Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1872-02-29

| ferred stock to an amount, not exceeding
in all, five millions of dollars, and at the
same time it was determined to keep the
common stock at So, 100000
The rents to be paid by the contract
with the trustees and managers of the
| Vermont Central and Vermont and Can
ada Railroad, (the contract being given
in full in an appendix to the report
amount in the remaining nineteen years
to $40, 1913, AGO. and which after deduct
ing interest on the bonds heretofore
issued and payments of seven per cent
| dividends on preferred stock of five mil
lions, leaves two millions three hundred
and twenty-three thousand five hundred
dollars for payment of any existing liza
bilities, and dividends on the common
stock In the worst light in which the
affairs of the corporation can be placed,
there must be left large sum to be ap-
propriated to dividends upon the com
mon stock.
The Governor says: I'm view of this
condition of affairs my policy was to
continue the payment of dividends in
| cash, on the preferred stock of the COM
pany, and to adopt plan to this end.
| With the sanction of the stockholders
| it could have been carried out, thereby
maintaining and improving the credit OF
the company, not by sort of forced
| loan from the preferred stockholders,
but by raising the means upon the CAPT
tai stock of the corporation as cOntem-
| plated by the charter, much or its prop
erty not being represented by its stock"
In reference to the pamphlet "Rut-
land Railroad Securities, about which
so much has been said, it is stated that
there was at that time preferred stock,
issued but not sold, amounting to 1914,
10000, eight per cent. equipment bonds
$500 100000, and common stock then
selling and in demand at 45c to the
amount of (par) $268, 10000. In view
of this statement he confidently submits
the question if we were not justified in
the opinion that 1.-THE proceeds of the
supplies On hand January LIST, 1871,
which are token by the lcssees at their
appraised value, and other assets will
be more than sufficient to meet all liza
bilities of the company then estimated
at 81 ,431. 380.43
But why was there SO different a re-
suit in settling up the affairs OF the COM
pany 1t was found on making a final
settlement, that there was, in March
1871, a large number of claims of which
they had hitherto had no knowledge
The road had been in litigation for many
years, and all felt the importance of
freeing the road from all dispntable
claims, even though certain claims were
deemed unreasonable and might, by
further litigation, have been perhaps
successfully resisted. OF this class of
claims. including lawyers fees, there
have been paid in addition the amount
found due on settlement of the trust ac-
counts over S40O, 10000 This with the
statements heretofore made fully at
counts for the deficiency.
The Governor, In conclusion says
After seven years of efforts, amid
many discouragcments, it was turned
over to the present lt'sSres in rood
order, with additions to its shops, engine
houses. wharycs and station accommoda-
tons, and with large increase in its
rolling stock ut a rental that after a
few years will pay an income on all its
stock and bonds, and to al amount of at
least eight millions Of dollars. In the
spring Of 1871, these stocks and sccuri-
ties of your road were selling in the mar
ket at II price that upon the whole
would realize over six millions dollars,
One who has been in a position to under
stand what has been done has asserted
That no such financial success had been
wrought out Of such financial ruin in all
New England,
We have not attempted, nor do we
intend to enter into any defense Of
Governor Page, He is able to take care
of himself But we cannot forbcar one
remark in reference to what, in view of
the fact We are about to state, may be
called the rcmurhu6b speech of Mr.
Chase We have not the speech before
us, but, il we remember rightly, he
states that he was unaware Of any in
debtedness except to trifing amount
This is substantially his statement, Now
there are on file in the office of the
Rutland Railroad Company, a'rjtten and
signed By N]'. chase, showing that on
the. 21st of July, 1871, when he
was elected President pro tempore he
knew of nearly million of dollars af
the paper of the Company (or to be eX-
act $971 ,000) outstanding on orer tiro-
thirds of which he was an endorser, and
for endorsing at least one-half of the
he claims commissions from one
to two and one-half per cent. per an
mum.
BURGLARY AT BURLINGTON. On Sun
day evening about seven o'clock, the
jewelry store of George Simpson, in
Burlington, was entered by burglars,
by prying open a window i'll the rear
store A clerk who lodged in the store,
who had been out but short time, re-
turned when one or two men rushed
through the rear window, A large black
travelling bag, containing promisucous
lot of jewelry, was left behind. No at
Tempt was made on the safe where the
money and watches were locked up.
Shortly after the burglary a false alarm
IF fire was raised, which called out the
ire department. The Free Press says
the fire alarm Is an able dodge in con-
lection with a robbery
1t will be seen there was a similarity
between the burglary at Mr.. Adams
4 ..,.L, 81. L IL. D.rl:,,crto,, onro o,,lr- L.,