Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1873-01-08


for the laying of iron in the fall. Il knew at
the same time that they did not fully I'M
derstand the condition Of the cOmpany) 10
would have pleased me TO have 70 advised could
it have been done with due regard Tor your
interests but when | knew that you had
nothing 10 gam, but would actually pe maze
poorer by every pound that should be lald, and
that the enterprise would be embarrassed II a
large quantity should be spiked down TO re-
main useless, there was but one course Tor me
TO pursue, although that course placed me with
the minority. The grading Of the road was con
consuming but about $1,000 per month, while
the laying Of iron when vigorously prosecuted
with much smaller force would consume
$4,000 per day. The grading | regarded as al.
ready paid for while the iron, If provided
against the wishes Of the contractor, must be
paid for by the issue of bonds upon which the
corporation would assume the interest
thought that could discover in the future
what had troubled me so much in the past,
delay in the grading. | therefore advised
Committee OF Directors, who visited Bos-
ton in October on the subject Of iron, that
| il would be better 10 insist on the completion
Of the grading in the fall, and II the contractor
refused or neglected 10 pat on a sufficient iorce
/ 10 do it, the directors ought, after the lst OF
November, to provide the men, and see that
/ the work was done.
In the pressure for iron, however, this mat
ter was neglected, aud there remains considera-
/ BILE work ~ be done, some OF which cannot
| properly be done in the winter.
| apprehend that only small portion Of the
road reported as finished is broughtup to full
/ grade, and il there is delay in completing the
/ road next season, it will be, in my opinion,
caused by the lack Of work done ON the road
bed this Tall, aud the ballasiing to be done next
summer. With the road well graded this TALL
| and a sufficient amount Of bonds left for the
iron, | had no fear about an early completion
in the summer
So much for the past Let the now call your
attention 10 the future. | would respectfully
| recommend that at this meeting the Direct
ors be authorized to lease the road, if in their
| judgment it may be expedient, subject 10 the
/ approval Of the stockhOd at a meeting cali
ed for that purpose. Ii will devove on the
| b1ard this day elected not only 70 complete
the road, but to make provision Tor running u,
| and | cannot subscribe to the advice given in
/ the article above named 10 delay this latter
duty until the road is completed. IL is just as
Important 10 have the rolling stock 10 readiness,
rs to complete the road The corporation can
hardly afford TO let an investment OF ! ,2OO,-
600 lay idle waiting for party 10 lease, or Tor
mechanics TO manufacture cars, and II the
board elected does not sea.onably attend 10 this
duty, it may reasonably be charged with mex
cusablo neglect
entered upon the dutet of Director about
two aud one half years ago, against my inciin-
| alton, but circumstances seemed 10 demand Il.
| accepted the Presidency knowing It TO DO
| the desire of those who elected me Director.
/ The position has been surrounded with difficult
/ ties and embarrassments several times the en-
\ terprise has seemed ~ be struggling between
lie and death my mind has been constantly
occupied in deyisiug ways and means ~ bring
about successful result. The final compile
| ton Of the road can no longer he regarded as
| doubtful, but as a fixed fact. The price ofirUn
mas declined, and there Is no further excuse in
| that direction.
! dluUt not the contractor will avail himself
! lt an early Arrangement for iron at a satisiac-
tory price, il he has not already done 10, and
/ that the work IN the road bed will be prosecut-
| ed this winter and completed ia the spring.
Had it not been for the rise in iron, the road
would undoubtedly have been finished the past
| season. My intercourse with the contractor
| has been pleasant and agreeable, andhad tho
grading been prosecuted ~ rapidly ~ ! bad
right 70 expect, every thing would have been
satisfactory.
The road is demanded 10 season for the sum
mer travel from Saratoga and the Lakes 10 the
| " hltc Mountains, and for the early transpOr-
tat0n OF lumber accommodating on the line, and
! Us completion must not unnecessarily he uelay-
ed IL only remains flr me g. say that with
ibis meeting my official relations with the en-
terprise terminate. 1t is the first opportunity
have had TO retire from the board m justice
20 the stockholders and myself Thanking you,
therefore, for your past Partially | respectful
ly request yuu ~ cast Your votes for another TO
oil my place.
RooEMCG RIcnARDsoS, Pres.
Mr.. James G. French stated that, as be un-
ierstood the matter, Mr. Munson had been
ready at any time " lay the iron on the road.
Col Randall, who appeared for Mr. Munson,
| Tho Oh 81. L. Ia.
been completed according to the contract by
November /, if Mr.. Munson had not been COM
PEELED by the officers Of the road to discharge
large number Of biz working force, the direct
ors fearing that they should be unable to col
ect their subscriptions fast enough 70 meet
their payments.
Judge Richardson stated that Mr.. Munson,
after consultation with the directors, concluded
to work 500 men. On settlement Judge Rich
ardson found that 500 were at work After
the adverse decision in the case Of the Railroad
company against James K. lAngdon, he went
to Mr. Munson and advised him to reduce bis
force at the next settlement he found that the
force was not reduced, and inquired Why, and
, Mr.. NJ. 7. Munson replied that Mr. French
and Judge Hall had told him not to do 80.
Mr.. French stated that he and Judge Hall
did tell Mr.. Munsou that if he would continue
bis then force they would be pcrsonally respon-
sibe for the pay. Mr., Munson had repeatedly
told MIR. French, all the time up 70 last August,
that he was ready to lay down the iron when
ever requested by the directors, and that if he
had not been interiered with by Judge Rich
ardson the road would have been completed
according to the contract In speaking Of tho
} proposition in tue report Of Judge Richardson
TO lease the road, Mr.. French said that be was
utterly opposed to throwing away the stock Of
the road IN this manner. lie believed that il
, might be run economically By the stockholders,
and the stock in this manner be made valuable.
lie was prepared at the proper tune 10 submit
. projects looking to this end.
In answer to interrogations by Gen. pitkin,
it was stated that, at the time the reduction in
the force was asked Of Mr., Munson, the finances
Of the road were in a Strengthened condition.
This Gen. Pitkin said entirely exhonorated
Judge Richardson from any blame in asking
the reduction, Gen. Pitkin further stated that
money had been advanced TO the road By the
Commissioners Of Montpelier, and by the LIST
National Bank Of Montpelier, which would
not have been done in case Judge Richardson
had not been member of the Board Of Direc-
tors.
Hon. q. Ii. Heath moved that the Report
of the President be accepted and recorded.
Adopted.
On motion Of Col Randall, the meeting pro-
e ceeded 10 the election board Of Directors.
The President announced as teller John A.
Page, Joseph Poland, l.. Bart Cross, and j.
I. Thurston Two tickets were presented, one
: consisting Of the old board, as follows Rod
erick Richardson; Isaac N. Hall James q.
French Jacob Smith; Joel Foster, Jr.; l.. W.
Brown; Charles IL. Heath; Eli S. Pitkin
Geo. b. Fessenden. The other was made up
, as follows, and was elected by the vote annex
b ed to each name.
James G. French-l5ss
joel Foster, Jr.-l9A
q. H. lleath-l567
james W Brock-l925
: ). Z. Shurteh'-l5l7
George Woos ier--l2lG
]. N. Hall--2l00