Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1873-10-24


the Vermont and Canada Railroad Company
at White River Junction, Thursday was
largely attended by persons interes'eu'
President Brooks briefly explained the oO
jects of the meeting, and called upon MI
Leverett Saltonstall of Newton, the chair-
man of the committee appointed at the
meeting in Boston, some days ago, 10 IT.,
port what had been done in the matter VI
nominating list of directors Tor the ei'S"
ing year. Mr.. Saltonstall read the hAf'.s
of Messrs. Bradley Barlow, Frames a.
Brooks. J. n. A. Griswold' Romeo L.
Hovt. James r. Nichols, Edward A.
Sowles and Samuel Wells cas- gen'ieuie"
who, in the opinion Of the comnii'''''
would best serve the interests oil Inc cum
pany.
Mr.. Dewing Of Chelsea, asked whether
those gentlemen were IN favor OF war 10
the knife in the prosecution OF the COM
pany's claims on the trustees and managers
of the Vermont Central Company.
Mr.. Girard of New York, deprecated any
dietation on the part of the stockholders -
far as the directors were concerned IL was
highly improper that they should put any
condition on the election of officers; lie
therefore suggested that if the gentlemen
whose names had been read had the conn
dence of the meeting they should be return
ed without pledge Of any kind.
Mr.. Reddington Of St. Johns0ury' ex-
pressed the hope that information OF s1me
kind would be given in regard to the ieei1
ings entertained by the proposed Iist oi
directors on the various questions at ISSUE
For his own part, if there was any possi-
bility Of their getting their rights peace
ably, he should declare in favor oil peace,
for he had seen enough OF litigation among
railroads, especially IN the courts Oh ar
mont lie insisted that they ought to nave
justice done them in some way or the oiheF'
Yet they could not get Justice, and while he
had as much respect for the judges of the
Vermont Supreme Court As anybody, yet
he insisted upon it that somehow or other
they would not see the justice OF things
And if the Vermont courts would not give
Justice, then where should they look Tor
it? 4 vOico-rhe federal courts. We'll,
what could the stockholders gain by an ap-
peal to the federal courts? There would be
no end to the litigation then. They had
rights which white men were bound to
respect. Laughter And the time was
coming when they would get them.
Mr.. Mixter of Boston, As one Of the re-
firing directors, related his experience on
the board In spite of his earnest la6orS,
he was forced to admit that they had been
unable TO accomplish anything. hoover
tho directors might be, one thing was GER
tain, that they would have to meet unknown
contingencies. and speaking from his own
experience in the after, he hoped nothing
would be said about Instructlng directors.
Mr. Blaislell of Hanover, y. H., wanted
a board Of directors prepared to 90 forward
and claim the just dues Of the. corporation
in all specific ways They should be IN
dorsed in their work. first giving them tul-
IL to understand that they would be expect
ed to fight the Central Vermont until that
corporation was prepared to compromise on
reasonable terms.
Mr. Dewiug then said it seemed to him
that gentlemen occupying the position OF
trustees and managers of such an enterprise
a. the Vermont railroads must be burdeneI
with many cares, and must have been called
upon 70 be-tOw q great deal of thought ana
devotion to the different branches OF bust
ness, which, alter all. has worked 70 the IN
terestS Of the stockholders of the Vermont y
Canada and the other interested roads. And
with all these things upon them, he thought
he saw great reason for their not attending
to what seemed to him TO be a slight thing
the calling of the directors together, anu
the proposing of some arrangement which
might, after all. not have been satisfactory
NJ the time.
Resolutions already reported in ous teie-
graphic columns were then passed, in rela-
ton to director, causing votes to bepa--cd
inimical to the interests Of the company,
and to guaranteeing bonds.
Mr.. Ellis said he did not believe the notice
conyening the meeting in II. Adams in
1871 was ever intended TO reach every stock
holder. and that in view Of all the circun-
stances the courts would not sanction these
mOnstrous acts.
Mr.. Girard suggested that the directors
should take advice IN reference % the action
of the managers, and if it should be found
that their action was Illegal, that then they
should not agree in anything that has been
done under that motion.
Nj lde of It. Johnshury complained that
the stockholders were q blame in part for
all that had occurred, uasmach as they
had acquicscci in all votes taken. Men
who had been elected u preserve the inter
eS.s of the stockholders were morally bound
hy their Obligations, and if they could have
been proven 10 have betrayed their trust,
the daty of the new directors was to take
personal action.
Mr. Hill said that the stockholders in his
ncirhhorhood knew nothing about the ISL
vote until after it was passed. and in regard
to the lease OF the OcdenSburg and Rutland
Railroad they supposed the Vermont and
Canada stood hy Itself. and that the matter
was one affecting the Vermont Central only.
Some Boston stockholders took the same
view of the case.
Mr. Girard called attention 10 the act OF
IS73 Incorporating the Central Vermont
Railroad Company, and offered resolution
instructiug the board Of directoTs-elcct to
inquire into its legislation 50 far As itai-
fleets the interests of the stockholders of the
Vermont and Canada Company. lie severe
" criticised snne of the clauses. bat eSpeci-
ally the one by which the directors Of the
other road can issue any amount Of stock
and by watering render it yalueless-
Mr. Ide thought the proper time 10 have
objected to the act was when 1t was before
the Legislature. There was no opposition
made then, though he personally endeavor-
Cd TO stir up some. lie believed Mr.. Girard
was wrong in his rendering, and that the
Vermont and Canada stock could only be
taken after vote by the stockholders
Mr. Girard said it struck him that they
could take it at appraisal under what they
were pleased to term the right OF eminent
domain After an explanation by the char
man, that n bill was already filed in the
courts Of Vermont guarding the Vermont
and Canada interests under the bill, the
resolution was adopted.
The board of directors submitted hy Mr..
Saltonstan were then declared elected
almost unanimously, and the meeting adj
journed.