Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1872-10-04
COMMITTEE OF CONFERENCE AP-
POINTED.
Special to the Free Press and Times.
BosTON. Oct. ,.

Special to the Free Press and Times.
BosToN, Oct. ?.
The meeting Of the Vermont Central bond
holders was held as advertised, at Hortieul-
tural Hall in this city, at eleven o'clock to-
day. Gen. James S. Whitney of Brookline,
presided. Charles f. Billings, of Newton,
was chosen Secretary. Gov. Smith read a
rep of the trustees. five columns in length,
VIII 4 gives the average cost per mile of
the two roads, the Vermont Central and
Vermont and Canada Railroads, l5i milesat
about ISL 900 orincluding 2d mortgageat
full face value, average per mile about $751;
100. The managers submitted to any candid
mind whether even on the latter and fairest
basis Of computation, the road-in high
condition, with equipments and valuable
real estate and wharf property-does not
stand Al very low average cost.
The statement Of the Treasurer accompa-
nying this will give the amount of floating
debt and cause, together with the re-
sources of the road From this report
it appear on the LIST day of june the total
floating debt was s., SIS, l6l.l2, and avail
able assets SI,3i9, 2i9.57, leaving the ac-
tual floating debt 81 ,52s ,9lls5. This debt
consists in large part of deficiencies in earn
ing of the Ogdensburg 4 Rutland roads to
meet expenses of rentals.
After discussing the National Despatch
and V l. & c. Cos. and New London Nor
thern lease, the report end, '' The mana
gerscannot too strongly urge upon security
holders the necessity of deyising some plan
to place the road under corporate manage
ment, a subject which managers have more
than once before urged upon the attention
oftheparties in interest. The managers would
therefore suggest the appointment ola com
mittee of conference from the various classes
Of securities. 70 meet with them at an early
day and take the subject intoconsideration.
Z. c. Redington of St ,Johnsbary made n
speech in the interest of the VI. and Canada
stockholders, and +. c. Bailey of Boston,
expressing satisfaction with the reports of
the Trustees, and proposing to stand by
them. IIebelieyed if this meeting did 81,
the stock would soon be at par or above.
\ committee of five was appointed repre-
-cnting the first and second mortgage equip
ment and Vermont d Cauadl bonds, to
make arrangements turning the road over
to the corporation, also to put new equip
ment loan before the stockholders. to relieve
the road from temporary embarrassment.
r.. Che As-.c.ateJ Pre-.
BosroN. Oct. "A very large meeting Of
the stock and bond holders in the Vermont
Central and Canada railways was held 20
day in Horticultural Hall. 10 hear the re-
port of the trustees and confer upon the
financial condition of the property tx
Gov Smith. of Vermont. chairman of the
board Of managers, presided. The report is
yoluminous. giving detailed history of the
several roads under present management.
with receipts and expenditures. The man
ayers represent that their administration
has always been open To the close inspection
of stock and security holders. and that they
have endeayored 10 discharge their duties
with fidelity. They believe the property Is
capable of meeting the highest expectations
of their friends. The increase of earnings.
which for the last ten years has been on an
average ratio of thirteen per cent. may be
made 10 continue steadily The disposal of
the present floating debt they consider Of
pressing Importance To- the credit Of the
road. Sh0Ild the notes designed to provide
for this. for the Issuing Of which to
the amount of = 500 900. authority
has been granted. be taken up at