Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1851-08-28
DIRECTORS REPORT.
To the Stockholders of the

Vermont Central hdtUOdd company
The Directors herewith submit, as part of their
Sixth Annual Report the Reports of the Treasurer
and Chief Engineer, from which the present con-
dition and future prospects of the Company viii
clearly appear
From the Report of the Treasurer, herewith sub
mitted it appears that the corporation is in highly
satisfactory condition. With a debt comparatively
small, road thoroughly equipped, and an amount of
business already large and rapidly increasing, 1t re-
quires but single effort the part OF the stock
holders to relieve themselves from their debt and to
realize permanent and handsome income from their
stock.
The mode recommended by the TREASURED for the
payment of the floating debt, meets the hearty con-
of the Directors and they recommend to the
Stockholders authorize the Directors to issue bonds
of the corporation, to amount sufficient to cover
the floating debt-the bonds to bear six per cent in
terest and be payable in three years from the first of
October, IS and be issued at per cent discount
the subscribers to pay nstalment of ten per
cent on the first of October next and of twenty per
cent. on the first of each of the four succeeding
months with an allowance made to those who antic
pate their payments. As in the present condition of
the money market these bonds will not probably be
taken, these favorable conditions for an in
vestmcnt, by those who have interest in the Com
pany the directors urge upon the stockholders the
cessity of taking these bonds at least in proportion
to the shares which they hold If this arrangement
is carried out the stockholders will receive regular
dividends their shares on and after the first day of
January next; and the Directors feel confident that
an arrangement much for the interest of the Stock
holders will be carried into effect by them.
1t will be seen that the earnings of the road for the
first six months of the year sufficient to have
enabled the Directors to pay small dividend to the
Stockholders; but it not considered safe or pru-
dent to pay dividends when it was morally certain
that such would involve either a large IN
crease of the floating debt, deficiency in the equip
ment ndispensably necessary for the business Of the
road The fear, which the Directors expressed in
their last report that the equipment of the road would
not be sufficient for its business. realized sooner
than they expected. The road unable to do the
business which offered itself during the last winter
and prompt and vigorous had to be adopted
to meet the exigency. For this purpose an expend-
iture was incurred amounting to S343,29l 53. BY
this large and necessary expenditure, the net
receipts for the year more than absorbed, and
consequently the floating debt is now by that sum
larger than it would otherwise have BEEN 1t depends
upon the Stockholders themselves to determine at
this time whether they will fund the debt in the man
proposed, and receive regular dividends on their
stock from and after the first of January next
II will be observed that in the opinion of the En-
gineer, the road is in good order throughout and
equipped sufficiently to do through business of
100000 tons per annum in addition to the present
large and rapidly increasing way business.
At the last session of the Legislature an act was
passed authorizing the Vermont < Canada Railroad
Company to construct draw-bridge at Rouse's ONT.
but with such conditions caused the Stockholders
of that Company, with the concurrence of the Yer
mont Central, to reject the act, in consequence OF
which the construction of wharf necessary and
this has been done under the general law of the State
boat, three hundred feet in length, to transport
loaded cars from the wharf of the Vermont & Canada
Railroad Company to thtt of the Ogdensburg Com
pany, has also been built and is now nearly ready fo
use
In conclusion the Directors would oncemore assure
the Stockholders of their increasing confidence in the
success of this great enterprises confidence war
ranted not more by the rapid accession of business
since the opening of the road to degree far exceed
ing their expectations than in the prospect Of future
&C essions from important enterprises which about
to be completed
All which is respectfully submitted,
BY order of the Board.
CHARLES PAINE, President
August l6, 1851.