Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1859-08-19


disobodience. they are found lending their
names, character and Office to give respecta-
bilty to the grog-shop whose wealth enables
il to lead that dishonorablc and disloyal eff |
fort. As a citizen. claim that you disgraced |
your places. if not yourselves and | hope |
the day will come when such insult, by such |
high officers, to any statute Of the Common
wealth. much more to ono representing its |
highest moral purpose, will be deemed cause [
enough to remove the one and impeach the |
other. WENDELL PHILLIPS.
August ], 1859.
~ An important meeting Important in
view Of the action taken) of the first mortgage
Bond holders oftho VT Central r. r. Co. was
held in Boston, on Wednesday the Sd inst.
We copy from the Boston Ailds the following
account of It's
VERMONT CENTRAL RAILROAD COMPANY.
4 meeting of the holders Of the first mort
gage bonds Of the Vermont Central Railroad
Company was held at the Mercantile Hall.
Summer street. yesterday forenoon. 1t was
called to order by Mr.. William Soohier. Mr.
Robert Earle, Secretary. The object of the
meeting was to discuss the present condition
F ol Tue company ANU Nuoillt piduS " SAVE tuc
property, If possible, from ruin.
Mr.. Soohior was called upon to explain the
objects Of the meeting. He explained at the
beginning the position occupied by the first
bond-holders. They are at present engaged
in two suits at law, in the first as defendants
against the Vermont and Canada r. r. Com
pany, who sue for the entire control and pos
session of the road, and in the other as plain
tiIs in the foreclosure Of the mortgage by sub
soquent claimants.
He believed that some action should be ia
ken by the bondholders to protect their rights.
lie advocated the appointment of a committee
of the bondholdcrs, TO be called an Executive
Committee or Vigilance Committee to look
out for the interests of the bondholdcrs in the
Courts Of Vermont He thought it would take
but few months to carry out the plan he
presented and that few months after that
the bondhoders would become corporation,
and throw the incubus off their backs which
has been thore so long. Mr.. Soohier charged
that the trustees were unfit to represent the
bondholders, and that had the affairs of the
road been managed with that intelligence that
chracterizes the management Of the Northern
and other roads. yearly profit Of S270,000
net would have been secured Another cause
of complaint which bondholders had. was that
the reccipts of the road were not placed on de-
poste. and that the bonds of $40 600, now re-
Quircd, would not be a sufficient indcmui6ca-
ton in case of loss. In conclusion he read the
following resolutions
RsoIred, That committee of bondholdcrs
be and are hereby appointed to represent and
act for us as our agents, with full power to
represent us in all cases, and more especially
90 confer with all parties having adverse claims
d and intercstes, and to compromise. subject to
ratification by majority Of bondholders, the
same, if considered expedent; and to oppose
the arrangements so subyersivo of our rights
e lately made or contemplated between our Trus-
y tees and the Vermont and Canada Railroad
r >. To hasten to its end the present suit fol
y foreclosure, and in casd this suit failed to ac
S complish the purposes for which it lis intended
d to institute any and every other process in oui
?. means to loreclose the first mortgage, which
/, may in their opinion be necessary.
a g. To secure the resignation or removal from
,- office of the present trustees, who, in our opin
l. ion. are unfit to retain it.
(. To obtain an order from the courts from
% the trustees of their acts and doings and tC
lie ascertain and obtain payment of all balances
. ofaccounts and moneys due from them, wheth
IS er on contracts or otherwise.
is ). To obtain an order from the courts hav
j. ing cognizancc of the matter, that hereafter
in all monies received from traffic on the road
ut be deposited in Bank and that the bonds o
At the received be increased in amount
he 6. That if more expcdient in their mind ST
err to do, to obtain and procure a sale of the road
nt real and personal property and franchise
e either by decree of the Court, or under powe
as contained in the first mortgage; which sal
e. we here authorize said committee to reques
x the trustees of the first mortgage in our name
&c to make so that the whole property may b
VI converted into stock upon the basis Of tn
N agreement heretofore entered into for that pur
a pose. for the benefit of all the bundholders
m prorded, that such request Is not to be mad
s, unless it appears to said committee that sue
us conversion of the property by sale can b
OF more speedily or more benefcially effected b
the sale than by the foreclosure.
We I. To employ counsel and agents to repre-
ce sent and act for us in the State of Vermont.
r 8. 70 fiji from time to time any vacancy O
ed vacancies in their number,
ey 9. That any and all expenses incurred or
o. be incurred in the prosecutions Of our claim
b. and our rights to the property contained j
s. the mortgage, shall constitute a charge agains
ty the property itself, and shall be betrayed b
I'd an appropriation hereafter to be made for tina
IT, purpose, when the bondholders shall get con
us troll of their estate
n 10. And to meet such expenses as shall b
tn unavoidably paid hereafter before the CONVEX
he sion OF the property to our use, by foreclosur
nd or otherwise it is voted that each bondholde
IN contribute one-half per cent, upon the par val
II ne Of his bonds, to be payable in equitabl
,u assessments. to be made by the committee.
n Mr.. }. Cook of Philadelphia, bondholde
so and also a stakeholder in the Vermont and Ca
ps NADIA Road, stated that the affairs of that Com
te pany were in the greatest confusion, and thei
NJ present condition could not possibly be asceI
tanned. He was present at the recent meet
It, ing at Mortified, and learned these facts froI
Sc the President Mr.. Parrot. The accounts fc
is the years 1851 So have not yet been audite,
sc Mr.. Soohier remarked that he might be VI
e. derstood as censuring the Directors ofthe Vel
- mont and Canada Road. He did not mean
On censure those gentleman, for he believed tn,
is- they were inclined to effect fair compromis
lat but the vote appointing the Committee
on Stockholders had cut them of from acting
ok the matter
Ihn b.