Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1872-10-17
Ehc Vermont Central and yerm ont
and Canada Railroads.
REPORT OF THE CONFERENCE COMMITTEE
OF SECURITY HOLDERS AND MAN
AGERS.

An adjourned meeting Of the security
holders Of the Vermont Central and
Vermont and Canada Railroads was held
at Horticultural Hall, Boston, Wcdnes-
day. to hear the report of the commit
tee appointed at Il meeting week agO
to confer with the Trustees and Man
ayers in relation to placing the road uu
der corporate management and to take
action in regard to the immediate liabil-
tiles The attendance was less than at
the first meeting, about 200 gentlemen
and a few ladies being present. The
meeting was called to order by the Chair
man. Gen. James S. Whitney of Brook
line. and the minutes Of the last meet
ing were read by the Secretary, Mr..
LemueI Shaw, from the Conference
Committee appointed at the previous
meeting, reported as follows:
REPORT OF THE COMMITTEE.
The committee, appointed at the meet
inc held October 2d to confer with the
Trustees and Managers have met them
and report their views as follows :
1t appears by the report OF the Trus-
tees that the floating debt, now in the
the form Of short notes of the Trustees,
unpaid bills, accounts, pay rolls, etc,
above all available assets was, June-1,
1872. 81, 52S 914 IS. Of this sum about
Fl 300 900 has been expended for addi-
tions to the trust property, which cor
DOratiOn would charge to construction
alo08nt: the balance Of the floating
debt As attributable to the deficit which
has arisen between their receipts and eX-
penditurcs since they have leased the
, Ogdensburg and Rutland roads.
The Trustees confidently express the
opinion that the Ogdensburg Railroad
/ vii pay them a profit in the course OF
the year 1874 and also that the Rutland
Railroad and ,ts connections east OF Lake
/ Champlain will become nf direct profit
/ in the course of the next two years
Your committee think that it is proper
to consider the deficit on the leased roads
as q bonus paid by the Trustees for OBJ
/ tanning property and business facilities
/ of great yqlQe 10 the line Of the road
managed by them, aud for removing
competition which has always been
/ damaging. and which was On thG Foipt
/ of becoming ruinOuS.
/ The Trustees always anticipated that
/ this floating debt. created, as we have
seen. 81. 300, 900 for construction proper
and the halauce for what we may con-
slider rs paid for obtaining valuable
rights and property, and therefore also
( for construction, would be funded, and
( tLag had hoped to carry it along with
/ out interfering with the regular pay
ments of rent a4d interest, till the Yer
mont Legislature shouid lte2t and should
/ in some way enable the holders OF the
/ securities to form a corporation in which
. ibis floating debt should be represented
I by capital In this they have been dis
appointed first, because, by their con
| tracts, they haSe bden obliged To bny
much more property OF the leased roads,
and two years supply OF Uaqd la one
year. and second, because the condition
of the money market has rendered 1t
very difficult for any one TO carry large
floating debt this year The result, as
we all know, has been that the Trustees
have been unable to carry the load, and
a pressing necessity has arisen for imme-
liately funding this debt. We do not
see iiaat anvthing has occurred to imperil
or diminish she value of the property
the road and road bed, repair shops,
equipment and property Of all the roads