Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1883-07-20
Gov. Pages Statement.


deem 1t my duty 10 you, in view OF the
recent extraordinary circular issued by
Clement s. Sons, to make personal state
ment OF facts, In advance Of the usual annual
report
The object of Clement q Sons In this. bust.
ness has been to connect me with Dir. lia-
ven'5 transactions, for the purpose OF reach.
ing their end Of obtaining control for them
selves of your affairs. They have therefore
made me personally the object of their at
tack, if so be that they may induce any OF
you to believe me Mr.. Haven's accomplice.
This war on me by them has not been con
fined to this company, but embraces my OH
or business interests, and has been OF long
standing, well understood and properly APP
preciated in the community where we reside.
The directors gladly welcomed the prop
osition that Mr.. Wilbur should examine the
accounts, and myself suggested TO him the
examination of the stock books. l also
waived the requirement OF the directions
vote, that such an examination should be at
the expense of stockholders desiring it, and
volunteered in advance TO see him paid, a
fact that has been before stated, and is not
denied.
1t is true that he desired to commence the
examination of the finances by a count OF
the cash on. hand, and that | did not regard
that.as the best way. Il yielded to his desire,
however, and presented him a statement
from the National bank of Rutland from
which he worked, the truthfulness of which
has never been challenged and which
brought him 10 his result, as reported, that
all the cash was entered on the books, aud
all disbursements vouched for, with So
Gl0.52 cash on hand. being the amount
which Mr.. Wilbur finds that the books call
ed for. 1t is also now evident that
had he yielded to my suggestion, and work
ed in the method which seemed to me to be
more busness-like, deficiency in the cash
would inevitably have been then discovered.
by his persistency in pursuing what then
regarded a foolish course, but which l now
see was in obedience to instructions sending
him there to find matter of complaint against
myself, he missed finding this important
fact. The bank balance being determined,
Mr.. Haven was able to credit himself with
vouchers which Mr.. Wilbur allowed but
which were paid, after the balance was as
certained. Had he adopted my view, which
so greatly excited his suspicion, he would
have found the cash short when lie complet-
ed his Investigation of the books.
1t is said that my reason for seeking to
have Mr. Wilbur proceed in one way rather
than another, is found in "the facts reported
in respect to the wrongful use, or wrongful
non-use of the company's large cash
balances" | find no such facts reported.
Ii they exist fail to see their bearing on the
selection of one way rather than another for
the vcrifcation of the cash. But the subject
has been largely harped upon, and tables of
sn-pullel monthly halsnceq are uivan
has been heretofore explained, these figures
are wholly iallacious.
How is company with a monthly income
of about $21, 800 and with use for all its
funds as fast as received, often anticipating
receipts, erer to have a balance of SSOU0O
cash on hand, These accountants know
that this company never did. Yet they put
forward misleading figures to show that more
than this was its Average holding.
BY charging in the bond transactions and
floating debt renewals, by treating all
monthly receipts as on hand at the beginning
Of months, and all monthly payments as
made at the months end, by including book
keeping entries, and memoranda of all
kinds, this table has been concocted, aud
you are assumed not to possess sufficient
good sense to detect the imposition.
As to Mr.. Ravens alleged statement that
tuC iNPiNsNhtiu6 thC htuSlt nuo hos
gone to him." etc, you will find a sufficient
answer in the accompanying statement OF
Mr.. Mclaughlin that the Treasurer must ac-
count for his deficiency in some other way
have not a dollar of tho company's money
in my hands.
The investigations which Mr.. Mclaughlin
has made have been under the constant per-
sonal direction and supervision of Mr..
james Ii. Williams, your acting Treas
urer.
AS before stated, received information of
their bill on Saturday, April 81. was
then searching for proper expert to act un-
der the Directors vote of April IL. The
shortage of cash, which Mr.. Wilbur should
have discovered, was not then known.
was exceedingly solicious to obtain the sur.
render of the spurious stock held by the
Clements. This, | thought, would in great
measure protect the company. spent Mon
day, the 23d, preparing Tor motion to va.
cate their injunction. On Tuesday the par.
tics met, and with great reluctance, but im.
PEELED by considerations of what regarded
as the best interests OF the company, will
the concurrence of other members Of tho
Board | accepted y proposition of the
Clements to surrender the spurious stock
| taking security from Mr.. Haven on his prop
| erty for their damages, and 1t was mutually
agreed that upon that being done, ticket
| for Directors at the next election should b,
supported by all of u.s. OF which was I,
select four names and the Clements five
This arrangement was repudiated by tb,
Clements almost as soon as made. The,
gave reasons for declining to make the surren
der, which seemed to me frivolous, and
earnestly sought to override them In tn
light of subsequent events | am persuade,
that it is well for all concerned that the al
rangement was not consummated.
AS to the financial administration of tn
company's affairs, you well know that fou
or five years ago our income, over interest o
bonds, was only about S23, 900 per year, an
our floating debt was more than $500, 00l
Since that time we have reached, a situatio
where we are substantially free from hoatin
debt, and have nearly $4,000 annual
available for dividends. had flattcred my
self that the bringing up Of this stock frol
under such load to dividend paying has
was an administration much. more than ord
narily successful. 1t has often been
! styled. 1t has required great labor and clo
attention on my part; and certainly belic'
that if the situation of the company's atfai
, had not been materially improved since the r
duction of your rental, we should now s.
u the spectacle OF strangers buying thcmselv
: in, and strenuousy striving to obtain pc
sona control by the use of money and {
slanderous speech.
1t has been publicly claimed that the Cler
l ents now own 10000 shares of your stoc
II and they tell you in substance that the &C
/ poration should be placed in their manag
i ment by reason of their large ownershi
= According to the books their holding, viii
f. originated last November. is as follows;
al p W. Clement 3l70 shares: Char