The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1891-07-17
DIRECTOR WELSH PRoTFSPs:

ri have not one word to say" said Broker
Osgood Welsh, when asked if Ire was not q
director of the Oregon Pacific.
''But your name is Published as direcs
| tor
Without my consent, saii MFR. Welsh.
HOW Is THIS, MIR. WELSH?
'Mr. Welsh's memory must have failed
| him sadly" sad Treasurer Bentley, of the
Oregon Pacific, when tlrey told him what
Mr.. Welsh had said. 'I can show you let.
| ters, checks. and other vouchers to prove
| that Mr.. Welsh has acted for the president
| OF the company. and with his own consent,
too. Some day, perhaps, 1 will give you
the entire inside history of the present ditii--
| Guilty.
HERE'S RICHNESS:
81 never was informed of my election as
director of the Oregon Pacific Railroad
| Company until I read it in Poor's manual"
| said Lawyer r. s. Mintrun. T have never
| acted as director or received any notice to
! attend any directors meeting. l have signed
| Receiver HOggs reorganization agreement
| on behalf of myself and family, however.
| We have faith i'll the present management"
Director Geo. $. Gee, president of the
| American Exchange National bank, is not
| one of the Wharton Sands Blair party. He
| said, however. that he was in favor Of any
the bondholders.
''How do you account for this alleged
| over r.issue of bonds to the extent of $lt,-
| OOO O00?''
''Oh, )" he replied, ''that is purely TECH
| nical." By bending card in the shape of "
| letter s Mr.. Coe made a fine Typographical
! map of the first l40 miles of the railroad,
| the building of which has called for the issue
| of SIS, 900, 600 worth of bonds. From this
point to the end of the projected road, Mr..
Coe said the cost of building would be much
| less.
Are you president of the constructions
| company that bu lit the road?''
II am not, was his prompt reply.
"What is your interest, then, If may
| ask?''
''Simply that of bopdholder," said Mr..
| Coe. Il refer you to Mr.. Bentley, who cait
| give you full information.
WHERE ARE THE SlI ZOO, ,OOO.
A gentleman who represents mary OF the
| dissatisfied bondholders said:
Out of the whole Issue of $l5, 900. 900
| bonds outstanding from $4,000, ,O00 to Stos-
| O00. GOO worth have been soid and betweeif
| 81 ZOO, 600 and IS, 00U, 900 cash has been re-
| allied. What has become of the cashT
| Five millions of the bonds have been pledg.
| ed to secure a debt Of about So, O0O, 900.
| Ten millions Of dollars have been spent!
What is the result? One hundred and forty
| miles of road and few miles of gradings
three small steamers-two of them river.
| boats-and there is prior lien on one Of
them. Receiver L. Egenton Hogg has is
sued 100000 worth of receivers certitf-
Gates. These take precedence of the bonds.
Two million dollars have been spent in pay
| ing the interest on the bonds from time to-
time, and ST., 900, 900 in brokers' fees and
| commissions. Where are the 5000, 900 that
| were rendered to the present holders of the
land grant? Has the Farmers Loan and
Trust Company got it? We want to know
| where it Is. Experts who hive been over
| the line have reported to us that the cost
OF building the l40 miles of road could not
| have cost more than $4,O00,000. he:'e,
then, are the Sll OO0, 900 left over?