St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1872-01-26

, business. ttiialH. diillpSl h'i'ih'''' 80
extent and duration. and :" TemHh"ra,
tive thai of itself il must yield good
| income. beyond all expenses. upon me
investment required Ia reach II.
! \ thorough locating survey "t tins
| twelve miles having been completed,
and 4 careful estimate of the cost made.
including land damages, grading. mat
sonry, bridges. track. fencing and sta
tons. your Directors believe that this
section can he finished al an average
cost Of twenty-five thousand dollars per
mile, requiring no additional equipment
for the successful working of the slime
! beyond that heretofore used in conStrlr-
ton.
Impressed with the Importance nf an
early completion of this division OF the
road, Your Directors asked and obtained
authority from you ut Your last meeting
to iSsua bonds, secured by IL mortgage
of the road, from which 10 obtain the
requisite means for the accomplishment
of this object. This has l:ccn done. but
finding that the bonds could not be sold
except at such discount rs wo;lid pre-
vent the realization of means sufficient
, to carry the construction OF the r0ah to
the Connecticut river thereby also
adding ~ much To its nominal cost and
! fixing upon such an amount of lndcht =
cdLcsS. on which interest would he
pay able. ~ miglt destroy all value III
the original SuhsC!i ptirn--l or Directors
have not felt authorized 10 dispose of
any of that issue. believing that III" in
tere>t rf the stock holders and the road
itself would he sacrificed IN - doing.
| And they would recommend hat This is
sue of bond should not hc used. except
~ collateral for temporary accommodate
tion. Until III SOME way. credit shall he
| given To them beyond that which can
lee afforded 10y Il lien upon the read.
Believing. is we do. THAI the future
of Portland depends more upon the sue
cc>:, OF this cntcrpri>" than upon all
other present influences combined. Your
/ Directors feel that the time hH, Gene
when they would he justly held false IL
| the trusts rcp0scd in them. did they not
take this opportunity OF urging upon
Won. AZ Stockholders. the imp"Itanr" of
Il thorough investigation of all the add
vantagcS To he derived from Il compile
ton of this undertaking. and upon the
city of Portland especially. IT. the prin-
cipal stakeholder. the necessity ut col
/ puratc assistance in some form, in order
successfully and with the shortest rl;tc-
tcahl" timi. To secure Thu result, - vi
tai tuthc business interests of the CITY.
y BOLD. progressive policy. adopted
IL the SHAREHOLDERS of this road. th,
citizens of Portland in their c"lp"ratc
capacity. can alone realize tiit Intici-
patium> of the commercial and mauU-
iactuliu. interests 81 The city. Aud
IA nal
.cnt to YOU the result of thcir careful
consideration 1t this matter. =" hirh i.
I thar either the progress of the work viii
lac - much DELAYED H. /" run the iaZ-
and "f losing vnur connections With the
Vermont lin" and the west. al >"rmc
material aid mu~r hc obtained hcN"nd
the outside Of the present r">uuIc"S of
tie. road that in "d,l Ia secure th,.
full hrucilI resulting from ia" compile
/ t"m of this work. the city If Poilan,i
should retain control of the same: and
that this can hc done with no danger of
ultimate los. hy s'clI action uI tho
! paIr ct the city a. shall enable ;hc road
t" realize the full >Hluc of il hun,l~
the i>>yir at which. Ea~ lrcu uuth"iircd
lv vote al The Stockholders - rhru
last meeting.
The pr0glr>e ri tho w"ih rll tht.
"Wcstcrn Division" in Vermont. has
hccn most satisfactory. Thnty-siy
miles of the road have been opened for
traffic. and eight miles more east OF ST
Johnshury will he ironcd this winter.
/ leaving hut about ten miles Ia he grad
ed between that point and the Connect
icut river. while the Who'll, at the
line west OF lIaIdWick. the present
western terminus. i i'll an advanced
state. the part between sheldon and
Swantou being about completed. fully
| warranting the assertion that their part
of this great work will he done before
YOU will he able tn reach the uoint of
connection.
II only remains tnI the people Of
! Portland 10 determine whether they
will reach out and grasp the fruits of
| this labor. and forever annex the tent
tory drained by this line [" their own
city, or allow the current oi lis trade 10
/ I've diverted from lis natural outlet, and
permit Il belt OF country. which. geo
graphically. and by the laws of trade
should be tributary t" Portland. to he
come an outlying provinceot Boston.
>UrFEINTFNDENT'> REPORT
The report of the superintendent. j
! Hamilton, shows that the total number
of passengers carried, To he ,D.27G. and
the tons OF irrigh, 2..u7l. The trains
| have been rum with great regularity and
no passenger has been inimcd The
rolling stock consists Of , locomotives:
| IL passenger ears: >mokin" cars: one
! baggage and >mol ing car: :. baggage
ears: III box car~: n platform 10 hay
cars. etc. The stock i all i'll good con
| ditiun ami the company doc il own
I repairing.
The fist article named in titr call MIS-
accepted 10y IL unanimous vote.
The second and third articles. upon
motion OF Mayor king>hTl. acting 10y
instruction i'll behalf of the city. were
laid upon the table. The point involved
is rs To the term of Office of the Directors.
They are now elected annual, and the
/ city of Portland holds the balance of
! power. The plan is l" choose unc-third
of thrHnard annually. and thc Direct
nr> 10 be lected for three ycais
The following Board of Directors were
unanimously elected:
! :. j. Anderson. II. y. jose. Wrl Deer
ing. +. G.. Me>Scr. Andrew Spring. J. b.
Brown. VIM. l.. Putnam. John +. Don
nell and u. Il. Hastings.
! Remarks inieyard to the importance of
this route We're made by Collector Wash
burn. Judge Eastman ofNcw Hampshire.
7. {. lierScy, j. Il. Brown. and Others
and on motion of W. :. Dana. President
of the Board Of Trade. ii WAS
loted: That the Directors Of the
Portland * Og,lcnsburg railroad he re-
quirCd tn push forward with all reason