The Barre daily times. (Barre, Vt.) 1897-1959, 1910-12-06
RIDICULOUS STATEMENT.
Says Auditor Anable About Salary Of
NJ. & w. R. r. R. President,

f. s. Anable Of Boston, general au-
ditor Of the Montpelier & Wells River
railroad, characterizes, in a letter to the
Boston Globe to-day, the statement as
ridiculous that D6nel r. Sortwell, presi.
dent of the road, Is getting $4,000 a
year salary, His letter is as follows;
Tn the first place, the statement that
Daniel r. Sortwell, president OF the com
pany, was a Harvard 1911 man and left
college to accept the presidency Of this
road is incorrect, he having been gradu
ated from Harvard N the class of 1907
and having been since he left college in
the employ Of Estabrook & CO., bankers,
until the death OF his father last March,
when he assumed the care of his fathers
estate as administrator and succeeded his
father as president Of the Montpelier &
Wells River railroad
"Ihe statement that this road paws
its president a salary OF $4,000 a year Is
ridiculous, and the legislator making
such statement should have known that
il was untrue, as the annual report
made to the public service commission
Of Vermont for the year ending June 30.
1909, on file IN the Office Of the commits
sion at Montpelier, and from which the
figures relative to surplus were evidently
taken, shows that the total amount
charged during that year for salaries
and expenses Of general officers lin which
the presidents salary is required to be
included aggregated only S5,5l475.
AS to the further statement made
that this railroad pays $4,000 year
N dividends, il actually paid no diyi.
dends for a period Of ~ years from 1850
to 1902, and in that period accumulated
a surplus from which dividends of 5 per
cent or $4,000 per year, were paid
during the years 1908 to 1908 inclusive.
but during the years 1909 and 1910 divi.
dends Of only 2l2 per cent, or $4,000
per year. were paid, and-the net income
Of the company for the year ending
June 30, 1909, was only Sl9,30g27. or
SG90.73 less than the 2i2 per cent. divi-
dend paid
The balance sheet of June 80, 1909,
as shown in the report TO the public
service commission, does show 4 balance
OF assets in excess of liabilities of S2lB.-
9S5, but does not show undivided earn
ings, as stated, of $4,000, or any other
amount; aud this same balance sheet
shows that OF this surplus of S2I6.0S5.
Sl69,362 is represented by the excess OF
cash OF road and equipment over its
capital stock Of 100000, and that a
further amount of S49.474 is represented
by stock Of materials and supplies on
hand, the current available assets and
current liabilities at June 30, 1909. be-
ing respectively S3l 1923 and S2s, 1897 .l3,
showing net balance of current assets
over liabilities OF S2,9S5.s7.
"The Sortwell estate, which does not
own the road, as stated, but does own
large majority of the stock of the
company, would be very happy if the
statements made as to the road being
the richest in the world in proportion
to its size and having large available
surplus were true, but the facts do not
bear out any such statement, as is clear
ly shown above.
Regarding the allegations made that
the passenger tariff is high, we have only
to say that we consider the rate fair
one and viii endeavor to prove this con
tion if officially called on to do So"