Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1872-02-07
The Rutland Railroad Company

The annual meeting of the Rutland Rail
road Company was holden at Rutland or
the Both ult. Governor Page, the President,
who was just returning from Europe was
unavoidably detained beyond the time OF
meeting, and in his absence MIR. D. y.
Skillings Of Boston presided Mr.. SkIllings'
on behalf Of the directors, read q report
At our last annual meeting VIC we're called
upon to give authority to the President and
directors to Consummate lease ct the road,
with all its rolling stock and fixed property
to the trustees and managers of the Vermont
Central and Vermont and Canada Railroad.
The unanimous consent Of the stockholders
was given to the President and directors TO
carry ont the proposition, and which, ! am
happy to say, has been carried out, and the
road has been leased and placed under the
entire control and mana cement Of said trus-
tees.
The movable property, such AS wood,
iron, oil, etc. have been sold to said trustees
and lessees, and payment therefore has been
received by this corporation.
The rent OF the road under the lease has
been promptly and regularly paid, and the
arrangement Is satisfactory to all parties.
! ne Board, after the coEsumme ton Of the
lease. which was Il work Of great labor, have
given their attention to setting up and re-
lieving the corporation of the various trusts
under which the road has been worked and
controlled, known as the trustees Of the first
and second bond holders, and the result Of
our efforts are that the first NOR tgase bonds
have been liQuida5ed aud become the proper
ty Of the corporation, with the exception OF
S35 600. Of which not more than $ 600 can
be traced, as yet, and the remainder may
never come To light.
The second mortgage bonds have also all
been liquidated except about $4,000, and
the trustees have rendered their account 10
the Court which has allowed it % he correct.
And the understanding of the directors is
that the trustees, under that mortgage, have
no further duty OF power than 20 protect the
interest Of the outstanding ) b 900 In bonds.
1t is from the rendering OF this account Oh
these trustees under the several bonds and
over which the directors have had n3 con-
troll whatever, that tile corporation q DIS,
to its surprise, that q large debt was created
under that trust and by them bequeathei 70
this corporation. and which debt demands
the serious consideration Of this meeting.
An abstract from the Treasurer report
was given showing the floating debt including
dividend on preferred stock q be SI,-os, 625,-
So Quick assets, @42+,GS0.-2. The greater
part Of this sum the report says, is chargeabie
mainly Is tile expenses incurred by the
Trustees. AL tle other objects Of the cor
poration, j, was stated, were tied under
the lease and were not available.
The Board recommended THAT fuII au-
thorisy be given 10 the Directors % be
based upon the income ~ the roads, to fund
the debt and meet its obligations. The re-
port was adopted
The rumors that Il very heavy floating
debt Of the Company not hitherto known
even by the directors, haI come 70 light.
brought out an unusually large number 81
and there was q lively discus
sion, and pointed inquiries relative 1o a pam
phlet issued last summer purportinZ 70 come
from the Rutland Railroad showing thar the
assets were ample to cover the liabilities. 1t
appeared from replies that the pamphlet was
written By Mr. George A. Chase, ono of the
directors, and was revised hy Gov. Page.
The views put forth by Gen. " Whitney
q Boston. who said De was owner { f twenty
five hundred shares of the common stock
were adopted also authorizing the issuing
q bonds to an amount not over 81 200 600,
md a scrip dividend, as above. was adopted
BY stock vote-30, $40 yeas % $3.50 nays.
The old Board Of Directors was then re-