Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1872-02-09

nually on the first day of February and
August of each year, received upon the in
como of the corporation, TO DO disposed Of
in liquidation of the debt at not less than
their par value; provided the scrip diyid-
ed on the preferred stock shall be, in sums
not less than 500, at all times convertible
in such per cent. bonds, dollar for dollar
of principal and interest, until such times
as the corporations shall resume dividends
payable in cash upon the preferred stock.
The old Board of Directors was reelected
and ordered to prepare and publish full
statement of the assets and Indebtedness,
ON Wednesday morning Governor Page
was present, and made an explanation, the
substance of which was that he considered
the assets with the additional preferred
stock which the company had the right to
issue, sufficient to cover the Indebtedness.
The stockholders, after considerable dis
cussion, appointed Messrs. Edward Blake,
a. w. Spencer and Jacob Edwards, an adj
visory committee to act with the Directors
and adjourned, sine die.
The developments of the melting of
course excite wide interest, especially u
mong owners of the stock. The preferred
stock settled to ~ on Tuesday. The gen.
eral feeling appears to he that the worst is
now known, and that time will hringthings
out on a healthy basis.
Concerning the developments made the
Springfield Republican remarks: "This
weeks disclosures in regard to the Rut-
land railroad will have decided tendency
to shake public confidence in corporate
property. Here was railroad which, af-
ter troubled career, like that of all the
Vermont railroads, had lately been thought
to have got upon sound basis, and bad
been leased to the Vermont Central on
terms that would pay the dividends on the
| preferred stock, and dividends ON the COM
mon stock, for the term of twenty years,
that would average 81 per cent But this
fair prospect was suddenly and rudely
blackcncd by the announcement mt the an
nua meeting, this week, that the compa-
ny owes one million and a quarter dollars
that nobody ever heard anything about be-
fore and the hoped-lor dividends had to
he scrip instead of cash. This indebted
ness was incurred, it seems, by the truss
tccs-of the second mortgage bond-holders,
Gov. Page being one of them, and yet Gov.
Page signed Il rose colorcd report about the
road last year, in which this great indebt-
edncss was entirely ignored. The fact
that he was elected president of the road a.
gain shows that the stockholders do not
think he has intended to be dishonest.
Pro badly he had forgotten all about what
the trustee of the second mortgage bond
holders did for, very singularly, mp TO last
March, they had not been called ON to re-
port for seven wears. But honest ~ dis
honest, we sincerely trust that this way OF
managing trust will not come into gen
cral vogue. If it does, stockholders in co.,
porations will have a harder time than they
do now. 1t is partly their own fault, to he
sure, in not insisting that the men they
| honor with office shall do the work the
office calls for, but the chief blame is to he
awarded TO the man who will accept n trust
knowing that he cannot perform its duties