Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1871-02-02

result -
Receipts. $l,O4l,55 90
Expenses, 755,918 Is
Net earnings, S285,64l 81
Among the miscellaneous items Of ex-
penses are S336,S0O for new rolling stock
and $194,10 for repairs on account of
the great freshet last year. The president
also stated that in accordance with stip-
ulation with Messrs. Cheever and Hart,
representing the holders of the first mort
gage bonds, the entire amount of those
bonds had been paid, the last payment
having been made during the present
month,
THE LEASE TO THE VERMONT CENTRAL
AND TEE VERMONT AND CANADA.
The terms of the twenty years. lease
of the roads operated by the Rutland
company, to the Vermont Central and
Vermont & Canada railroads, were ex-
planned by Governor Page. In the first
place the lessees guarantee the payment
of the interest at seven per cent. of the
entire amount of preferred stock of
S4,3OO,ooo; on 100000 of the seven
per cent. bonds of 1870, and on like
amount to be issued at eight per cent.
making total from this source Of
$4,000 per annum. The lessees also
guarantee the payment of interest on 49,
100000 common stock at the following
rates For the first year, nothing for
1872, one and one-half per cent. for
1873, two per cent; for 1874, three per
cent. !; for 1875, five per cent. for 1876,
1877 and 1878, six yer cent. for 1879,
seven per cent, and at the rate of seven
per cent. for the remaining eleven years.
The steamer Cakes Ames is leased at the
rate of $4,000 per annum; and the
lessees also pay $4,000 per annum for SUI
pervision and organization. The severa
leases held by the Rutland Railroad
Company are transferred, exactly as they
stand, to the Vermont Central Company,
the latter becoming responsible for all the
obligations of the original lesseeS.
The average yearly proceeds from these
several sources is about $171, 900. This
added to the proceeds from the preferred
sock, makes the yearly rental due the
Rutla nd company about $547 900. This
sum, with the rental from real estate ex-
amnted, is Q, ouivalent to an average for
the twenty yeas of six per cent. on the
the common *, with balance OF
about $4,000 as loual overplus.
As security, the Yer. uout Central as
sign the balances due from the Cheshire
and Connecticut River railroads from col
lections by them on northern frslght pay
able directly to the Rutland company
These orders are equal to $40, OCO month
ly on the Connecticut River and Cheshire
railroads for the first two years, and $780,
900 thereafter. This security is regarded
as ample in every respect for the prompt
payment of the rent
The president then read at length the
lease to the Vermont Central and Vermont
& Canada railroads, together with the
notifications on the part of the lessees, at
the conclusion of which, Mr.. Peter Butler
of Boston, offered the following resolution
Resol0ed, That this corporation hereby
approves, and in all respects ratihes, con-
hrms, and adopts the contract executed
by John B. Page. President, ia the name
and behalf OF this corporation, to John G.
Smith, Joseph Clark. WorthiDgton @.
Smith and Benjamin P. Cheney, Trustees
and Managers of the VT. Central and VT.
u 'pad4 Railroads, bearing date Deem
Der Both, 1870, and authorized by vote
of the Directors of this Corporation, dated
December VI, 1870. and being the same
now presented and read to this meeting,
and also,
Resotged, That this Corporation in like
manner ratifes, approves and adopts the
assignments and contracts made and en-.
tered into by the President, in behalf of
this Company with the said Trustees and
Mansgers of the VI. Central and Vt g.
Canada Railroads, relating to the Mon
treal & Plattsburgh Railroad, the Yer
mont Valley Railroad and the steamer
"Oakes Arpes," the Addison County Rail-
road, both divisions of the Whitehall &
Pittsburgh Railroad, and part of the
Vermont & Massachusetts Railroad and
the property thereto belonging, and this
Corporation confirms the same in all par.
ticulars and respects.
This resolution was UNANIMOUSLY passed,
and subsequently confirmed by formal
stock vote.