Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1853-08-04
Reported for the Boston Journal
Annual Meeting ofthe stoohbo,s
ers of the Vermont Central
Railroad.
MoNTPELIrn Inl.


the Vermont Central Railroad was holJ - a.. ~
place to day. The meeting assembled At q ,' y,
clock, and adjourned to meet again at | / o'clo.l
On the re-assembng of the meeting At II -
clock, the annual report from the Direct,r, .
the stockholders was read by the Presidsn, W
the Corporation, 1t is quite long and ver,, No., ~
in detail, occupying about forty five minn,es I.
the reading. II commences with reference
the embarrassments which followed Mr.. Quinc,,,
insolvency IN January, 1852. The suspens,,,
of payment by the Corporation. and assi,nr,a,,
of the road and equipment to the Trustees ws,o
consequences of his insolvency. Alleges tb.,
the suspension of payments and the snr.endpros
the property were regarded by the Drcctors ~
Temporary measures That in Februarv ts,9
the financial condition Of the Coporation's ar
was so far improved that the Directors lel ins,,
fed in demanding of the Trustees reco1voy
ance of the property. This demand was M,
complied with on legal grounds The Trns.
tees doubted the validity Of a surrender withon,
the Intervention Of equity proceedings.
Ia March following Mr. w. Raymond Lee or
Boston was invested with full and irrevorabio
powers to obtain possession on behalf of the
Corporation.
Mr. Lee had brought Bill in Chancery to Of
feet the purpose The Trustees had fled n,
answer TO It. All the proceedings had been
conducted tremendously, and it was hoped H.,
the Directors would be put into possession at AN
early day.
The Directors admit that the Trustees had o5.
ministered the road with idelity-that their sr..
tcm Of accountability is iudicious and commend
able They express the opinion very decidedly
that the interests Of all parties demand an ad.
lmimstration which represents the whole interest
instead Of limited part Of D., like that of tle
Trustees.
1t anudes to the fires at Mortified States
that the premises had been rebuilt. and wsra
now occupied; that they are sufficiently comno
deus and fitted up for all future time Recon-
mends considerable addition TO the equipment
Notices the road structure, passenger and freight
buildings, wood sheds, &c. at length Describes
them as, for the most part, in good order md
equal to the business wants of the road 1te
iron and cross-ties are considerably deprccia'ei
Notwithstanding extensive renewals winch have
been made. Recommends that the work be CON
tinuod out of asset funds.
States that the floating debt, including liab1i
ties OF Mr.. Quincy assumed by the Corporation
stood on LIST July 1852, at $l.l2l .S}5, which has
been reduced on lst July, 1853, to S22i .l62 %;
the assets 20 meet which were, al a minimum
valuation, S27G,l9537, leaving an excess of
assets amounting to S52,0}2 o.
The cost of road aud equipment on LIST Ju'v
1851, had amounted 10 So,072,2 PSI .O5, aud Zoe
sacrifices from discount on bonds, interest usld
loss ON Bflknap contract and loss on settlement
OF Mr O3uincy accounts <'i7'o'6tH leaving
the real cost OF road and equipment sj,Ol i,9O4.
10
ne Directors congratulaie the Stockholders
tnit however bad the above exhibit may be, rey
nave ine real lacis- Tie total Indebtedness ID
Mr. Quincy 60 ihe corporation, was ON July ISL
Sue ,(io.eU. be corporation had real zed iroa
ms property cic3'o2o.3l. hey hovc ou hsuc
iuriher assets valued az S5U<.9oo The balance
S@''.2u'Ao' wlll DE u1e hnai loss on account 81
MT Quincy without computing interest.
lae Bcknap contract has proved more dIsls-
uous Mr. Bebnapi besldrs being pad 30 t.l
ior ms "oFF, YVES loaned Bonds 20 the amount 90
S5OOOuU also me credit OF the corporation ior
Sluuuuv' ana iuflher sum OF 100000 was
paid 20 finish up his work, making total loss Of
$4,000, besides loss on the assigned security.
The total Liabilities of the corporation on July
LIST, 1888, including nolt'ng debt and bonds dus
IN loo2, and 1876, were Te,3Jo,46y.6l.
The balance OF second mortgage bonds not s
sned amounts TO >l'5,'0O which with the as
,,cb +, es,,oa,.J ,e,,i 5o5a- wy ~, 80.
.lobf ma mo- bor.js l,,s in $50 srl is-e io...-
; mo $50 000 M 5000 200 FIR renewals an.
p,ents. en8 otbor cheers
The income from bnsiross anrir,, five ves-s
from July /. ISIS. To July Is53 was ~ Oh ~.
53 and ,bo ,yorkin,r sxnen5,,ares J,-.a, ~.