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

ELECTION OF TpE BOARD OE
TOKS-EsNANCIAL EN-
EuIRIT FROM JUN I, TO
DEC. 81, 1873.
Remarks OF President Smith-'irip
TO RichfOrd.
An abstract of the above meeting held
at the presidents Office in st. Adams on
Tuesday last, appeared in our Geographic
columns of Wednesdays issue, and we now
present full and complete report. with an
extended exhibit of the financial condition
of the road as made by President Smith,
and an abstract of his remarks upon it and
in regard to other important matters con
corning the future prospects of the road.
The meeting convened, agreeable to
warning, at IL o'clock, noon; President
j. Gregory Smith in the chair. The
minutes of the last meeting, held at st. AL
bans, May 81, 1878, was presented by Hon.
George Nichols, clerk of the corporation.
who also read the warning for the present
meeting.
Personal.
There were present the following stock
holders, viz: Hon Gregory Smith, presi-
dent; Hon Worthington C Smith, vice
president; Hon John b Page, Rutland ;
Otis Drury, Boston; Geo NJ Rice, Worces-
IN, 4 n,1, J,l,,
@ Hoyt, New York John II. Kim
ball, Bath, Maine; James r Langdon,
Montpelier; Joseph Clark, Milton ;
Lansing Willis, St Adams; James w
Hickok, Burlington; Hon John L Mason,
Richmond; Edward A Smith, st Adams ;
Geo G Hunt, st Adams; and Adds .
Brainard, st Adams
Among the representatives of the press
present besides those of the local journals
and the Rutland daies, were Col. II. D
Hopkins, Boston Jourao,, and 5. f. Royce,
Boston Gl05e
FINANCIAL STATEMENT.
After the meeting had organized for bu-
slntSS lllt ItSItltul sulu luuJ DtlDIt pro-
cccding to give any statement for the in
formation of the stockholders relative to
the condition of the road, it was proper to
state that inasmuch as the conclusion of
the year from the time when. by order of
the court, the company took possession of
this property was near at hand, only forty
five days intervening before the LIST of July,
it had been deemed proper to make state
ment of the condition of the finances for
the past six months, ending December 81,
1878, at this meeting, and to give the an
nual report at the end of the year, on the
a statement eXhIui,lns
company from the balance sheets, from
which we make an abstract of the follow
ing principal items, viz:
Assets. II y93,v'5 ~
Investments. ..................''''.. 14'ois -
Expenditures ACKNOWLEDGEMENTS. 1850 ~
$2,o75,7GO 20
LIABILITIES.
Capital stock .......'.......... ...'s2l0O V0o w.
Notes payable. Observation-Disclosures. 1l,o1l uu
| Profit and loss account.... ........ HISS &C
s2,Ol5,7GO 20
Statement of earnings of trust property of
the Central Vermont railroad company as re-
cevers and managers
Earnings. ............ AL 1913 %
| Operating expenses. l,'loO27 VI . e,
| This showed that eXpcn-
SEES We're 10 2-loO per
cent on the gross re-
| ceiptS:
Extraordinary expenses. sl6,60s "a
Interest on floating debt. s2,s94 OS
s632, 1862 81
This has been expended rs follows
RENTS.
Rutland lease - leaving
out the Income OF Jan.
list, and the Addison
railroad rent-not adj
justed.. .....,........... $4,000 90
Vermont Valley. s2,0OO %
Vermont Mass. gl,OOO OU
70 46O 695 o
Interest on the funded dcbt........ Io34l3 0
sG5i, los 0
Add estimated loss on the business
OF Northern Transportation Com
pany................. .............. 1891 )
s6S9,4ia 4
Less property char-eable to lower
roads OF loss Oh O. q l.. t........... 6,GSl
s696,l37
Rents. Observation-Disclosures. $50, s65i,lo {
Not earnings deducted. ............ 1884,
Leaving deficit, ACKNOWLEDGEMENTS. 2l6i5 |
Add estimated loss on the business
OF Northern Transportation Com
pany .......................... 3j,34l ;
56,gs6
Less loss chargeabe as per contract 6,GSI
Leaving total deficit. ......,........,. S50299
The president then further stated that o
the LIST of July application having bee
made and authority having been granted
the Central Vermont railroad compan
took possession of the property as recei
: ers and managers, and according 10 Il
t order of the court made an inventory, al
d praisal and valuation of all the properi
with the following result, viz;
Total personal property. -. .s9,0I,75l
Property belonging to leased lines. 299i,6d5
Leaving amt OF personal property. 80 1875
This amount was turned over to the cor
pany as receivers and managers.
In the recent panic the road had suifcr'
very largely, like all others, in its receipt
The president had called upon the freg
J, department for an exhibit of loss, cor
pairing the receipts during the months
October, November and December las
with those during the same months of 1
year previous, which showed the followll
q result of the estimated loss upon differe
articles by different means of transport
ton:
Loss on flour ana grain. sli5, s22
"a TRANSFORMATION over lakes...... 1b,G32
- Lumber OBSERVATION-DISCLOSURES. 30,O29
over rail from Grand Trunk X. 23,1il
Total. s2ib, 22s
During the months of January and Fo