Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1872-02-01
Annual Meeting sof the Rutland
Railroad Company.

The stockholders of the Rutland Rail.
road Company convened at the office of
the company, on Wednesday morning at
, 0 o'clock, agreeable to adjournment !;
Hon. john B. Page in the chair, B. b.
Snalley, clerk.
Governor Page, after a few introduc-
tory remarks, proceeded to give state
ment of the affairs of the company, and
his connection with them as trustee and
director. His remarks were general in
their nature, as it was not in his power,
at the late hour at which he arrived
home from Europe, to go into the details,
rs he had no time for the examination
Of books and papers, and he aimed only
to go over the ground in a summary way,
aand answer the questions asked saying
ne should present detailed report to
che stockholders at the earliest possible
date after its preparation. We shall not
S1erefore attempt to present Governor
Pages remarks in full, as it would be
unjust to him in con sideration of the
mere generalities to which he was neces-
saIIly confined.
He came into the management with
Mr.. Birchard in 1864 The affairs of
the company were then in a bad con-
dition, the road and its rolling stock
deprecated, and a large expenditure was
necessitated in putting the road in asuit-
aAle condition for its profitable oper-
alton. This was the work which met
them at the outset, and these embarrass-
ments must be removed before any con-
siderable progress could be attained in
improving its financial condition. It's
stock was deprecated, and the road had
no money only what was raised by pri-
vate means and personal endorsements,
The entire securities of the road at that
&me, such was its working and financial
condition, could have been purchased
for million and q half of dollars. He
had endeayored to improve the property
and increase its earnings, and that re-
suit had been accomplished, as was fully
3 Known to them, and ample evidence of
the fact was seen in the favorable lease
0made to the Vermont Central Railroad.
The several classes of bonds he found
in litigation when he took the road
which had been carried on for several
years at great expense had resulted
in the payment of large amounts to
Messrs. Cheeyer and Hart for principal !
and interest, and all the expenditures
had been passed upon by an examiner
and allowed by Court of Chancery.-
The accounts of the trustees for the pur-
chase Of supplies had been accurately |
kept and were all approved by the GeD-
enal Superintendent before they were
paid by the Treasurer, and there had
been strict accountability in that depart
ment' No paper of the trustees was
outstanding of material account, except |.
perhaps a few obligations Of small !
amount that had not yet been paid
These were matters of detail that could |
not be presented at this time, but would |
wake part of his report.
The decision in the Cheeyer and Hart |
litigation allowed interest upon interest |
of the coupons which neither party ex-
peCted. Under a decision of the SUI
preme Court of the United States, these
Obligations were payable in gold, but |
this had been matter of compromise in .
the settlement, but he doubted whether !
this class of obligations were actually !
payable in gold, and it was question |
whether the difference might not be re-
covered back, and if 50, it would add so |
mucL to the assets Of the company A !
settlement had been effected with these
parties and these claims converted into !
lpreferred stock.
1t had been his aim from the firs} to /
bring the affairs into the management of .
corporation, which had been effect
ed, and at the last annual meeting he
made g full report of the condition of .
the corporation. In 1871 the directors
appointed a committee, consisting Of the .
President and Geo. B. Chase, to prepare
sgrepoE to the stockholders of the con-
diuon OF the corporation. Mr., Chase
desired the report TO be prepared az
8once, against his wishes. for the reason
that the trustees had not had time since
the lease 20 close up their affairs, so as
to rake full statement. After the re-
port presented by Mr. Chase was in
manuscript he examined it and made
corrections in one or two particulars,
and puE his name to it, and after its pub
hcation he discovered two other mad
vertant errors. At the time the report
was issued, he believed the report to be
true.
The preferred stock on hand had not
been disposed of in March 1871, and it was
impossible to get at an exact statement.
The trustees settlement also had not
been made. He was willing to stand
upon the report as the affairs stood at
thatotime, as they understood it. He
did not plead ignorance nor did he shelye
himself behind the plea of ignorance
He was ready to share his portion of the
responsibility, but he was not alone re-
sponsible for the condition of things. as
) an effort had been made to make it an
pear, and had his Counsels been followed
in many respects a far different CON
dition of affairs would be presented
therefore he did not propose to stand
alone responsible, and was not alone re
sponsible, as would be seen when his
full report was presented.
He desired one thing to be understood.
that the pamphlet was issued in March.
and the accounts We're not closed until
July and IL was NOT until H., ,,.. 49,