Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1857-05-09
Correspondence of the Vermont Phoenix,
ST. JonSsBuRY, W., May I'd, 1867.

Mn. EDITOn:-The Passumpsic Railroad has TIL
within few years stood higher in public estima-
ton, financially as well as otherwise, than any
other railroad in the State. As the only road in
Vermont that ever earned and paid dividends TO
the stockholders it was well entitled to all the rep
utation it enjoyed But for few years past its
pccuniary condition has been gradually growing
worse, its stock steadily dcprccatng in value un-
ill at length il shared the fate Of many Of its con-
tcmporarics by passing into the hands of trustees
Nor was this the end, for the unlucky corporation,
if it had f6rseen its future destiny, might have
borrowed the language of Millions internal deity,
and said
"In the lowest deep, lower deep
Still threatening To devOur me, opens wide"
The corporation has got into chancery. Att hear
ing before Judge Poland last Monday, some facts
were brought to light, which will now put ON
record
For the purpose of extending the road to Canada
line, all the usual Of raising funds were re-
sorted to. Among other means was that of Great
ing preferred stock, which was issued to such of
the original stockholders as surrendered their first
certificates and paid n certain additional sum OF
money. By this means quite large fund was oc-
cumulated, and invested to await the time when
the cash should be needed, When the first install
mcnt of the mortgage bonds fell due, in December,
1856, 20 the amount Of $4,000, this fund was
taken to pay the bonds, or, as the Finance Com
mittee phrased it, the fund temporarily Unrest
ed in those bonds, with intent that they should be
kept on foot, uncancclled, and should not be re-
gardcd as paid till the same amount from the earn
ngs Of the road should DC applied for the extension
Of the road. 4 second ius,alment Of the bonds
fell due In December, 1880, and could not be paid
For the purpose Of securing an extension Of time
on these and all the other bonds, the Company de-
clined to pay eyon the coupons then due except to
those hondholders who would acceI. new bonds
payable in twenty years. About scven-cights, in
amount, Of the bondholders acceded to this propo-
siton, the other eighth refused and their refusal
occasoned the surrender Of the road TO the trustees
In the mean time. work was carried forward on the
extension Of the road and the trustees, as the
earnings came into their hands. applied nearly
$4,000 to the repayment Of the bonds that
tured in December, 1885. To prevent future dis
bursements of the same kind, aud SO to save fund
on their bonds, the disconnected bondholders pro-
cured an injunction forbdling the future appro-
priation Of the funds to the purposes of the road
extension. On a hearing before Judge Poland, he
refused to dissolve the injunction by which dccis
ion $4,000 which was relied upon, to extend the
road is entirely diverted from that purpose. What
effect this may have the extension remains to be
seen. A compromise has been proposed, and as
the belligerents not over-fond Of fight, it will
probably be accepted
But, enough Of law, turn we now to poetry
In a letter written year or more ago, | alluded to
1.-The old daguerrean who makes faces and
rhyme with equal felicity. To write an advertise
ment in plain prose is altogether too small business
for him. Nothing but poetry will answer the pur-
pose and his last effort in that direction fairly caps
the climax Of all his previous productions. The
man who can read il without some slight convul-
sons in the region of the diaphram must be blessed
with an extraordinary unsusceptbility to the ludi-
crous. Here ii Isl
I X - - AZ . - ~ " q.