Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1855-12-14


The adjourned meeting of stockholders
for the election Of Directors. was holden Al
Mortified on "Wednesday last. A rcsolu
ton was adopted in favor of consolidating
the interests Of stock and bondholders ant
creditors, by cancellng the whole and form
ing one new Corporation in connection with
the Vermont and Canada road and Messrs
II. w. Pickering aud Henry Homer of }os
ton and j. w. Labaree of llartland, VI.
were appointed a committee to consider .
plan Of union and consult the different in
terests. 1t will be recolectcd that a bill to
authorize consolidation WIS passed by the
House unanimously, at the recent session
but failed in the Senate for want OF time &c
net No difficulty is appr,hendcd IN secur-
ing lis passage at the next session.
On The election of Directors a contest a
rose as To the light to vote Some 10000
shares Tor nine-tenihs Of the siock,) bad
been sold on executions issued against the
Company. and the purchasers of this stock
claimed the right to vote, to the exclusion Of
the original owners. The latter also claim
ed the right All the votes were receive
counted and reported to the meeting, - being
classified in the report according as they
were cast. and stating the number cast by
the contestants. Ii the title by execution
gave the right TO vote, Mossrs. J. e Howe.
C. o. Whltnore, G.. NJ. Dexter and b. f.
Cheney of Boston, Levi Underwood Of Bur
lnctou, J. &. Smith of ST. Aibans and f F..
Walton Of Montpelier were elected. II the
ale by execution did not carry the right to
vote, Mcssrs. w. r. Lee, Philo Sanford, F.
B. Pratt and John $. Eldridge of Boston, +.
P Jewett Of Montpelier, Calvin Alnsworth Of
WILLIAMSON and l. +. Chttenden of Bur
lmg'on were elected
Ga this state of facts, the President de-
clared the first named ticket to be elected :;
and Messrs. John IL. Stark aud Henry Hom-
er Of Boston protested against that decision.
Two gentlemen on the last named ticket
lMessrs. Lee aud Eldrdge) declined on the
spot, and we understand tint Mcssrs. Jewe;t
and Answorth also would not serve. These
four who decline form a mG1uty Of that
ticket
As there Is some excitement on this mat
ter Of selling stock on corporation debts. we
will state the law briefly. BY a general
statute of the state, enacted previous To the
charter of the Vermont Central r. r. CO..
and applicable to all similar corporations, it
was provided that 4" the capital stock OF any
private corporation. the words " private cor
pora,on' as defined by statute, include
railroads, wheths' owned by suci corpora
tor or individuals, shall be liable to and
held by attachments, and may be taken and
sold on executions against such corporation
And when 50 taken and sold 10 the manner
specified by law, the statute declares that
" the title of the stock. so sold, shall vest in
tie purchaser Under this statute. and
acting on advice from the legal
profession, the President determined the
election as before stated. The same law has
been recognized in like manner at an cleo
ton Of Directors of the Rutland 81 Burlinr-
ton road SO much Tor the law 10 it, opera
ton on the corporation For the stockhod
ers, relief was provided by statute in 1852
by which # was provided that IN cases OF
sales Of stock on executions against the cor
poraiion- the stockholders may have their re-.
NEEDY against the corporation IN an action
For damages. The law and the facts in this
md similar cases will present some hard
questions probably, If any body chooses to
ny them. The true way 10 avoid difficulty
s for the corporations 10 pay their debts If
hey can. With the Central that "if" is
weighiy at present.