Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1853-08-18

S6l06l25. The Directors see no reasonable ground
for apprehension that the present progressive enden
cy of the receipts will be checked On the contrary,
they look forward with cheerful hope to its continue
ance New sources of trade now latent WILL it is be-
lieved be developed from year to year. \ union of
action the part of competing interests will not
only render present sources Of income more produce
tive, but will also, to some extent, reduce expenses
The Directors can substantial grounds for the
opinion that the property of the Corporation will ac-
quire value even to the Stockholders; that reaz-
alton of this opinion depends upon future contingent
ces, which may not terminate as venture to hope
they will, is true but that they may be influenced
by wise course Of policy the part of the Corpora
ton is not less true The Directors believe and can
not too strongly impress upon the Stockholders, that
a remuueratve development of all business within
the influence OF the Corporation, especially that de-
nominated competing, (Which, in case, embraces
that furnished by the region Of country lying be-
tween Burlington the South aud the Lake ntry
of the United States aud both Cmadas ON the West
and North, together with the Newly ork traffic. can
only be secured 10y cooperation If action and WOa Of
interests among all the parties looking to it as a
source of income First, prove the advantages of the
principle by the experience of facts and action
,Iet the evidence of is benefit be illustrated to the
pablo mind by practical consolidation, and there
will be no difficulty in securing its Incorporation
into legal enactment.
The amount which represents the cost Of the Yer
mont < Canada Road, in Stock, and on which this
Corporation pays rent is Sl,350000.
As the result Of various agreements with the Yer
mont & Canada Corporation, this Corporation is
creditor Of the former in the amount Of S150000,
and it is estimated that the further expenditure of
not less than $4,000 will be required to complete
some unfinished portions f the Road the obligation
to do which, is upon this Corporation, under the
agreement of January 2Sth, 1852.
This Indebtedness is convertible into Vermont <
Canada stock and the Directors are Of opinion, that
the interests of the Corporation will best be protected
by making the conversion 1t is not supposed that
any pccunary advantage viii be derived from the
change in the form Of the security, but circumstances
not now forescCn, may occur, to make stock interest
in that Road valuable to us in other connection
ho present resources Of the Company are stated at .s3297o3 ami
the liabilities exclusive Of mortgage bonds at si76lG9Gll
The balance, amounting to Sl56,S001 3 is appli-
cable to the Improvements heretofore referred to-
which, being expended for those objects would leave
the Corporation free from all Floating Liability with
Funded debt, as follows
FIRST Mortgage Bonds 100000 90
Second 500 coo 90
Vermont & Canada Lease secured by mort
gage 1850 10000
Total 1850 900 90
The annual income required to pay the interest on
the Bonds and the rent Of the Vermont & Canada
Road, would be S353,000. The income from the
traffic operations during the past year, amounted to
ABOUT 9<OosNUO-ledNlng SiOO,NUU 10 Dc gained mere
after in order to meet all income demands based p0R
fri issue Of the BoadS. This is of course specu-
atye and prospective view, the existing fact being.
that the deficiency i'll the income is only about 500
600 90, which it must be borne i'm mind was in con-
siderable degree produced by extraordinary causes.
To meet this speculative future demand, an increase
Of only II per cent in the income OF the coming
year. compared with that ust terminated, is neccs-
sary. VIII it be regarded as cXtTayagaut autci-
patton expect increase trivial with the histo-
ry of the past two years in our mind, showing for
the past year am increase OF 33 per cent compared
with that previous and an increase Of IS per cent.
comparing the latter with is predecessor, emitting
the questionable item Of transportation charges for
materials used in construction.
[The the Company by Quincy IT, s295qO5 rs
without computing interest and by $ F. Bas about s5OOOOO
An application in Chancery against the Corpora
ton and Trustees in possession, is now pending in
Chittenden County. The petitioner is Jacob Mack,
Esq. of Burlington, stakeholder in the Corporation.
and, until recently its counsel in Vermont
The questions involved iii this proceeding are of
great importance to the Corporation and the Public
The petitioner asks the Court to restrain the former
from making any contracts for freight beyond its
charter limits, and also, from permitting its cars to
pass to the Roads of other Corporations. 4 mo-
ton for injunction has been heard, and the point
of law raised by it, argued before the Chancellor
The decision has not yet been made known.
The Directors regret to inform YOU that the Corpo-
ton is involved in a considerable number of suits at
law, in relation to matters connected with the con-
struction OF the Road, and the operations Of the
Department They are mostly for
tnhng amounts The present counsel of the Cor
poraton. n Vermont, Messrs. Peck < Colby of Mont
peler, who now entrusted with these suits, have
been instructed to effect amicable settlements, when
possible to do So
Is belipVed tbaf the interaste of tho