Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1872-10-10


the deliberate sense of the stock and
bondholders. In regard to surrendering
them the managers say that it should be
done, if done at all, by negotiation with
parties in interest; that to seek to ac-
complish it by rash forfeiture under a
mOmentary excitement would only be to
expose the trust property and the Yer
mont and Canada Company to excessive
demands for damages and seriously i'm
pair and retard their claims for reim-
bursement for the money expended in
the improvements madeupO both roads.
The trustees and managers have at this
time no opinion to express in reference
to the question of what action is
Wisest.
The managers then come to the charge
of mismanagemen brought against them
in the public print. In relation to the
first charge in connection with the Ma
tional Car Company organized in 1863
the management, after giving a history
of that movement, state that there was
not at the first nor has there been since
any element of speculation or private or
personal aggrandizemcnt in it whateyer,
nor have the cars, in the opinion of the
trustees and managers, been permitted
any undue preference or advantage over
| the ordinary cars of the road. The in
StruCtiOns of the trustees and managers
from the outset to the heads of the de-
partmcnts charged with the duty of
looking after such matters have always
| and uniformly from the first been eX-
plicit upon this point, and they are fully
| assured by the several departments that
these orders have been strictly Obeyed.
The rates Of freight between Boston
and the West are not regulated by the
trustees and managers of this road alone
/ These are under the general control of a
board of managers of through line busi-
ness, which board is composed of rep
rcapntativrS OF each road constituting
the line between Ogdensburg and Bos-
ton, and this board is organized again by
a chairman and an executive committee.
To this organization all questions of
rates ON through fryights are referred
and arc under their control. The in
stances cited in the public print
where the amount paid for car services
exceeded the amount received for the
freight may or maynOt be true No such
instances on the Vermont Central road
have come to the knowledge of the man
agcrs. nor do they believe they exist. If
found on other roads, il is believed that
they are isolated cases. and if all the
facts were given would find a satisfac-
tory explanation. No such instances
have, however, been brought to the no.
ticc of the managers of this road by any
of the connecting roads.
The managers claim that the Organi-
zatiOn has been of benefit to the Yer
mont Central, that of course, to own the
cars would be an advantage, and they
urge the importance of purchase. They
say that if the road was relieved of its
present restricted and awkward position
as regards the management and were
placed in the hands of a corporation,
where the proper additions to its plans
and the things necessary for its expan-
sion and growth could in it its own legiti-
mate and natural way be capitalized. all
the. difficulties and embarraoolnonts
which now hang over the enterprise
would be relieved that scarce one of
the security holders even to-day real
izcs what his property is-few ever visit |
it to watch its growth, to study its char |
acteristics to understand its wants, and |
the difficulties under which it labors, !
much less are they in any condition to |
Judge of what is just and right, or what |
is true or false when their managers, |
from whatever motive, are unjustly as |
sailed.
In relation to another contract with |
the Y. |. and c. Co.. for the cOnstruc- |
tiOn of 500 box cars for % cents per
mile of car service, to run to Ottawa for
lumber. the report claims that the re-
suit. so far from exhibiting loss to the
Vermont Central Company, has been an
actual profit to them; the revenues 1e-
rived from connecting roads on the
usual rate for car service per ton per
mile for the use Of these same cars hay
inc Welded to the railroad more than has
been paid to the car company atthe con-
tract rate The trustees and managers
have, Therefore, been actual gamers un-
der the contract
In relation to the New London lease
the managers say that the three man
ayers who took 1t in 1871 had no idea OF
any personal speculation in it, but took
it temporarily in this form for the ben
eft of the line. They have never in any
form received one cent from it individu-
Ally, nor has thTc been any discrimina-
tinn in favor of t in division Of rates. or
in any other possible form for the ben
ptit 0f the lessee. The lease itself con-
tains the provision for its transfer to the
Vermont Centrl road at proper time,
and they are tIr only parties to whom
the transfer Caube made. The manag-
ers deemed it Important for the interests
of their line bat this lease should be
made. That itlaS been of great value
to all its interests can, as they believe, r
be satisfactorily shown.
The same is also true of the Sullivan n
road, and the lesees will at any time be
only too happy to transfer it entire to
the Vermont Cntral system
In relation the Montreal and Yer
mont JuctiOn rad the report says that 7
the road was il its inception sought for
by parties advcse to the Vermont Cen
tral r0a1 Win it became evident that
if would b2 bit, the managers Of the I
Vermont Ccnttl sought to place them =
selves in n rtatiOn to it that would Sc
cure all its avantagcs to their road
They thcreford)cCamc somewhat active
in securing africndly relation to the h
parties intrrcsid in the charter. and so
became promirntly identified with it, d
After the municipalities had made i.
their suhscripbns to the stock and had ,
secured suIficiet means to justify plac-
inc the work uder construction, CON
tract was let, fter publicly advertising, 1
for specified sum, to be paid in the
stock and bOns Of the road. The work
was commend just as the civil war
in this COUNT broke out. The cur q
rency of this country was then undis-
turbed and, Til the currency of Canada, L
was at it's golGalue. The contract be-
ing made in Gnada was payable in the
currency of Clada To induce the con-
tractors to acpt the stock and bonds in t
payment for is work, two of the man "
ayers of this nd, who were then direc-
tors in the Mdreal and Vermont juno
ton road, gavpersonal assurances that
they would ne9tiate for the contractors
certain amolt of the bonds and stock
which they we to receive. y
The currencof this country, in con- :
sequence of t. war, soon became dis o
turbed and cd rose to an exorbitant q