The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1872-10-22

lhcse bonds are TO be issced under n
decree of the Court OF Chanccry of Yer.
mont, from which tho trustees derive
their appointment, which gives them pow.
er to issue S2,500,000 thirty.year bonds
at eight per cent interest, and provide
that e7OO,0 900 Of them should be left with
the New England Trust Company as Sc.
curlty Tor that amount Of bonds due in
1919, leaving $500, 900 of them now
to DO placed, which is the amount re.
CURED to pay the floating debt and this
it is which the stock and bonl holders
and the creditors of the company are 10.
vitd to subscribe for. The decree M.
thorizng this issue of bonds provided as
follows -
"And 1t is further ordered and decreed
that the notes issued under this decree
shall constitute lien and charge upon
the trust property and tho earnings
thereof under the control of said trustees
aud managers and in case said trustees
add managers shall fail to pay said notes
aud interest thereon as it becomes du,
and payable, the holders of said notes. or
any OF them, may apply to the court by
petition :or realization of his or their Sc.
curlties' or for summary order for the
payment OF the amount due out of the
property or current earnings of the rail-
roads under the control and management
oil said trustees and managers"
1t would be very desirable if the Com.
pany could receive the full par value of
their bonds but in view of the state of
the money market, and the necessity Of
making some special inducement to sub
scrlbers, it has been determined to offer
these bonds at ninety per cent, to be paid
Tor In three instruments, Nov. |. Dec |,
and Jan, | and subscription papers bave
been prepared. This course, We arc as.
scred by eminent lawyers in Vermon,, i,
permitted by the laws Of that Starc.
Your committee are impressed with the
advantages which would accrue to all con.
ccrned 1t this property managed by the
trustees could on equitable terms be vest
cd In corporation, which would have
greater facilities for meeting the growing
wants of the community than the trustees
have. They are informed that this SUBJ
ject is under consideration by their couu-
sci In Vermont. who have been requested
to prepare the bills to lay before the leg.
stature now sitting, which should grant
the authority. Your committee arc not
prepared to report on any scheme; but
one under which tho capital of the Yer.
mont and Canada Company and the trust
debt should be represented by preferred
STOCK or new mortgage, and tho other
securities should be fairly delt with, they
think would be for the general advantage.
When the plans are further matured the
will be submitted to the virous persons
Interested. The committee unanimously
recommend that tho holders of the vari.
GUS securities, and the creditors of the
Company, should promptly relieve the
Company from its embarrassments by
liberal subscription to the bonds.
LEMUEL SHAW,
WILLIAM PERKINS.
K. g. BAILEY,
JOSEPH II. CONVERSE.
lvERs PHILLIPS.
The report was unanimously adopted.
and measures were taken to carry out
the recommendations Of the committee.
AT the meeting and during the day,
about SSOO,000 were pledged by the Sc.
curity.holders.
THE VERMONT CENrRAL.--A good deal
OF clearing up has been done in the last
few weeks, of the affairs of this company,
aud the managers have rendered most
full and frank account Of Its condition.
The report Of the conference committee
appointed at the meeting in Boston. given
In another place, and seems to be salts. |
factory to the stockholders, in every re-
spect. Public confidence in the road un.
der its present management is unshaken,
as is evinccd by the rapidity, with WHICH
the new loan is being taken up, and the
act that the stock OF the company is
steadily going up from the low figure It
reached during the first uncertainty COM
corning the condition Of the friends of
the road. The little game by certain
parties, to secure the lease Of the Vail ey
road, thereby severing the connection Of
the Vermont Central, with the New Lon.
don road, has been effectualy blocked by
the action OF the Central in leasing the
Valley road Tor twenty years. Had this
nefarlous scheme succeeded, it would of
course have been a severe blow TO the
Central, but its managers are not 50 eA>i.
ly overeached. Gov. Smiths frank |
statement has done much to dissipate the
anxiety and suspicion felt concerning the
corporation. Much of the sum in deficit
is shown by him to have gone into the
construction account, and to have been
expended in improvements on the various
branches, under the control Of the com.
pany, and of course all money, SO expcnd.
ed cannot fairly be reckoued in arear.
The Central company have undertaken
great work, and we have confidence tina,
they will carry it out successfully, be.
lievins as we do in the ability and integ-
rity OF Gov. Smith and the other mana
gers Of the compapys interest.
The EIeciions.
The result of tho elections on the Sth |
are now satisfactorily ascertaiDed, as FOL.
lows
PENNSYLVANIA.
Republican Governor, j. f. Hartranft |
elected by 35 900 majority Three Repub.
llcan Congressman elected at large, and |
nineteen elected by Districts, making 90
Republicans in ali against Democrats.