Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1873-01-08


Judge Richardson presented the Engineer
Report, which gave an account Of the work As
fer rs it has progressed at present, and said
that the prospect was exceedingly haitering for
getting the road ready to run by July 1, 1873
JUDGE RICHARDSON'S REPORT
Judge Richardson then presented his Report
Of the road and It's prospects. The Report is
ns follows:
10 the Stockholders Of the Montpelier and
Wells River Railroad.
In the month Of September published
card promising, at future time, to give you
the reasons for the delay in the completion Of
your road. The present seems to be proper
time to give that information.
At the last annual meeting i, was expected
that the road would be in running order 10y or
before the first Of November. We were war
ranted in this expectation by the report Of our
Engineer and the assurance Of those in charge
OF the work At that time, however, the con-
tractor had not purchased the iron for the road
The price Of iron at the time the contract was
made and up to the spring OF 1879 was about
| $40 per ton. Early last spring the price al
yanced ten or fifteen dollars per ton, and alter
wards still more, making difference in The
value of the quantity required for the road OF
about SO 600 The contractor, instead OF In.
creasing his force last spring, reduced 1t, and
TO such an extent that had fears that the help
retained would not be sufficient to complete the
road bed in season to receive the iron by No
vember. | embraced an early opportunity t.
sec MIR. French who had accompanied the I'm
giuecr in making estimates, and was informed
| hy him that there was a sufficient number Of
hands retained to complete the work And IL
was not until June when the Directors met
at Wells River, that became aware that such
was not the fact | then found that the heavy
rock cuts near Wells River Village could not b.
made with the force then employed before late
in the fall. Some GUS OF considerable magui.
tude had no force upon them, while others had
not more than half the number that could b.
| employed to advantage. | learned also from
Mr. Foster, who had examined the road iurth
er vest that a large increase OF help was nee
essary. On my return 10 Boston l saw the
contractor and informed him OF what | had
seen aud heard Of the progress OF the work,
and also told him that his foreman in charge
Of the blasting agreed with me in the opinion
that more help was necessary. lie agreed g.
investigate the matter and increase the help il
found insufficient wrote Mr. French TO inn
press upon the contractor the necessity Of ad-
aitioual help without delay. On or about the
2Sth Of June ! delivered TO the contractor
$4,000 in bonds, with the assurance that the
be ready for the iron within two months
About the LIST of August the contractor in
formed me, (Nlr. French being presently that
the iron could not be put down within the time
specified in the contract Suggestions were at
that time made about putting down portion
Of the iron, but no proposition was entertained
by the contractor except upon conditions that
were impracticabe if not impossible to comply
with.
had never pressed the contractor to pur.
chase the iron. for desired 10 give him all
possible time for a decline in price, but at ev.
cry interview urged the completion OF the road
bed IN season to lay the iron, hoping the price
would fall of 50 that he would deem it for his
, interest TO purchase il in season 10 fulfil his
contract. But my repeated and earnest ap-
peals for an increase OF hel p were unheeded, o.
to say the least were not complied with.
From the facts above stated and others that
might be given, ] am satisfied that the eontnc-
tor determined in the spring not n lay the iron
in the fall unless the price should decline, and
acting upon this theory he reduced the help
even below what was necessary to complete the
grading the past season The item of so, 00C
in the price Of iron is no trihing amount, but
whether sufficient 10 justify the contractor il
= his determination is not for me TO say. | an
, free 20 say, however, that there was no eXcus,
for not completing the road-bed that could
last summer and fall than at any futur,
time, and the road would have then beer
well settled and ready for the iron 10 til,
J spring. ! should not have gone into detail
a. have, had It not been for an article pub
lished in the WATcHMAN & Journal on the All
, Of September, charging the delay in completing
| the road on the President. 81 many misrep
reservations were made and so much untrutt
stated in that article that requested the pub
- h.. o..
and understood him that he would do it, but
J none have been made to my knowledge up L
this date. After this article was published,
called upon the contractor and inquired Of him
I whether he had changed his mind in relation
, TO laying iron he informed me that he hat
not, and that he did not intend to lay any thi,
r season. IL is however due 10 him, that SHOULD
say that on this, as well as on other occasions
he assured me that ii the Legislature refused
to extend the time for completing the road b,
would lay two miles at the west end, if neces
> sary, to preserve the rights Of the corporation
J The financial condition of the Company &C
c0rding 10 the best estimates that | am now
able to make, is as follows -
Mortgage bonds for incidental expenses not is
} sued SAL 900
Notes on hand given for stock and real
estate 3,s7G
Available stock subscriptions unpaid 10000
Real estate to be sold 1000
Suspended stock subscriptions in liti-
; CATION ll,1OO
s77,s70
LIABILITIES.
Due contractor on lumber subscriptions Is 900
Land damages settled 1854
do unsettled, estimated at 1000
Notes in bank 1900
Adjusted claims unpaid i,7s2
Interest on bonds issued due July l.,
1873 lO,so3
Bills of expenses not settled. estima-
ted at 5000
Estimated expense of fencing 1900
Leaving for depots, water tanks, turn
tables and other incidentals and expenses G, 1857
3 S77,s76
1t is not to be presumed that the above esti
mates are correct, but think they approximat,
/ in the aggregate 10 the final result. The iten
Of Sl9,S03 for interest on bonds, although
standing against the corporation, should be as
: sumed by the contractor indeed such ha
been the understanding, il he failed 10 com
plete the road 80 as to give us the use Of it il
= the fall. The contract calls for annual interest
, and the bonds provide for semi-annual /; her
will be an item in favor Of the company Their
/ will, however, be interest 10 be provided for OIL