The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-07-29


the matter of the negotiation for q modi-
fication of the lease all of these letters
were read by the president
The president then said these letters
were first the notice upon paper which
had been given concerning the modification,
although 1t had been a subject of negotia-
ton for some months. He was designated by
the committee to examine the accounts with
a view of understanding fully the relations
of the company with the trust and to as
certain il they had been correctly repre-
sented. He spent consi derabe time in
this duty after the above correspondence
took place Parties in New York had in
stigated a scheme which was hostile TO the
best interests of the company, which
would stop the collection of the rent and
place the road in position OF receiving
nothing during the tendency of an extern
ded litigation which would follow. lie
believed it best to prevent litigation and
UP to the present time they had sue
cccded. No doubt with some concessions
the company could go forward in the re-
ceipt of their rents and bring themselves
out in such manner that they would have
no floating debt, and instead of giving script
on the preferred stock they would be able
to give cash This would be better for the
stockholders if not for the holders of the
first mortgage bonds. They had been IN
able to dispose Of the latter, MS the stock
holders had decided not to sell them below
par; S3j0,0O0 remained unsold, most of
the bonds were pledged as collateral for tho
floating debt Tor which six to eight per
cent. interest was paid
lie further stated i'm answer ia anna.
,,,,;r, film, So, ,,oGri,, ,.,.,,,1,,;,,,, ,,.in.
1'"! '"''' NV ''''''''0 '''''''"o'"" "''' Io'
gard I" thr accomplishment OF the PROPOSE
tons contained in the resolution had been
arrived ot
N. r,
'"'' N,'''"'" W. ''"''' q" 'SS'' '"'"'r'
the resolution. II extreme measures conld
be taken with regard 10 the Central Yer
mont he would be in favor OF them But
| in demanding the Iuil q" Mound Of flesh" he
was reminded of Sh,loc, yh, lost hi,
/ whole claim and was WuisruN than Fl.
/ first. Ills disposition in The matter wa, bad
enough. but hc lhou,ht the rou,psuy wer,
! fortunate TO yet what ;bt resolution con-
cetel 10 ihem. and douhtol noi u,,t if
woull come ON, whole IN thrco vo,,s
The motion nj Mfr Sl;illiprs vo. tho,,
unanimously adopted
The question then recurring un fine reso.
luton MS amended ,hc s,mr ,yas o,l,n,od
unanimously
THE c,rcux,,,n, ,,xn
MIR. ID. n. Skillinrs of Eo:inn fine, or
fered the following viz
lofed, That the prosdcu, and directors
ol 'hc nuilaiu ra'iIoaI company nc ana
Of ,he rosd frnn tho =" 'I, i',e '.u".i,,
of $3.50. 600 as subscriptlon TO the c1nitol
stock of the Caughnawaga ship canal com
paiY not over @oo,oUo ol Whlch sIaii be
aootin% In5, ~ III ''''U ,',' '''''', '''e
eXtinguished.
Mr. SkiIlings said that it might seem
strange to some of the stockholders that he
should offer such a resolution, but he was
convinced that such an application of
money would repay the company four-fold
The president explained that taking the
floating debt as an example the appropria-
ton named in the resolution could be paid in
aboIt eighteen months The income might
possibly exceed that. The floating debt as
named in the annual report amounted to
S6OS,S13, and that amount would be re-
duced by modification of the lease to
S465,ooo, which had been reduced by some
liabilities which have occurred III Keeping
peace with the Central Vermont but said
liabilities were secured la, rood and or,rlo
,..,. A..
security 50 'iht thcre was 10 danger OF
loss The scrip outstanding was sol COO.
Gen. J. S. Whitney of Boston hated TO
throw cold ,vo,or an ,bo e,iri, or ,,o ro,o-
iu'ioh' o"' 1t Scc'i'e" l" hliii that "heh such
an enterprise was asking for bread that we
should not rive Them n stone. He believed
i, ri,.i,. o,.o,.,. o,,a.,,..,.a.,..,. ,.,-a;,,,
!" SN"S ''o'y encouragement i"ssioic |"
the proposed canal and was .enthusiastical-
ly in favor of promoting the enterprise.
Rnt IN nlodoc ,ho income Of ,,o co,,no,,.
.;,, -, n' III, III M, l''"'
Ill It's present coi''it'oh Oh cred't, owing
as it did 100000, it seemed TO him
would not add to its financial condition.
Tho shrowd tinorciore Of tho country, ,ro,11
INV ''''''' W Wv .0'''''9 """Io
consiuei us SET OF PARTNERSHIPS. lie
hoped the resolution would be modified to
promolc thc ENTERPRISE without tbis nrono.
~.
''',o"'
Mr. Lawrence barnes OF Burlington was
called upon by Mr.. Skillings as one having
t,ovledoc or ,ho erl,inc, Mr. parnos
''' ~
salu ne was NOT prepared 10 speak upon INC
Itsolu, , w, an m''o hnew nm hlew tlia'
ms "ho,e soul M''s ei'lls'eu III 'ne enter
pllse' Wlthout ~ ne lia,i no confluence III
.hc Iailloaus nelhcr ,"ls was proper
tiihe 10 No,c "lI nc was NOT prepared tC