[ROLLINS 15.] Detailed statement of the persons who received the 8,263 land grant bonds, sold under resolution of April 9, 1869. Detailed statement of the persons, &c.-Continued. At a directors' meeting of the Union Pacific Railroad Company, held in Boston June 12, 1872, Mr. Oliver Ames, chairman of the special committee, read the following report on C. S. Bushnell's account, viz: The committee to whom was referred the unsettled accounts between the Union Pacific Railroad Company and C. S. Bushnell, beg leave to report that the balance against him is apparently $149,189.91; from this, however, should be deducted about $76,000, which we think was expended for the interest of the road in sustaining the value of the firstmortgage bonds at a period of depression when persecuted by Fisk and Judge Barnard in the courts in New York City. Mr. Bushnell has sundry other claims amounting to about $42,000 for bills alleged to have been paid by him, which the committee are disposed to think equitable, and recommend they be allowed on the production of vouchers for the same which shall be satisfactory to Mr. Oliver Ames and Mr. John Duff. These allowances, amounting to $118,000, being deducted, a balance of about $30,000 remains, which we consider to be due the company. A charge of $100,000 against Mr. Bushnell which stands on our books in connection with some transaction in bonds with Prosper P. Shaw, of New York, at a time of much excitement, when it is not surprising that irregularities of book-keeping might have taken place, is not conclusive to your committee, and has not been treated as proved against Mr. Bushnell. It is very evident that this sum is due the company from somebody; apparently it is from Mr. Shaw, and we recommend that a suit be entered for its recovery, with the understanding that this settlement with Mr. Bushnell shall not act as a bar to future claims on him, should developments in proceedings against Shaw, or any other party, so warrant. The only other matter to which the committee would refer, is Mr. Bushnell's claim of $37,000 to balance his account for his services. This is wholly disallowed; not for reason of any doubt in our minds of the great value of Mr. Bushnell's service, which we gladly put on record, but simply that, as no director has been allowed anything for services rendered the company, we think it a bad precedent, and are unwilling, even in this case, to depart from the custom. BOSTON, April 25, 1872. ROLLINS 17 a.] OLIVER AMES. F. GORDON DEXTER. |