Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-02-06
The available assets applicable to liza
bilities are as follows:

The available assets applicable to liza.
bilities are as follows:
| The balance of the first bonds. S799,O0O OF
| Addison railroad stock, 100000 OF
| Burlington steamboat stock, 100000 OF
| Preferred stock Rutland rail-
road, 136,5OO 0C
Balances, sundry accounts and
real estate, 74,719 8;
lst, $500 OF
| Total, 81 I,2s6, ,7l9 81
1t IS believed the assets, when convert
ed, will pay in full the outstanding bills
payable, the $32, 300 old Rutland & Bur
| lington bonds, the dividend scrip, Gin.
cluding that issued for dividend due Feb.
ruary, 1, 1878, and every known liability
of the corporation. No claim has ever
been made for over $4,000 of the old
Rutland & Burlington bonds outstand-
ing, and it is believed that they have
nearly all been lost or destroyed
Negotiations are pending with the Del
aware & Hudson Canal company, with
a probability of their early conclusion,
for a transfer and sale of that part of
the property leased to the Vermont Cen
tral managers on the west side of Lake
Champlain, viz. the Montreal & Platts-
burgh and Whitehall u Plattsburgh rail
railroads, including its northern and
southern divisions also, the property of
the Burlington Steamboat Company 1t
becomes necessary that the stockholders
should take action at this meeting in re-
gard to this negotiation, and the papers
in reference thereto will, therefore, he
laid before You.
The $1,500,000 new first mortgage
hands iGcHnl ,Ir,Iar- data Of Np,ro,,O I,1,-
1st. 1912, payable in thirty years, have
been offered 10 stockholders and the NH
Nc, and have resulted thus far in a sale
ofS70l, 900 at par and accrued interest.
Thin result may be considered favorable.
under all the existing circumstances.
For these bonds we have now subscrip-
tions for an additional amount of $500
600, leaving S500,00 to be sold. The
dividend scrip outstanding, including
divident numbereleyen, due 1st prOximO,
will absorb S240, 900, leaving only about
$3.50, 900.
If some action can be had which
would result in selling the remaining
bonds. the income under the lease can be
applied to the payment of cash dividends
on the preferred stock, which would
doubtless be quite satisfactory.
Dividends numbers nine and ten on the
preferred stock have been paid in scrip.
There is now on hand scrip due for div
dends that have not been receipted.
amounting to $16,824 50. This sum is
due fifty-three stockholders for dividend
number nine, and one hundred and ten
for number ten the aggregage number
of preferred stockholders being eight
hundred and ninety-threr
The lessees furnish a statement of the
gross earnings of your road for the year
ending November 1st, 1872, at total of
$3.50, 544 25
The gross earnings, before the lease
went into effect, for the year ending
November 1st, 1870, were a total of
5000, 749 35. showing a gain in earnings
Of $40, 1914 60
The rent payable under the lease for
the current year is total, 1924, 500, being
43 per cent of the gross earnings for the
same period.
When we take into consideration the
advantages gained in the doing away of
competition, resulting in an increase of
earning on the old Vermont Central
road. we are lead to the conclusion that
with the natural increase of business on
your road. the lease will prove profitable
to the lcSspes In this connection |
would remark, that the business of one
firm established on your road during the
past year, it is expected will yield at
least $50, 900 additional freight earnings
next year.
The localtraffic, with proper facilities,
is always tn" best business # a railroad
An earnest effort to promote and increase
the local business will surely bring bet
ter results than policy that reaches out
for through traffic, upon which the
percentage Of profit would, if anything,
be very small
Respectfully submitted,
JOHN p. PAGE,
President.
Rutland, Jan. 30, 1878.
On motion of D. N. Skillings of Bos-
ton, the report was laid on the table.
The president presented to the meet
ing communications addressed to him
officially, by Lawrence Barnes of Bur
lington, and d. n. Skillings of Boston,
rendering their designations as directors.
The election of directors for the year
ensuing being in order, the chair appoint
ed as tellers James II. Williams of Bel
lows Falls, George B. Chase of Boston
and Benjamin II. Dewing of Revere,
Mass.
On motion of Mr. Earle of Newbury-
port, the directors were authorized to
accept a surrender or re-assignment of
the steamer Oakes Ames, the Montreal
s. Plattsburg railroad and the Whitehall
s. Plattsburg railroad from the trustees
and managers of the Vermont Central
and Vermont & Canada railroads, and
transfer, lease and sell the same TO the
New York s. Canada railroad company
or the Delaware & Hudson canal com
pany.
The tellers reported as the result of
the ballot for directors
TTlOIo ,,,,po bor Of uOtao 1S HA0