Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1872-10-25

wife being ont of town on visit
Inc Vermont ana Canada.
ASSuAL MEETING or THE STOCKHOLDERS N
ST. ALBASs, VI.
The annual meeting of the stockholders
Of the Vermont and Canada Railroad was
held in the hall Of the Weldon House, 81.
Adams. Oct. eth The room was crowded.
Hon. ". c. Smith, president Of the board
Of directors. said it was customary TO pre-
sent brief statement Of the trustees and
managers in regard 10 the general condition
rs well as the prospects Of the property. AT
present. owing TO the recent and very extra
ordinary assaults upon the credit OF the
managers and the combination Of circum-
stances. as well as the great strlngency OF
the money market, pecuniary embarras--
ments were brought upon the trustees ana
managers, which necessitated II their ludg-
lnent a full statement Of all the properties
under their control. That report was made
in Boston some time ago, 50 they all We're
familiar with the case. He was prepared to
say that though the road was under tempo
rarv embarrassnents. it Is vet strong IN IT.
condition. strong IN its ability to meet--as
the directors believe-aA Its obligations
Tn debt amounted 10 about S2,s0o,OOO-
The company owned real and available as
SETS amounting T. 81 300, 900. leaving
debt of II 500 600. That debt is represent
ed by q very large amount OF property IN
land. amounting o. some 81 zoo, 600 repre-
sented by various securities which equal,
and in fact somewhat exceed. the amount Of
the actual floating debt. But the attack OF
various parties and combinations and the
state of the money market had sent the pa
Der 0fthe managers TO protest, and the que--
lion now was how the debt upon the proper
- can be tcnded-
Mr.. Reddington of ST. Johnsbury asked
for information about the directors that were
20 be voted for
Mr.. Shaw Of Boston. explained that the
nominating conference IT stockholders IN
{ that CITY after the Vermont Central meet
ing, had made up q ticket
4 stockholder asked whether the ticket
was recommended hy the stockholders Of
+ the Vermont and Canada road or IN the lu
terest Of the Vermont Central. the interests
Of the two roads being somewhat hostile.
The chairman wa. not aware 0i any an
tagunistic Interests represented uu the
board of directors 0r by any gentleman
lie had M d0uh; those pat IN nomination
were high-mindel gentlemen, that they
wouid serve the stockholders 10 the best OF
their ability and protect and guard the M
iersst- % the road. The nominating COM
mite were exclusively stockholders af the
Vermont and Canada
Mr. Reddiurt0n wanted active business
men and Mr. Edwards ol heeue wanted the
1 old board reelected.
The chairman explained tlaI one director
was going g. Europe and another in A.-
health
Mr.. CooGali dii u1I want the old board
OF directors ana managers. because they bad
F consented to the issue Of bonds ard given
the guarantee Of the road and paid money
% holders Of FIRST mortgage bonds of me
Vermont Central, which took precedence VI
the stock Of Vermont and Canada III
wanted O. board that would keep or socur-
ity good and ie- il have the preference a-
usual.
The chairman said tie vote by which the
bond Of the trustee was guaranteed was
the vote Of the stockholders and not Of thf
directors
Mr.. Emery commended that the stock
holders had been IN the hands OF honorat Il
men bot who unfortunately had turned
their efforts 10 developing the ermouI Cen
tral first and then turning round IN then
chGirs ami acting rs directors OF me Ner-
mont aud Canadl OF course with the
ienfui view of matters uupermo-t IN then
minds. tnev had voted Oh Increase the stock
unl the ~tockhuldecs CONSENTED uuwItung.y
lie found thur they now had 50 $50 900 ID
stock six hundred Ia0uslll dollars Of
stock had been I-suei -l pay lne back tiri-
deuus of tine Centu. and SEQ 900 more O.
nav the coupons due 0l Tie hrs. mortgage
b1ni- Then The Clam1lF road bad taken
$3.50 uO0 more One hundred and fifteen
thousand dollar oi thar has il 60 60 ths
SCI .O0J interest money which -tl Boz paid
% Tire ermout Central sIockhoider- hy
order OF the court 90 chancery. " ith re-
gard o. the road itself, i- was as good a-
any II the country. hur % was under oh.lea-
tons 0t over seven millions Of dollars.
Mr.. Loring was startled beyond EXPIRE
sion q find within few DAYS pas. tha, b.
stock was falling IN tine market. and be pre-
dicted q dark time io- d. W men the corpo-
ration went into trust H. capita. was 81 D..
300 900 now b. had nagu Incrua-sd e. -
600 900 lie coull DOT understand now d
could he that The Aermau- and tanada
I stock could be- twice called uu1n O. as-um
( iiabilities Tor the sake of relieving the teu-
tral road from its own 11na-nolder- Tie
Tor one fell il was time every one holding
/ Vermont and Canada stock should know. d
I possible. if they had any rights o. all. 0r
whether thev were mere wards oi chan
cery court lie hoped the ticket presented
would be elected
Mr. G.. C. Coffin thought sIlckhllceI
were cniy liable tlr tine interest eu equip
ment bonds
Mr.. Loriue c1nteuded otherui-r
Henry e. Hyde Of 81 Jonnsburs COM
/ planned that parties did not know the liahii-
/ ities OF the road until within the past few
Z days Within year and half he had
written o. the treasurer ana was assured ny
him that hl- stock stood better than any oi
the other. One great trorb.e was tha- IN
+ previous year- stockholders had been nltl-
I bed Of the annual meeting only through
4 the newspaper. ana many OF them had
known nothing 0i II uuyi. il mad been held
+ Il mad been decided by the court that every
3 dollars worth 0f stock Of tins ruad was
z perfectly good. and that there was nothing
under Heaven 10 take precedence of Vow
F BIS some means or other. the director, na1
allowed the road and the securities % be
swamped and covered up hy a mess Of other
securities. all Of which claimed precedence.
The hallotins for directors mere began and
while 10 was gong on Mr.. Edwards explain
Cd that the great Improvements made at -.
Alhans and Darlington partly acc1lrt.l for
the increase oi capital
Mr.. T. A. Brooks vas satisfied s-4ekh1li-
ers were more frightened tHlu hurt lac
road to-day was just us well worth
$. OGO. Geo a. IL was worth 81 800 COO,
when it, debt WAS only thar amount tie
admitted that the managers had made mis-
takes. but c0ntendei that they were errors
Of Judgment ami nc; Of intent. The extent
of the burden Of the road was lust S2-
600 900 Of stock which wac fully represented
in value ana w0dd bring more than that
to-day Then add 20 that the 81 600 600 Of
practically the indemnity OF the managers
themselves. and the lease OF the ugdensburg
road. and they had all the debt
The result of the ballot was then declared
as follows
Whole number OF vote. ..---....-.-.es2l
Necessary FOR choice ...-.. 4gl6
Francis A. Brooks had SSH
james X Aicho-.- s'-i
John furtcf-- -t -
William ] .allg
BENJAMIN 7 Cheuel $50
William MiVtel-- 9-7s
NOrthington {. 9ff2
A stockholder complained that the policy
Of the NGmoni Central road, with which
their own read was now identified, had been
that Of Mr. Nicawner Spend all tho
money YOU can and give your note
In reply To a s;orkholder the chairman
briefly stated the condition % she road % he.
stock s., 900 zoo; the corporation mad t.
sued their guarantee O. the notes Of the
trustees and managers for 81 900, 0G0 more:
there are 81 900 zoo of equipment bonds