The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-05-22

ton of barges and propcllors upon the
lakes. They had already twenty propell-
ers, gauged to the capacity of the Weland
canal and carrying from 10000 to 10 5000
bushels at load. although with power to
carry much more. They finally had de-
cided to try the expediency of constructing
barges to be taken in tow by The propelers.
and three barges of the capacity of
twenty thousand each had been according
ly built and commenced TO run. The first
trip down satisfied the management rs TO
their value. a propeller arrived at o.
densburgh bringing 1900 bushels of grain
in the one tow, which formerly brought
only 10000 bushels. The additional ex-
pense was triling in comparison to its ad-
vantages and its large increase in the bust
ness of the road. There should be two
such barges to each propeller
This covered all the transactions for the
six months.
REMARKS OF PRESIDENT SMITH.
| The President then referred at length to
the tact that plans had been discussed for
the harmonizing of all the conflicting in
terests in the company. 4 great many
veXed questions were hanging over the
! property holders. Several leases were vet
unpaid and compromises must be made
| The trouble OF the company had been
greatly exaggerated but there must be a
modification of the leases and several
changes should be made in this system of
roads. There seemed to be a difficulty in
adopting basis of practical importance
and which would commend itself to all the
property holders, while all agreed that
some system must be adopted which would
unite in an harmonious plan all these diff
culties which now distracted the com
pany in its several relations In the first
place the Rutland lease necessarily brings
the trust into difficulty with the security
holders of that road, while our own securi-
ty holders are somewhat divided on the
priority question which the Vermont &
Canada are now agitating. The latter COM
pany claim the first right and yet, the
court having interviewed in these bonded
interests, all agree that the veXed questions
must be determined by judicial action.
Consequently it was a subject which dis
turbed the management Il great deal and
they begged to state that they have at
tempted to understand the order of the
court, which should 90 far to relieve them
from the charges made against them.
The Vermont Il Canada claimed a first
lien by order of the chancellor in 1865 and
1866. That was right, as against the then
existing liabilities. When those COMPROMISE
DEGREES were made they gave the priority.
against what was then outstanding. In
1856 the wants of the road required an adj
dition of capital to carry on its business.
This was represented to the chancellor.
who directed that all parties interested be
brought before HIM for decision upon it:
and they all appeared. After mature de-
liberation it was decided that instead of the
Vermont & Canada taking the funds of the
road to supply capital. the Trust were al
lowed to borrow money on time, so that,
as the capacity of the road developed, the
/ road would be able to pay the same. This
wTos authorized, and it seems to the Trust
That the relation of parties changed, as re-
1'lds - i''i2 ~ 49, no queslloh'in The
10 that claim If nrioritv on tne , Gouhsel, as
Vermont Il Canada. But the Trust is still
disturbed by the constant application OF me
,L einiont ~ N'''''''' i'' INV r''' NV ~
Therefore it is that the directors of the
| company have thought it best to submit
the importance OF some pan og r auopteu
| IS ,ha roo1 IL suf}iciant IA nav the interest
in all its Indebtedness if reduced to prop
er basis. 1t had been suggested that the
secuillies ana oniisatoh Oh ihe aeI'hohs
drst n,ortroge honds Of the Rutland and
Burlington and the equipment loan of the
Rutland and Burlington should be united
III one stntinl ii,oi $40 Va an PiU,C' VI,
Of the Rutland and RnIlinrton should be
share entries and stand as representatives
OF the charter. me company nag a gross
MIN ..;Jo nr. " or,@r,r ;,s SToro hoI5ers
This question was for the security hold
ers to consider, and it was hoped by the
directors lhal solhe pan shuuiu NC a'.op'ou
81 i its mrosert dtIicnlties ond Mace if mon
substantial basis where it would be fol-
lowed with good results.
Hon. John d. Page suggested, at the
conclusion OF the president remarks tha'
the result to be attained was to lift the
rood o,, of ,he monagoment Of the court
'"''' "'' Va Wv 20 y
and place IL uhuer lhe management Vi Il
corporation This idea had been substan-
tally overlooked by the president.
rup p, vcr,ox
, N NJ -,
Inc president lheh cai'eu upon Tue III
spectors of election Messrs. w C Smith,
I n Uovt md John r Pare. to take charge
) r g. ayao,i..,, 81 ,ho ,oor1 81 diroo+ors e.,
, OIL 'he e'ec'"l W '''o oo'''' Vi ''''O'''' '''
'he ensu'"s yo"''
: Inc nspc''o,s i'''''"s "sS"''''0' ,''o ~" =
, .S' Va ''.' ~, =, -
. iioy'' '''"' 'ie o,'"ii'' man. iio'' y '',''''
: appoint oo''''h''''e VI ',i'So '''O N"''''.'
, W N'''''N'''o ''''" W N''N,'0' "'''.
was unanimously adopted ana the cl'a'l
, MN aPpo'nleu iio"' oi.s'9 '''''n
= iioi'' 'o''n y aye anu = V ivy 80 ''''
ooni'hi'''o'