Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1853-08-04

~, Tho table, declining TO take any action upon
.,.oo, on the ground that they considered the
,neo,inp which passed them TO be Illegal As
',r,rces we're however given The conmitte, that
ieg,cv would let the matter rest for short
,',o The transfer of the property would be com
,'iica with. Such had not been done, and the
liter stands now as represented in the Dircc-
49, report submitted to-day. the property re
chimp in the hands Of the Trustees. Dceminr
,le matter Of the adoption Of the bye-laws a sub
,o, Of great Importance. he moved that this
netting of stockholders request the incoming
hoard Of directors TO adopt that series ofbye laws.
'Iba motion was unanimously carried.
The report Of the directors was then taken
fion the table.
stood that he report of the last year stated the
Whole number Of shares issued at that time TO
have been g000O-the report now presented
statos that 10000 have been issued. lie want
"a TO know when the other 10000 were issued,
+, whom, and for what consideration.
"A long discussion followed this inquiry, ia
be course Of which 1t appeared that the gentle
man was incorrect in his understanding of the
report of last year, representing sthe number Of
slaras the same as the present. Mr.. Dexter, the
treasurer stated that about $500 Of the 600
shares held as collateral security from the GUM
CIV estate, had been sold at the maiket rates at
different times during the year, under the direc-
ton OF the finance committee. The policy of
making these sales nt so low rates was discuss
I'd end both condemned and defended Another
question asked was, why the @ljO,0 00 owed TO
th. Central by the Vermont aud Canada rail
road and convertible into stock, was not sold
instead of the stock received from Mr. Quincy
espocaiiy when II could have been sold at or
above par. To this Mr.. Dexter replied that #
was not ascertained until within day OF two
thatthe Vermont and Canada owed the Central
p dollar. SO complicated were the accounts
tlat the searchngs of the investigating commit
tee alone brought the fact 10 light
Nr. LIE having had no part ia any Of these
transactions. gave brief history Of them as they
bad come under his observation before his CON
necton with the road 10 which he compliment.
I'D Messrs Fhayer and Huunewell, two of the
Directors, for their courage aud boldness 10 help
ing the corporation out oi It's troubles aud Jus
tfei the Quincy stock to meet the emergencies
ot Zoe company. lie also substantiafed the state
nont Of Mir Dexter ia regard 10 the confused
state of the accounts between the Central and
Vermont aud anada roads. The matter was
then dropped
ON motion Of Mr. Crane, of Boston voted.
that the report Of the Directors be accepted and
pautld, and that copy bc sent by the clerk
TO each Of the stockholders
The meeting then adjourned 20 ".
EVENING SESSION.
The meeting re-assemaied RPM
T. Crane, having the floor. offered the follow
iurresoiuuon.
Hcs0lrcd That the Directors Of the Vermont
Central Railroad Company be- and they hereby
ore instructed 10 petition the Legislature of
Vermont at their next annual session. for au-
thorV on the part of THIS corporation 10 unite
with The Ruusul and Burlington Railroad. TO
j
mont and Canada Rullrosd, and to take stock in.
aal make such arrangements with other railroads
cast and west, as viii enable the said roads 10
consolidate INTO one corporation extending from
DgdensDurg, O the State Of New York 10 BOs-
ton, in the Commonwealth OF Massachusetts
Mr.. Crane said this resolution Is one affecting
the interests of the stockholders in this corpora
ton 20 an extent beyond any subject that has
ever beiorelcome before It IN the progress of the
Tor6-one in which every man holding stock IN
t.a corporation, or owning real estate on the
Hue Of this road, or the Rutland road, or west
Of Lake Chanplain To Ogdensburg and Lake
Ontario, embracing "a world within It's grasp
has direct personal interest. In the progress
and operation Of the llaes throughout Vermont
one great cause Of embarrassment TO the early
movers IN the work was the want of harmony Of
action With connecting roads, growing out OF
TIER separate, independent and rival interests
. l4H4E we nave li efiuQuk Two lines running
across the Smte-thc Rudaud, the Central aud
the Fe,lout and Canada-costing some II Of
SIS 0J,ol0-which was placed there by par
= ties "ho expected dividends IA return IL be-
comes us then % Jay aside all personal feelings.
and 60 look the matter toll 10 the fce-to ook
a, 90 as common interest, and % see how bel
4 we can protect That interest.
WHAT u5eu, are the difficulties under which
tlls corporation wei as the Rutland corpora
DON has hadto labor They are 90 d. found M
Il that couunIed, perseverng controversy which
bias lctt BIS iuit-fruit which Is now ripe, anl
which s leanness absolute leanness TO every
uan who hns placed money IN II in the shape o
stock, ifum which the FIRST dividend Is vet TO Be
received Ia the Central we have a stock o
lfe millions. In the Rutland Eve millions live
hundred thousand $1,000 900 of whichis stock
aad the rest debt We find ourselves oporat-
iug these lines, with d vast Increasing local iraf
he which CONES up fully 10 the anuc ipaiious d
us early friends but owing 20 a want of harn1-
"a by OF union and acton with the connecting roads
4 we are p.ucang each others eyes out, while the
country Is looking at us aud bidding us 20 on
Il rms Is no trIhing mltter There are eight
millions of dollars m stock which II becomes u
n u see t 10 can be made renumeFatlye and tina
OF itself will enable Us 10 transport freight and
81 passengers from Ner ont TO Boston at lower
rates than it has been done before
ne pftciical Wofhlng OF our railroad system
4 io' the past five years has shown that concen
4 UAllpn and union of action mas resulted IN low
ifeights and fares, aud increased dividends t
Stockholders. While the presenlslit OF thing
continues we must have increased rates of toll
the effect Of which vii be to keep your ireigh
locked up IN your own valleys. With union
instead OF that, we Should have decreased tolls
and the business OF the road would be manages
more satisfactorily to all. Look the matter calm
y, fully and fairly IN the face and think you
judgment will accord with me that in harmon
and UNION we shall find our interests great
promoted Boston will be greatly benefited b.
It. We can build up one line Of road lrol
Il ogdensburg to Boston, $50 miles IN length, an
costing S26000OO0.
Perhaps some Will say this is an enormou
sum. So 1t is. Bot let us contrast It with othC
roads, There Is the New York aud Erie roa'
4hJ miles IN length, which cost from 50 100000
10 3iOOO00O0, and which has a bonded debt
S5IOJOOOu, at seven per cent interest A
Philadelphia and Baltimore we find great line
OF road reaching from tide water 10 the gre'
west et333 per cent greater cost than thi
line. When we contrast our line Of $50 mllei
with less than 100000 Of debt, with lis gre'
local Interests under one management, wit
one president and board of directors, sccurn
elclency Of action; with the line divided IN,
81 proper sections;-wiih those alluded to, we hav
III me unsurpassed by any other, except 1t
HhnNH al