Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1872-02-01

.
p. m,
In the absence of Hon. John B. Page,
the President, D. N. Sldllings Esq, of
Boston, Yice-P President, took the chair
and called the meeting to order.
B. B. 6malley, of Burlington, the
clerk, read the call for the meeting.
The record of the proceedings of the
last annual meeting were read by the
clerk, and approved,
D. N. SlHllings thcnEprescnted the fol-
lowing
ANNUAL REPORT OF TIE DIRECTORS.
1t is due the stockholders that the &C
ton of the Board during the past year
should be laid before you, and regret
ting the absence of the President, places
the duty on myself, as President pro
temp0r6.
beg leave, therefore, to report as
follows, viz:
At our last annual meeting we were
called upon to give authority to the pres
ident and directors to cOnsummate a
lease of the road, with all its rolling
stock and fixed property, to the trustees
and managers of the Vermont Central
anu CLLlOl1b ~ SuldSlCt ISdllIOdNls
The unanimous consent of the stock
holders was given to the president and
directors to carry out 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
management of said trustees.
The movable property such as wood,
iron, oil, etc, have been sold to said
trustees and lessees, and payment there
for bas been received by this corpora
ton.
The rent of the road under the lease
has been promptly and regularly paid,
and the arrangement Is satisfactory to
all parties.
The Board, after the ~consummation
of the lease which was a work of great
labor, have given their attention TO set
ting up and relieving the corporation of
the various trusts under which the road
has been worked and controlled, known
al the trustees of the first and second
bondholders, and the result of our efforts
are that the first mortgage bonds have
been liquidated and become the property
of the corporation with the exception of
sS35, 000 Of which not more than $1,000
can be traced as yet, and the remainder
may never come to light.
The second mortgage bonds have also
all been liquidated except about $500
and the trustees have rendered their &C
count to the Court, which has allowed ii
10 be correct. And the understanding
of the directors Is that the trustees, un-
der that mortgage, have no further duty
COR power, than to protect the interest
of the outstanding $4,000 in bonds.
1t is from the rendering of this &C
count of these trustees under the several
bonds and over which the directors have
had no control whatever, that the Cor
poration finds, to it's surprise, that a
large debt was created under that trust
and by them bequeathed to this Corpora
ton, and which debt demands the sen-
Gus consideration of this meeting.
The following is an abstract from the
Treasurer's report, and by which will
be seen the floating debt Of the Corpora
ton, ana recommend that measures be
taken at this meeting for the funding of
the debt and providing for the dividends
on the preferred stock, due February 1st
The floating debt including
dividend on the preferred
stock is 81, 7O8, 828. Sc
Quick assets, AGA, 687. 90
81, 283, 935. GA
Of this sum it seems the greater part
is chargeable mainly to the expenses in
CURED by the Trustees, viz
, Cost Of litigating the Chez
yer and Hart suits by
both parties 1915, 800 40
Costs of the disasters of
d the flood of 1869, 100000. 90
Cost of accident at Mt.
Holly, 10000 90
Dividend paid priortolcas 559,OOO0O
Interest account, 232, 346. 80
Real estate improvements
at Burlington, 100000
51,577, 737.O8
1t is not to be understood that the as
sets herein stated are all the assets the
@ Corporation have, but that the rest are
all tied under this lease and are there
fore not available.
The property of every description
transferred to the lcssccs has been most
carefully appraised, and is to be returned
in kind at the termination of lease and
Of equal value.
The Board recommend that full
O authority be given to the Directors to be
based upon the income Of the roads to
} fund the debt and meet its obligations.
Respectfully submitted,
-. ~ On lLllNN0.
President Pro T'cnp0re
Rutland, January 80, 1872.
On motion of Mr.. Edwards, seconded
by Gen. Whitney, the report was adopt
ed
rREAsURERS REPORT.
The Treasurer then presented the fol
lowing report of the receipts and dis
bursements of the Rutland Railroad
Company
RECEIrrs.
Received proceeds of Trensur-
er's aCCeptances discounted, Il Isl ,rEs -
Vermont Central Railroad for
shop stock sold them, .li2,S23 %
One years rent, J61 Un0 %
Due lessees Vt Valley Railroad
rent, 1856 u
sa,i7o,3s3 G5
pSsBUHsEMENTs.
Paid rent 10 Vermont
and Massachusetts
Railroad, $1,000 o.
Paid rent to Vermont
Valley Railroad, 5000 -
Paid rert TO Montreal
Plattsburgh Rail
road, l2.0p0 %
Paid rent to Whitehall
On PlattsburgR Rail
road, lg0I1 ~
Paid rent to Burllns- '''0'' -
ton Steamboat Co., 1000 90
y Paid dividends, Tl2Csq e1
@ Real Estate Bur:
lngtOn, l9GS75 :;
O interest account, 933,lt5 -
salaries ana ex-
q penscs OF Prest
Transfer office
Burlington $ b. ' w.
Addison nalroad --''''' d
% Co, l6l.lss 81