Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1874-10-14
Report Of the Special Committee,


! AifuINilh To EXAMINE INTO 1iti FINANCIAL
AFFNIRs or the MONTPELIER q
WELLS RIVER RAILROAD
To he Stockdoid,rsorhc Nont,.iie-6 wa. R,ra
hdHro0d
/ GENTGFNtEN The undersigned. committee an.
/ pointed at your meeting on the 2,rh day Of sep
TENDER and instructed % inquire into the fuan
/ cial condition II the road and a. recommend some
/ measure Of relief, respectfully report rs follows.
We have made A. fun an examination into IN,
| financial condition Of the corporation a. the tim,
/ at our command permitted, and your instruction,
seemed to warrant We have made no attempt
| 10 adjust accounts, or to 20 behind the figure,
/ shown to rs by the officers Of the road and will
/ the exception Of the unsettled matters between
| Mr. French and the c0nontion these figure.
/ seemed 10 be sufficiently precise for the puuiost
| for which We were appointed. board Of audit
| or had been appointed previously Ia examine and
adjust Mr. french's accounts, and We did not con.
slider it our duty To undertake their mcompleted
work
CAPITAL STOCK
There was subscribed To capital stock four thous-
aud one hundred and fifty-two sharcs-S415 200
There has been received ON account of capital
stock-s;sS7 ,2i2 r. which Is a fraction more than
three thousand eight hundred and soyenty-tw
shares
There Is estimated to be due in collectable sub
scriptions 10 capital stoclS-Sl9 22 90 or fraction
CONTRACT WIN MIR MUSsoN
The corporation entered into a contract with y.
G. Munson, Of Boston, October -, 1870 In which
MIR Munson engaged 10 build the road thirty
eight miles Of main line and two miles Of side
track, and have the same completed ON or before
November /, 1872, and was 10 receive therefor.
$500, 600 in cash and stiS, 900 in bonds. MIR Mum
son gave a bond with good sureties ia the sum Of
S2OO,O00 10 perform the contract on his part
Work was begun upon the road under that con-
tract November l. 1870 and continued until DC
tober 22 1878, when Mr. Munson failed. At that
al. 4 Z N4aaa
required To complete Mr. MunsOns contract
Work upon the road has been continued since
then, the corporation paying the bills so far as
they have been paid. We are not able To state
precisely how much work has been done upon the
road since Mr. Munson's failure, but we estimate
it at $4,000, which has been in part paid By the
corporation, and for part Of which the corpora
ton II now Indebted " various parties At least
$4,000 more will be required 10 complete the
road M contemplated In the original contract
The corporation has declined 10 pay OF be re-
sponsbe for any work done since September
l, 1874.
OPERATING ROAD.
Trains commenced running from Wells River to
Groton, September 10, 1878 and from MONTPELIER
TO Plainfed September II, 1873 The first en-
gino over the road between Plainfeld and Groton
was run November l. and passenger and mixed
trains commenced running from Montpelier 10
Wells River, November "a. 1873. The earnings
Of the road 10 October l, 1874 were SCI O7l "a
and It's receipts were S54 ll6 TO-
The company do not own any engines, and in
the above statement the hire Of the engines is es-
timated, the expense being about Sl75 month
Nothing is included In the expenses for the wear
Of rolling stock, or Of iron.
According TO our estimate 81, 755. IS Of the earn
ings had not been received October l. and at least
Sll,OVO OF the expenses had not been paid The
discrepancy beyond this between the statement of
earnings, and expenses, as given above, and the
statement OF receipts and disbursements ON ae-
count OF operating the road given by the treas
urer, IL oocasioned by the fact that the cashier
pays bills and holds the vouchers, counting them
as cash until he settles with the treasurer and has
now in his hands In cash and vouchers sufficient
to account for all moneys received by him on ac-
count Of the road. We did not examine the
cashiers vouchers, but have statement Of his
account IN detail up 10 September /, aud his cash
receipts aud disbursements for the month of Sep
TENDER showing balance In his hands October l.
OF sSO3 ~, The treasurer has also charged him
self with moneys received from earnings Of the
road, To the amount of S36566O, for which he
holds the cashiers receipts, and which has been
paid, either for current expenses or ON pay rolls
Tor work done by Munson's men, but has not vet
been charged upon the treasurers book.
RECEIPTS.
SHOCK AND BONDS
The treasurer's books show that the corporation
has received the following sums, treated as cash
from subscriptions 10 capital stock, and the issue
of bonds;
Capital stock 90. sas- ,s, 10
ssNv q bonds, sold Munson. ...,.,,...... s0OOO 90
z w. svi1 ny haisk OF NewDury ...,.,. Isis
a., accounts 2sOoOO
Ef Iii, 20 s,hs, cay eon@hy i...... l7aoOo
s. .,,.,.....,.. $4,000
Money borrowed on slsilSo Of bonds plegcd as
collateral, $4,000
lo'Hl''''.' sst5 69l 10
OTHER RECEIPTS,
The corporation has received from Mr.. Munson.
IN work and material, what according TO the con-