Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1872-10-09

or this sum there is properly chargeable
TO the Trust. as funds for which they should
account, the following:
1. Issue of VI. ~ Can, stock toward con-
~tructu- ~wantou Branch $50, 900
fund for building burlington Branch
ami other expenditures 100000
Equipment Loans -,"N1VuN
Vermont and Canada - l,euotoa
The report then refers more particularly
u many OF the above items and states the
belief that the bands and stocks are a good
and ample security Tor the notes of the
trustees and managers. The report further
on states that the road passes through q
productive country and can be economically
operated and that the total sum annually
cnargeablc upon its earnings is 100000
that the total capital chargeable To the Yer
mont ana Canada and Vermont Central
roads with their properties and busiue $
relations, Is SlI 500 600. and after deduct
ing the capital chargeable tor interest and
dividends is $4,000 900; that on this basis
the average cost per mile Is about SOL 900,
or including the secOu i mortgage the average
is about SIS 600. Here the managers sub
nit TO any candid mind whether even on the
latter and iairest basis of the computation
the road in ITS high condition, with Its equip
ment and Its valuable real estate and wharf
property, dose not stand at very low aver
aye of cost
The statement then continues, enumerat-
lng the difficulties the management had to
contend with, and n the light of the IN
questioned devel0pement o. the road, ques-
lions the existence OF evidence of their lack
of fidelity To their trust. The management
further say that their failure to meet late
maturing obligations Is due TO the continued
and persistent ass aults of the enemies of the
road and the stringencv of the money mar
kct They say that they have nothing to DO
with the motives actuating the asallants,
and refer only to causes which produce the
result SO far rs they themselves are con
cerned in 1t.
From the statement of the Treasurer ac-
companying the report, it appears that on
the Ist day of June the total floating debt
was s. SIS, l64, -, and the available assets
was IL $40 ,249. 81, leaving the actual Fl )at-
ing debt 81, 52S ,9I3. s..
The management further declares its con-
tinued confidence in the wisdom of the con-
tract tor operating the 0 gdensburg and Rut-
land roads Deficiencies in the earnings of
which constitute large potion OF the float
ing debt above referred to which deficiencies
they say, are not losses as has been errone-
ously reported and that large sum should
be charged to the account OF assets. The
same remark is applied TO the lease of the
Rutland road. The sums laid out to improve
the operating faculties of the Addison road
are claimed as assets, although they cOnsti-
tutc part OF the present debt. The man
ayers here, while admitting losses on these
roads. regard the extravagant statament late
" made IN public print as not justified by
fact. These leases were, the report states
not assumed by the managers alone ibut were
the deliberate sense of the Lstoca and bond
holders. In regard TO snrrendering these
the managers say that it should be done if
done at all, by negotiation with parties
in interest that to seek to accomplish 1t
by rash forfeiture under a momentary excite
ment would only be to expose the trust
property and the Vermont and Canada Comm |
pany to excessive demands Tor damages and /
seriously impair and retard their claims /
for reimbursement for the money expended /
in the improvements made upon both roads. !
The trustees and managers have at this time |
no opinion to express on This point. After /
going into some detail in explanation of var /
ious matters which have been discussed in |
the City papers, the Statement closes as
follows The managers have thus endeavor-
ed to meet fully all the questions which have
been raised against them, seeking no conceal /
ment or evasion of any responsibilities rest
ing upon them, nor attempting any vindica-
ton that is not warranted by the facts.
That the property itself is capable Of
meeting IN little while the full EXPECTATIONS
of its warmest friends none familiar with l.
can entertain serious doubt The question
OF how soon 1t can reach this point and how
rapidly it shall develop is question of
easy solution. II Is now in all its appoint
ments IN high condition. 1t can be worked
now safely on low scale of economy and
hold It's present earnings, and be made to