Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1872-02-29
GOV. Pages Statement.


of the ''Second Trustees and of the
President of the company, which viii be
issued to stockholders and others in the
course of day or two, contains brief
resume of the affairs of the Rutland
Railroad from 1863-64, when Birchard
and Page were appointed Trustees. under
the second mortgage of the old Rutland
and Burlington Railroad, to the present
time. We propose, at this time, to pre-
sent merely brief resume of its con,
tents, showing, by contrasts the position
of the road or company then and now,
and its present liabilities as we'll as assets
or resources.
In 1868 and 1864, Messrs. Birchard
and Page took possession of, and had
placed under their control, one hundred
and twenty miles of road, earning $348-
318.07 in 1868 and 1856, 264.36 in 1864,
the total value of the road, rolling stock
and property being about 81, 800, 600,
with stock and securities worth in mar
ket 1884, 00O The condition of the
road at that time as described in the
sworn testimony of George N. Chase
was in bad condition, one third of the
ties were such that they could be kicked
to pieces with the foot, or the spikes
pulled out with the fingers, the rails,
depots, bridges, etc, were in almost
equally bad condition.
In January, 1871, there was leased by
the Rutland Railroad Company to the
Trustees and Managers of the Vermont
Central and Vermont and Canada Rail
roads, two hundred and sixty-three
miles of road, with the earnings of the
Rutland Railroad alone (120 miles, from
Sept. 1st 1869 to January 1st, 1871, ST.
202, 1876. So, and were leased at a rental
which would be an income on IS, 900, 900
with road-bed, track. etc, III safe and
good condition and equal to any first
class road in the country.
In the early part Of the administration
of their trust Messrs. Birchard and Page
desired to render and settle their ac-
counts, and a petition was drawn, to be
presented to the Court of Chancery for
that purpose, but as the litigation, then
pending, called in question the validity
of what is known as, the ellis Gray
Loring decree" under which it must be
presented, the account was not rendered
at that time As soon however as that
litigation was ended, an account was
rendered, opposition made but suisse
qucntly withdrawn and the account al
lowed by the Court of Chanccry.
The account as allowed showed an in
debtedncss of S234, sos O3, and but for
the contingent liabilities growing ont of
the Mt. Holly accident. the frcshet.
litigation, etc, also attorney fees and
salaries, which under the injunction is
sued in the suit of Checver and Hart
could not be paid at the time and
amo4nting in all to SAB, 1874 10, which
were included and allowed in the above
sum, would have lett surplus in their
hands of about two hundred and fifty
thousand dollars instead of an indebted
ness of about the same amount.
The statement of the President gives
a summary of the proceedings of the an
nual meeting of the Rutland Railroad
Company from its organization. July
9th. 1867. to 1872, showing that annual
reports were always made, that by vote
of directors Ihc nl0ney WAS borrowed to
pay the two dividends on preferred tock
in 1863 aud the one of February, 1863
The report Of January, 1871, showing
floating debt If S716, 562 90, with the
Addison Railroad still unbuilt; and each
time the directors annually reelected,
This last report, although not published
in pamphlet form, was printed in full
in the RUTLAND DAILY HERALD Of Jan
uary 81, 1871. At all the annual meet
ings after the organization, the Presi-
dent, in addition to presenting the re-
ports Of the condition of the corpora
ton, gave to the stockholders tuH state
ments Of the earnings and expenses of
the road as operated by the trustees.
At the annual meeting of the stock
holders III 1871. it was voted to ratify
the lease Of the railroad and its connec-
tions to the trustees and managers of the
Vermont Central and Vermont and Cana
da Railroads, and at the same time 20
jndemnjty the trustees against all out
standing liabilities incurred by them in
I, >g hi
i detailed account is given of the diff
ferent railroads which were under the |
control of the Rutland Railroad and |
leased to the Central, and Of the votes
of the directors and stockholders in
reference to the lease which it is not |
necessary to recapitulate here
The liabilities of the corporation, as
reported by the treasurer at the last an
lual meeting are 81, $50, $50, sc, to meet .
which they have assets, including pre-
ferred stock already authorized and not
yet disposed of, 81, 430, 1873 "a, leaving
| balance of liabilities only of $144, 1923
"A, to which, however, should properly
}e added the dividend on preferred
took, due Feb. 1st, 1872, and for which
cript was issued, amounting to $145,-
5000, and also such sums as may be
,aid for outstanding first mortgage bonds
If which it is believed few, if any, will
yer be presented. These assets are made
Up of real estate, not leased, rents, cash,
IL 81, 81. 0ta Job
ully stated in the report.
The Indebtedness is accounted for as
Ollows;
'he amount due the trustees on.
the auditing, and settlement of
their accounts. S234, S00.O3
this sum includes the "cOStS of
the disasters of the food of
1862
'osts in the litigation with the
first trustees, mot including
the second trustees cost OF
500, 20 paid and charged in