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

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their annual meeting, last Thursday, super
seded the old board of directors. which has
heretofore been for the most part in har-
r,onious relations with the Vermont Central
management, and put in new one, headed
BIZ Bradley Barlow. and of which Mr.. Bar
low will be the ruling spirit. The Boston
Trareller and St. Adams Messenger ehronl-
Gle the result as a great victory OF the op- |
position to the Vermont Central, and the
latter, in an exulting editorial, declares that
'the tide has completely turned and that 50
far as the most important link IN tins whoIe
chain of roads is commemorative Key IN
fact. to the whole situation, and the road
which includes the headquarters, shops aHu
all-the only power of old dynasty winch
exists outside Of the liberation of the Court
ofChancery, has been entirely swept away
We confess our inability to perceive on
what grounds this exultation rests. There
was no victory in the election OF directors,
for there was no contest. The Central
managers do not appear to have put
straw in the way of the Vermont anu
Canada stockholders electing whom they
chose as directors. The managers ala not
even ask representation in the boaru ior
their own considerable ownership OF Yer
mont and Canada stock. Nor do wepercei'e
any turning Of the tide in the result oil
the election. Mr.. Brooks, the president OF
the Vermont and Canada, hada majority OF
the Board with him before. \ casual
reader Of the papers alluded to, might sup
pose that this election elects the present
managers from the possession OF the YER
mont and Canada. Not at all. The Vermont
and Canada was perpetualy leased to the
Vermont Central. All its stockholders can
ask is their rent, and this they have had up
to June. 1872. They are, of course, entitled
IN their SUBSEQUENT rent at the first moment
the road is able to pay it, and we should
suppose they would deem the question
worth considering whether they are more
likely to get it by amicable or hostile
meaus-whether, in other words, the Cen
trail will be soonest in position to pay 1t, ia
ken out of chancery and the courts, as con-
templated in the new reorganization, or II
kept indefinitely in litigation and hot water.
But the composition Of the new Board, and
the tone of the raiders press, seems to indi-
cate that only hostile measures are cOntem-
plated
In such a situation of affairs, We should
suppose that any ST. Adams man, at least,
who has any material interests at stake,
would be inclined to look ahead little
The Central Is now in possession Of the Yer
mont and Canada by virtue Of the charter OF
the Central Vermont Railroad, which gives
it authority "to operate and maintain the
Vermont and Canada Railroad under and by
virtue of the lease thereof heretofore made
to the Vermont Central Railroad" 1t can,
Of course only be dispossessed by prolonged
and cxbausting litigation. But suppose
the suit for ejectment, of which Mr.. Brooks
talks in his report, should be brought ana
won. Suppose even the original lease
should be annulled, in what position would
the Vermont and Canada be? The Central
Vermont would still control the Vermont
Central. the Rutland ard the Ogdensburg
roads and would beyond doubt be able TO
make a connection between them indepcn-
dent of the Vermont and Canada, if the
latter chose to set up for itself.
The Vermont and Canada would thus be a
piece of sixty miles Of road without
connections 1t would have its "head-
quarters, shops and all, bat they would
be empty and useless. 1t may be the
key. " if such any one choose to call IA;
but a KEY is not Of much value without a
lock In the contingency supposed the lock
would be in other hands, with power to get
a many new keys as they desired.
1t seems to Us, from our point OF view
which is independent of interest in either
road, except so far as the public have an in
teresi-that the true policy of the Vermont
and Canada stockholders is to work in
harmony with the Central Vermont, look
ing out, of course. for their own interests,
and taking care that they are not preiu-
diced by the animoSitics and ambitions of
individuals. They, the stockholders, have
heretofore, through their trustees, sustained
BY their own votes, allowed their lien to be
weakened, and their property consequently
deprecated. By n wise, watchfGl and con-
ciiatory course, they can still at least hold
all they have thus left to themselves. But
we see little prospect, either of wisdom or
Cancellation, in the present board