Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-06-07

the dollar, when, at the same time, it
would not have realized twenty-five
cents on the market.
To enable the company to raise the
funds, a resolution was passed author
izing the issue of $4,000 Of the COM
pany's bonds, to run ten years, at the
rate Of ten per cent per annum. The
bonds were sold at seventy cents on
the dollar, and the proceeds paid to
Mr.. Davis. By this transaction Mr..
Davis converted his own interest
bearing stock into ten per cent inter
est bearing bonds. When this piece
of jobbery was perpetrated, in 1873,
Mr.. Barrett was not connected with
the company except as stockholder,
but the same was perpetrated by the
combination of Messrs. Davis, Vreden-
burgh and Thacher.
Mr.. Davis is charged with having
over-checked his account $l1 ,8s24
without giving any security therefor,
and without paying legal interest
thereon; also with having drawn as
salary for services merely nominal the
$l9,625, when said services could have
been obtained of a competent person
at less than half the amount. He is
also charged in 1879, in copartnership
with Mr.. Vredenburgh, Of withdrawing
money on the check Of Vredenburgh
from the treasury of the company to
be expended ON city railway in New
Albany, Ind. Said sum was after
wards refunded in the way of divi-
dends, and without lawful interest.
Among other allegations is one to the
effect that the teams and material Of
the company were used in the con-
struction of Estival park, and nothing
was ever allowed for it.
Mr.. Vredenburgh is charged with
selling $75O8 of his stock to the Gem
pany at 65c on the dollar, when at the
time no such price could have been
realized on the market. He is also
charged with drawing in cash for his
services as vice president and treas
urer about $4,000 since May, 1874,
for services merely nominal, and which
in fact were performed by others at
the company's expense. Mr.. Vreden-
burgh, it is also alleged, has kept his
buggy and phaeton stored, and his
horses, ranging from three to five
head, sheltered and fed in the com
pany's stables at the company's
expense, and has, like Mr.. Davis,
overdrawn his account to the extent
of many thousand dollars.
Other complaints in the bill include
charge that the board of directors
has given Mr.. Davis power to issue
5000, 900 in bonds at whatever price he
may see fit; also that Mr.. Townsend
was paid a salary by the company
while he was absent in Colorado and
performed no service. 1t further
prays for the appointment Of re-
ceiver to take charge Of the affairs Of
the company. A number of other
features and charges are omitttd, the
bill covering twenty-seyen pages Of
legal cap.
The stock of the company is dis
tributed TO Mr.. Barrett $4,000, to
Mr.. Davis $4,000, to Mr.. Vreden
burg 5000, to Mr.. Bills $4,000 and
to Mr.. Thacher $3.50.
Messrs. Isham G.. Harris, Thomas
B. Turley and Harry M. Hill repre-
sent the complainants, while the com
pany is represented by Messrs. Humes,
Poston and Gillian.
Regarding the injunction granted
by Judge Horrigan, counsel for the
company have moved to dissolve in
limine, or at the beginning.
A feature connected with the past
history Of the company is that at a
meeting of the directors held June
10Th, 1877, special committee report
ed in favor of fixing the presidents
salary at $4,000, the vice-president's
at $4,000, the superintendent at $500,
aud the secretary and attorney at
5000 per year. Mr.. Barrett moved in
lieu, and his motion was unanimously
carried, that from March, 1878, the
salaries be fixed as follows: Presi-
dents $500 per year, vice-president's
$4,000 per year, superintendent $4,000
per year, secretary and attorney $1,000
per year.
The motion for a receiver will
doubtless be considered by the chan
Gerry court in few days. AS soon as
an answer is filed to the complainant's
bill synopsis of its denials and coun-
ter charges will be printed in this
journal.
Daily journalism.