Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1883-07-13
40 rRorBLE ~ RNTLAND.


A COUNTER STATEMENT FROM CLEMENT & SONS,
WITH CHARGES AGAINST Gov PAGE
new chapter in the Rutland railroad
troubles, growing out Of the discovery Of j.
NJ. Ravens over-issuo Of stock was opened
on Tuesday, when Clement n Sons published
a statement in reply to that from the attor-
neys Of Gov Page and the railroad company,
which we copied from two weeks ago. IL APP
pears that Clement n Sons own nearly 10, 600
shares of the Rutland railroad stock, and that
they have formed syndicate with certain
Boston stockholders to control the next cleo
ton, which occurs on the 2jth inst. This
syndicate claims to own over 49, 900 shares Of
stock-the whole amount being some G5, 900
shares, 10000 preferred and u $50 shares
common stock The statement Of Clement &
Sons is very bitter against Gov. Page and
tends to implicate him in Mr.. Ravens crooked
transactions II asserts that Gov. Page had
no part in the original examination by Mr..
Wilbur, into the company's affairs, and accus-
es him Of trying to make Mr.. Wilbur exam.
inc the cash matters by first finding out how
much cash there ought to be, and then letting
him Gov Page) force the result by having
the requisite amount of cash forthcoming
IA sufficient reason for Gov. Pages course"
the statement says would seem to exist in
the facts reported in respect to the wrongful
use, or the wrongful non-use, of the compa-
nys large cash balances. Since the fact Of a
deficit has come out, Mr.. Haven has stated
that the money has not gone to him, and also
that Gov. Page has had the exclusive hand
ling and control of portion of the rental of
the road, for the ostensible reason that be
could keep it covered from the trustee proc
ess.
In connection with the foregoing, attention
is called to the fact that by the bylaws of
the company, the treasurer is almost wholly
under the direction and control Of the presi.
dent and also to the fact that for years Gov
Page has been, to every intent, the Rutland
railroad company, so far as the internal man
agement of its Office is concerned.
The statement continues "Under the man
agement of Gov. Page, the preferred stock
and the bonds of the company have become
discreditod. The preferred stock has depre-
ciated from nearly par to less, at one time,
than one-tenth of its par value and within
six months this same stock has sold in open
market in large quantities at per cent of
its par value. The six per cent first mortgage
bonds are selling at about .93, and the five
per cent bonds are to- day offered at from G3
to 81. MIR. Wilbur reports that during the
last four years the average of the cOmpany's
monthly cash balances is over $50, 600 1t
does not appear that interest on these balan.
ces has ever been accounted for Interest at
six per cent would amount for the four years
to nearly $50, 600 This fact of itself may
account for the persistent endCavor of Gov
Page to be continued as president OF the
road Gov. Page is further accused of wish.
ing to retain control of the corporation in or
der to prevent innocent purchasers from get
ting their pay for the spurious stock 3" to
which be gave the appearance and currency
of true and genuine stock by putting to it
his official signature, and it is further added
that 'it can make little difference to those de
frauded, whether he signed the certificates in
blank, or with knowledge of the wrongful
use to be made of them" Clement a Sons
claim that Mr.. Ravens property is sufficient
to cover the ovor-issue and deficit charged
against him, so that the RAILROAD company
will be saved from loss if its affairs are prop
erly managed. 1t is mentioned as n signih-
cant fact that since the situation OF affairs
has become known, Judge Prout, long the
company's counsel, and an eminent lawyer,
has resigned his dictatorship, aud that Mr.
Williams the present treasurer, has also tend.
cred his resignation as director. How much
of this is founded on sober fact and reason,
and how much is due to personal feeling it is
impossible to say at this distance. The un.
easiness which prevails in Rutland financial
circles is increased by the run on the Rut-
land savings bank.