Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1872-09-27

I1s nAg4oEAEs7 AND IA arsromIaIlIIIEs.

lie MANAGEMENT AND III BEsTOSiI8ILITIEs.
After having been for many years by-wort
il the stock market, the Vermont Central Rail
read. under new control, has Of Isle taken $
pIouireat place among the railroads Of the
country, through its connections with and leases
Of orher rosds Il has become one Of the great
1 lines to the West, sud cur city hes hsen the
gamer fer its tx'5asiya operations, and it hSs
come to be regarded not only Is a sue
cessful roki, but SIS one Of the great feeders TO
the future commerce Of Boston. Any cloud
/ upon It's management, FOX these reasons not only
sects the holders q lie stock and bonds, but Is
cause for regret in al our business circles.
Ii now s2pesrs that it has beea doing business
sta ruinous difference between lie receipts and
expenditures, Gai the interested parties are uoE
feeking to ind the cause for this somewhat
alarming state Of SiIsirs-aisrming, because
there is some uncertainty IS 70 the remedy.
The annual obligations Of the Vermont Central
sad Vermont & Canada roads for dividends. 10
terest and rents Il other roads IRE more than
-. eco 900; the let incomes Of their oEn Snd
the leased roads for the year ending June i.
1871, IS appears By their report, we're $685.
90i 3S. showing d.E,ieaoy Of rare than
Sl.100,00O
IL the spring Of 1871 they had a5atins debt
=
guaranteed 81 900 600 bonds snd issuei $500,
600 stock, sud in tbst wsy the debt was paid.
Now, st the end Of another year, they come to
the Vermont * Cansd. stockholders aud ask
them to provide for another floating DEB; Of 81
000,000.
In 1864 the Vermont & Canada stock and
bonded Indebtedness en- the Vermont & Csnsds
aud Vermont Central amounted to 81, 900,
nov installing the preseut floating debt it
amounts to slS. SOC 000, an increase Of ST.
$50, 900: and the membranes on the property
are more than $4,000 per mile.
Within the last four or five years they have
Issued s. 900 600 equipment bonds 1.-THE pro-
cee1s Of these bonds have been invested in equip
ment, Is they purport to be, they should with
their previously acquired equipment and what
their reports from year to year ssy they have
built, from their earnings, be the bes. equipped
road il the country, and there should be no
necessity for the organization Of car companies
to furnish cars for their rosd. They ought to
own about 1000 cars, which ia more than double
the number per mile Of the beat roads in the
United Ststes.
As was stated yesterday, the road is in very
bad way, indeed, and al because ofthe incubus
Of the N.tionsl Despatch Co in which many of
its officials hold stock The expenses of the road
ere simply enormous, as will be Seen by the fol-
lowing exhibit
Dividends on Vermont ( Canada Rail
road stock and interest on bonds On the
Vermont Central, and those Issued by
the Trustees and Manage $, including
the present Dating debt Of sk0lo,O o, sos 90
Rent Of the Ogtensburg Road, to Do In
creased S3ltOIin 1913 35i6M
Rent Of sutland Road and branches, aud
steamer Cakes Amgs 545 uJJ
Total, s2.Ol,61o
The item Of s595. 600 i, composed as follows:
Rutland Road, 1916 600; VT. Valley, $4,000;
W. & Mas, S4S, 900; " hitehall & Piat'sburgh,
49, 600; Montreal & Platt.burgh, $4,000;
Addison, S35, 900; steamer Cakes Ames, 3 IL, 900
total, $685., COO Such is the condition Of the
road Under the management Of a board Of trus-
tees-Mes,rs. John Gregory Smith u 81. II
bans, Joseph Clark of Milton. W c. Smith Of
St. Albsns, B. P. Cheney Of Boston, AMI Law
renee Barnes Of Burlington. The Superlnten-
dent. Mr.. Gyles Merrill, hiss resigned, and it is
difficult to induce anybody to supply his plsce, |
and the Vermont banking inttitutions absolutely |
refuse to loan any money on the slender promises |
of payment which the corporation can make. |
Charges Of mi,msnsgement, slmcst criminal in |
their nsture, sTe Else2 freely in railroad circles,
and there is general verdict Of eondeRaa,icI. /
Especially is this the truth regarding the Ma
tionsl Despatch Company, before alluded to. The |
object Of freight companies was given yesterday
in the Trapellsr. In every instance but this
they enure to the benefit Of the railroad and are
not for the purpose of adding to individual
wealth.. Their mileage has been uniformly Ca
tAblshed at one and one-half cents. and the ma
joriiy Of the roads claim that the arrangement
lie beneficial one if properly managed There
( re they continue them in force. In the case Of
tine National Despatch Company, hoHever, which
hiss not only blsd it; road ons-hslf cent per mile