Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1873-05-09
Cir eGree press
BURLINGTON, FRIDAY, MAY 9, 1873.
G.. e.. BENEDICT. Editor.
Inc chruge of control Of the Vt. Central.

action that has ever taken place IN TINS
State. As we have stated, 4 majority OF the
stock in the new company has been taken
bv the capitalists who own the New York,
Boston & Montreal Road. This Is name
that is likely to be more familiar to our
Vermont readers than it has been. Some
thing over a year ago, we believe, we copied
an extract from the letter Of New York
correspondent. pointing out the fact that It
needed only the construction of two short
links Of railroad, between pieces of road
already built in the counties Of New York
east Of the Hudson, to give new north and
south line. between the Harlem and the
Hudson. connecting at the south end with
the Gilbert elevated railway through New
York City. and at the north by way Of the
Harlem Extension, with the Rutland
Road and Montreal and foreshadOwing a
combination to secure such line. Last
winter the consolidation Of the Harlem Ex-
tension. DutchesS d Columbia and other
roads Of the proposed line, was announced.
under the title Of the New York, Boston
and Montreal Road. Since then the
negotiation OF the mortgage bonds OF
that company % the amount Of SIX and a |
quarter millions Of dpliarS, in Eng |
land. at aa actual premium oi two |
Der cent. ha, been made public. The |
company ha- commenced this spring the |
construction Of the connecting links-one /
of thirty u.,e- from the terminu, of the |
Harlem Extension at Chatham, y. y, to |
hit the Dutchc-- a Columbia road. and one
O twenty miles al the southern end oil the /
line Two or three short branches are to
be built Ie which the New York, Boston
& Montreal road will have direct connec-
tions with the Erie Road, crossing the liud-
son at Fishkill. with the Boston, Hartford
& Erie. now controlled by the Erie; with
the Midland Connecticut road, and with the
Hoo,ac Tunnel line And the company has
now made sure of its northern conncctisnS.
b. securing control Of the Vt. Central and
it, leased lines.
The gentlemen who have effected this iE-
mcn-e combination are Hon. T. W. Park of
Bennington, who VIII be by far the heaviest
individual owner in the new line, W. Il.
Duncan tor the firm oC Duncan. sherman
q Coz, g.. II. Brown, and other New
York capitalists, mentioned in the list OF
stockhoder- Of the Central Vt, already
published by Us. They VIII complete the
organization of the Central Vermont. next
week. by the cleetion Of Directors, major
ity of whom. under the charter, must be
residents Of Vermont.
Among the important results which viii
be secured by this change. Will be.
F,re, the speedy payment Of the large
floating jcbtof the Vt. Central Trustees
For this purpose 5000. 900 has already been
advanced by the new company and further
in,tallmcnts Will he advanced monthly.
.S.eaad. the strengthening ont of the VI.
Central and VI AZ Canada affairs, which
amid all the leases, mortgages. trust debts,
6c, seemed to hayereachci point beyond
the power Of courts and chancellors to
settle.
THrl. the release of the Vt. Central from
its anomalous position as a ward in Chan
Gerry. This. as our readers know, We have
long considered necessary for the good
name of our State and Of the Court, as well
as Tor the best good of every interest in
y0lyed.
Fourth, it viii secure powerful new
through line from New York To Montreal,
giving the citizens of the west side OF Yer
mont, connections with both of these cities.
which viii be speedy and sure and not de-
pendent on the caprices or interests of Van
dcrbilt and the y. Y. Central, as our rail-
road connections with New York have here
toforc been Ii is the intention of the com
pany to put the line under the management
of the most competent railroad >uperintend-
ent that can be obtained and to make it,
in comfort. safety and regard for the pub
lie convenience, equal to any road in the
country.
With these immediate and great results
viii be others hardly less important, among
which, We have reason to believe, viii be
the construction of the Caughnawaga ship
canal.
The change is due, of course, largely to
the enterprise and capacity of Mr. Park. lie
has labor-l for many years to secure for
Western Vermont a reliable through rail-
road line to New York. When. after put
ting an immense sum into the building of
the Bennington and Lebanon Springs road,
he found his fortune largely absorbed and
his end still unattained through the refusal
of Mr.. Vanderbilt to give him through COLI
nections with the Harlem, on one end, and 7
Of the Rutland road to connect with him at
the other end he bided his time, and turned +
his attention to new enterprises, which have I
given him the means to seize his opportuni- q
ty when it came. His action secures for
him and his associates, on most favorable
terms, the control of an immense interest. .
sure. if well managed, TO become one Of the
mos! profitable lines in the country makes +
valuable again his deprecated interest in .
Harlem Extension, and enables HIM To full
fl his old promises to the Ncrmontcrs that
they should have a new and reliable ;
through line 70 New York. We may add
TINT the negotiation Of the Boston, New +
York and Montreal six million loan, in
England, az ~ueh.nnpreceientedly favorable I
rates, was largely the result of Mr.. Park Is
financial ability and standing abroad. P
Tais j. also great triumph for Governor J.
Snitb. lie naturally looked first to the :,
Boston capitalists for the means to lift the i
Central from it~ enharraSsments. and to Sc Il
cure to Boston the practical ownership and s.
control of the Central line They declined n
his offers. and he turned to New York. Il
Denounced rs n swindlcr and plundcrer b
BY tie Boston Trarcllcr and Springfield
Republican and New York Trfl7ncand their r
echoes, he has shown that capitalists of the Of
highest standing still give him their con- II
idcner and are ready TO associate him with =,
-hemselyes, in immense pecuniary and bust IL
ness transactions. 1t is understood that he pc
Will remain in the direction of the Central Il,
Vermont, and We suppose he will be the pres h,
dent Of the new company. The relief to or
him, from the tremendous burden he has IN
been carrying, must be incxpressiblc. :;
While the control of the Central has Thus n,
passed into these new hands. 1t j. not To he Ell
inferred taat the interests Of New England Oh
and OF Boston are to suffer 1t Is under /
stood, on the contrary. that every measure m
viii be employed to pat the line to Boston Il
in the most thorough condition for the ac- e o-
of the business that belongs W
TO it. The portionso Of the Central and Rut- re
land running north and south Will be run. -
Is they should De, as a through New York II
and Montreal line. The eastern portions tie
Will berun. as they shoald. beand as hereto W
fore, with reference to tho Boston counec- III
ton. There viii be no claSaing between n
the two portions and each will be fostered Us