Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1872-10-09
The Central Railroad.
MEETING IN BosToN-STATEMENT OF THE AT
FAIRS OF THE CORPORATION BY THE TRUSTEE:
AND MANAGERS.


MEETING IN BosToN-STATEMENr OF THE AT
FAIRS OF THE CORPORATION BY THE TRUSTEES
AND MANAGERS.
A meeting of the stockholders of the Yer
mont and Canada Railroad, the bondholders
of the first and second mortgages and the
holders of other securities OF the vermont
Central railroads was held at horticultural
Hall in Boston last Wednesday forenoon, to
hear he report of the trustees and managers
and to take such action in reference 20 the
present liabilities of the trust as might be
deemed most advisable. A very large num-
Der of persons were present. The meeting
was called TO order by ex Gov. j. Gregory
Smith of Vermont, who stated the OBJECT
of the meeting, and Gen. j. s. Whitney OF
Brooklyn was chosen chairman. After
several gentlemen had declined a nomination
for secretary, Mr.. Charles E. Billings OF
Newton accepted the position.
The call was then read and Governor
Smith was then introduced. He said that
the extraordinary charges made against the
trustees and managers IN public prints had
necessitated the holding OF the present meet
ing so that the managers might lay before
those most interested full statement OF the
affairs of roads, and he hoped he would have
the attention of those in ATTENDANCE while
he read the statement, which was OF necessl-
ty somewhat lengthy. Gov. Smith then
commenced the reading of the report OF
which the following is an abstract.
TIE REPORT OF TRUSTEES AND MANAGERS.
The report in the first place states that
recitation of facts concerning their admins
tration will alone be relied upon to relute
charges oGeorruption preferred against them,
and then expresses regret that charges
against the road should be made by public
journal protesting responsibility until the
journal was assured that they could be sus-
tanned, especially as the charges affected not
only the individuals comprising the estaO-
llshment, but the securities held by innocent
parties Inc
report then reviews the history of the road
from the date Of the connection Of portion
of the present management with it. alludlng
to the litigation brought about by the first
and second mortgage hondholders and to the
settlement thereof Harmony developed the
prosperity Of the road, and prosperity re-
quired an increase Of facilities and Of expeu-
dlture To meet the latter, long and funded
loans were made under authority OF the
court, and these loans now constitute the
trust liabilities of the management and are
first charge upon all the property IN the
hands of the managers. Still increasing
business required, in 1860, an equIpmen
loan on ten years time. 10 1907 there was
an increase of capital stock OF the Vermont
aud Canada road OF S25OoO0, the proceeds OF
the sales of which were intended to pay 81
600 and interest due under former court
decree, to pay dividends, and balance to be
applied to the extinguishment OF trust lIaohl-
ties The report goes on to enumerate IN
dIviduallv incidents connected with the issue
/ of other loans and increase of stock up
/ to 1871, and then says
/ All these several orders and DEGREES were
made by consent and with the appreciation
of the Vermont and Canada Company and
| the Committee of the First and Second
Mortgage BJndholders.
Vermont and Canada original stock sI.5is 52l
/ Addition hy compromise decree 10 pay ,-,.
back rents t-',,lN
I AdIIuUnt To pay hondhoiders -.''e'
I Toward building ~Wautou b1ntA -f' iti
- 5 xneHdi,nre In their account 100000
ssoooov
/ Original First Nort-aSc >-,uHlNe"
Increase te pay taeA -
=. stud &. Bonds % pay
coupons hr-t Il sec
uul Mortgages HFr'N'
F Equipment bonds tf,tN
Vermont and tauada
guaranteed S. I""e" -..
S45o0.ne
The interest on this debt chargeable upor
the funds Of the road Is as follows.
VI y can. stock s5o11o'o : perct $1,000
/ FIRST Mort Bonds 5000 oHJ 80 -lJrt
=. =. ~. g. Bonds 5ad,tu1 i','N
Equipment Loan 2.ropoo lto.oH
NJ. a Can. guar
per 20, ltv'-t'H 9'0N
s959JUI1 s7.5o.