gular expenses connected with the de
9nce Of the Chatham Railroad case, as it
called. There is still upon hand $3.50,
1872. The evidence up5n this item is
iven by DIR. Hawkins and accompaniedby
n exhibit from W. ". Vass as Treasurer.
VII. THE WESTERN II. Il. COMPANY.
The proceeds from the sale of 55 State
onds and some coupone, are $51, 1913 IL.
ONE $500 of this has been paid out for
rdinary expenses, and the remainder,
43, 693 - is upon deposit in the bank
lg house of Jones & Lutterloh, at Fay
tteville. Certificates were exhibited by
ne President, in the names of Utley &
r