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Show ANOTHER OPEN LETTER. Why H. S. Jacobs is Not President of the S. L., S. V. and P. R. R. A Tale Told by Some of the Officers. To -1. T. Oi-sborn, Itichant A'jinVA, Jlviu O. C, 1oiiffhian, .Smith a,nl Kllcry and others; or to ichom it may concent: con-cent: j The undersigned, noticing an "open letter" addressed to Jrter Clinton, Clin-ton, Esq., and others, in both the Hebald and Tribune newspapers, of this city, beg leave to express, through the same columns, a fewjfacts and remarks re-marks in relation to the business re ferred to in those letters. The concern of these gentlemen in regard to the work and completion of the Salt Lake, Sevier Valley and Pioche railroad, is no greater than ours, and cannot be, since Mr-Jacobs, nor these gentlemen, have ever "put up" a single dollar upon this enterprise, enter-prise, while we have ailvanccd all the funds subscribed, of which the present pres-ent directors have any knowledge. Then, in regard to Mr. Jacobs' personal influence and success in negotiating ne-gotiating for and securing one thousand thou-sand tons of rails, tbe facta are simply these: Mr. Jacobs did connnenre negotiations nego-tiations for these rails, but tbe negotiations nego-tiations could not be completed without the personal endowment of two of the undersigned H. P. Kimball and Gen. P. E. Connor the credit and personal responsibility of Mr. Jacobs being ni(. Besides, while Mr. Jacobs had negotiated for the rails at $U0 per ton, on a credit of four months, we now know that the same iron could have been bought by ourselves, upon the same securities, for $80 per ton, on a credit of twelve months. So much for the shrewdness, weight of character and personal responsibility projected upon the public by the authors au-thors of the above named letter. In regard to the $50,000 to be advanced ad-vanced by Cul. Todd as a preliminary loan, Mr. Jacobs never mentioned to i the Company the name of Col. Todd, nr a single word or line in reference to the $-50,000 spokm of in your letter; and tine is the first information we have received of Mr. Jacobs having had any opportunity to raise fhnds of any specified amount. His allusion to the raising of funds has always been indefinite, and with no personal point. With respect to the engineer sent out by Col. J. Condit Smith, no such person ever made his appearance here, or even introduced himself to any officer of this Company. A party representing himself as the Secretary of J. Condit Smith P who came here this Spring to look alter mining interests in-terests belonging to that gentleman, called upon some of the officers and had an incidental conversation with them in regard to. the road, but not in the capacity of an agent, or expert, or engineer, and he did not represent himself as empowered to make any special examination of the location or prospects of this railrad enterprise far as we know. In regard to what you style Mr. Jacobs' Ja-cobs' "summary removal," we need only insert the following note, which will show your allusion to he as unwarranted un-warranted by fact, as it is injudiciously injudicious-ly referred to by you as his fr ends: "Fifth Avenue Hotel, 1 New York, August 1st, '73. j tlTo the Board of Directors of tht 'Salt Luke, Sevier Valley and Pioche HaiL-road HaiL-road Company; "Gentlemen: I hereby tender my resignation as President of your Company, Com-pany, and beg that you will immediately immedi-ately accept the same. "Yours respectfully, "H. S. Jacobs." We will here state in justice to ourselves, our-selves, and in order to place Mr. Jacobs, real weight before the public, that a letter accompanied this resignation, resig-nation, oearing Life same date, in which he acknowledged his own unpopularity, un-popularity, and humbly requested us to elect him as vice-president of the Company, and allow him a salary of $5,000 per annum. This was bitterly opposed, for many reasons, by the majority, if not all, of the directors present, they considering their interests inter-ests to have been almost sacrificed by the incapacity, to say the least, of ! the conduct of Mr. Jacobs, while actr ing as their financial agent. The first point to be mentioned is that Mr. Jacobs, as treasurer, as well as president, who with other directors - swears that he had received 10 per cent.i( cash of the stock subscribed, viz: 3,030 Bhares at the par value of $100 each, has never accounted for these funds to this day in av manner; and, further, that he received from the Company twelve of the Company's bonds, each for $1,000, of which the Company has since hoard incidentally, incidental-ly, but retiablij, that six had been hypothecated to a firm in New York, and one to a prominent smelting smelt-ing and refining company of the same place, whose works are located near . Salt Lake City, for the aggregate sum , of $3,1)00. In regard to the other five ' bonds we know nothing, never having ' had a renort from Mr. Jacobs of any i of his proceedings since his conncc-, conncc-, tion with the Company. As treasurer , of the Company, he should have ren- uereu a report anu lumeu uvei an funds and bonds in his possession to his successor or to the Company which he has faded in at ( respects to do. These bonds were given to him for specific objects, viz: to pay certain cer-tain bills of the Company in New York and elsewhere, and also to defray de-fray his traveling expenses in the especial interests of the Company W i th the deception of $j 1 7 paid inChicago.hc has paid nothing. In order to show the incapacity to Bay the least of it of your friend "Co." Jacobs, whom we congratulate congrat-ulate on his promotion from captain of a Salt Lake steamboat, steam-boat, stern-wheclcr, to his present pres-ent rank we will mention this single fLct, that he purchased and sent forward for-ward a locomotive and two box cars and hand cars, he'bre the road had been graded a mile, and before uego-1 tiations for the rails and ties had assumed as-sumed anv shape or hardly commenced. commenc-ed. A freight bill of $1,700 had to be paid on their arrival as me nrsu wy of his economical business management manage-ment for the benefit of the Company. Com-pany. We might enumerate many other stupid or unaccoii" table transactions ofyouxprrfw, but will not detain the public uj o over our our indiscretion indiscre-tion in electing such an able il) man as an active olUcer of our Company. In closing this article, we can only express the hope that if you ever incorporate in-corporate a Bimilar enterprise, you will not meet the misfortunes winch have been encountered in the election nf siinh a rexiwitsiOle and tcet-jhty character. We regret that some of the signers of the above named letter, with whom we are personally acquainted, did not look into the official acts of the re-1 nowned "Col." and make more inquiry in-quiry as to his manifestations before Bigning such a misrepresentation of facts. In conclusion, we beg to assure you that the road will be built without the aid of that yrcat failure, L'l. H. b. Jacobs. P. E. Connor, President. IL P. Kimball, Gen. Supt. and Treas. John Cunnington, Director. Thos. P. Akeks, Director. Office of S. L.. S. V- ad P. R. R-Bait R-Bait Lake City, April 2'Jth, 1874. |