Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1873-05-07

Merrill, 105; L. Mills, 436; J. M. Pinker
ton, 80; Eugene Putnam. 60; W. q. Smith
IA; j. Gregory Smith, 756: Samuel Will
iams, &c J. W. Hobart, AZ; F. Stewar
Stranahan and wife, II George Gregor.
Smith A shares.
| The company owned l .006 cars at tina
time. Owned no place to repair cars, tn
business of the company being the owning
and letting Of cars. We contracted will
the fferent roads forming the line. II
1872. the company paid its President 90
500 it's clerk and treasurer 81 500, and eact
of the directors 800. The capital is nov
one million dollars. The witness testified
as to the several Issues Of stock and the
prices at which il was taken. He thought
the average was about 70 per cent. The
company was not in debt last October
Shortly after that the company sold sou
cars; they were poorer than the average
They brought $685. 900. Those now let to
the Vermont Central are the very bes,
freight cars that are built and worth about
S. 900 each.
Prior to 1869 the gross earnings were
$10l ,567.U6 The cost of repairs Tor the
same period was S7,2ls.49 The general
expenses were S 1885. ii and the salaries
$3.43545. For the year ending j IN l.,
1871. the earnings were $2l9 640.8l: re-
pairs Sc, 900 % A; salaries S., 1888 73 gen.
eral expenses 81 1878; cannot tell WHO had
the salaries. For the next year the earnings
were $253, 582.5 So; repairs, SOL 24S.8
general expenses, $9,OOS; salaries, ST.
$50
The earnings to October lat, 1872 since
last report were $3.50 269 .03; expenses can
not now be accurately figured for that tune
They were heavier in proportion than in
former years.
The adjustable gauge cars cost a third
more than common cars. Dividends of ten
per cent. per annum were made on the par
value; last year II per cent was paid.
Along the first of the service 3 cent per mile
were paid for Car service: since then 2 l-2
until Jan. last, since VIII oh time it has been
two; don't think the present rate pays. The
rates are irrespective of whether the cars
are loaded or not
Witness gave a detailed answer showing
the receipts from each of the roads under the
control OF this management, down to Octo-
Der last, which aggregated 1000; the
receipts by the Car Co from other roads In
the line from Boston to It LOUIS, aggregated
from 81 900 to $500 900.
A great mdnv officials of the Grand Trunk
were stockholders in this Co., and nearly all
the roads in the Vt. Central line Were ais
Interested. None of the Northern N. Ii.
road was interested.
The officers of the other roads in the line
were interested in this company the same as
those of this road were. Nothing more has
been paid by the Vermont Central for car
service than by any other roads between
Detroit and Boston. On tonnage rates, at
tour mills per mile, the cars, If load with
ten tons, pay better than our cars on the
mileage basis. Our company make all the
repairs. We keep a superintendent, Mr..
Fletcher, at So 600 year, and before we
sold the cars to the Grand Trunk, had an
assistant, at $500. The life of one of our
cars cannot be more than seven or eight
years During the first two or three years
The business for such a company is a good
one, but for the term of life OF car it can
not be.
The witness here testified in regard to the
Uoittd States Rolling St ok Company, which
gets certain price per day-seventy- five
cents three hundred days in the year, the
insurance and repairs being done by the
roads, the income OF the cars netting the
company 1925. Our cars yield about Sl60
he average cost of our cars was about
81 900 each. The Grand Trunk paid US
more than the cars were worth. because the
contract had some time to run and they
wanted 10 get out of it, owing to accidents.
We are now letting cars to the Eastern
railroad, at 81 day, and we have lately lei
the Passumpslc have lot.
The proof in regard to the St. Adams
Foundry amounted to about the same thing
as that in the case of the car company; that
1t was true that some of the trustees
were interested in it, and received profit
therefrom, but no showing was made tina,
the deal of the Central with the foundry wa:
otherwise than advantageous on the whole
to the road