The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-10-17
VERMONT Il CANADA RAILROAD
COMPANY.
annual Meeting.

The annual meeting of the stockholders
of the Vermont and Canada railroad COM
pany was held at Bellows Falls on Thurs
day But few stockholders were present
and little interest was manifested
The meeting was called to order at 10
o'clock, by the president of the corpora
ton, Mr.. Brooks, who, after the call was
read, said that they were probably aware
that contract had been ratified by the
stockholders, conveying their property to
the Vermont central railroad company,
and to receive bonds to secure the property
thus conveyed. The directors had expected
to be able to announce the consummation
of that bargain by a change of papers. SO
far as they were concerned they were pre-
pared two weeks ago to perform the con-
tract, did in fact execute papers that were
supposed TO be satisfactory. The other
corporation was scrupulous about taking
the convey, and without first informing
the court of chancery, deeming it neces-
sary, Notwithstanding the act of incorpo-
purchase, and the Vermont and Canada to
sell, they postponed the exchange of pa
per till they had made their application
and obtained the ratification of the court
of their doings. A hearing on the appica-
ton was given on Monday last. Certain
persons some of whom claimed to be cred
itors of the receivers, and also one of their
stockholders had advanced objections to
permission being granted 10 the Central
Vermont. In consequence of the appear
ance of these gentlemen asking to be heard,
the chancellor desired further time for con-
sheraton.
On motion of Charles ii. Fiske, Henry
Billings and IL. p. Whitcomb were ap-
pointed by the chair committee to pre-
pare list Of directors to be balloted for.
1t reported the names of the following gen.
tlcmen, all of whom excepting Mr.. Mixter
were members of the old board
Bradley Barlow, Francis A. Brooks, J..
N, A. Griswold, James II. Nichols, Ed
ward A. Sowles, Samuel Wells, William
Mixter
The gentlemen were all unanimously
elected, 4,4G5 shares being represented.
Romeo II. Hoyt declined reelection, and
a vote was adopted by the stockholders ex-
pressing their confidence in him and ex-
Mr.. Wells presented the following:
Voted, That the persons who shall be
this day elected trustees of this company
be constituted committee for the purpose
of receiving and holding the shares in this
corporation which may be assigned to them
IN trust for the holders of the bonds of the
Central Vermont railroad company for the
purpose of protecting their interests and
the protection of any rights which may
accrue under the conveyance and that
the sum of $4,000 be appropriated out of
the first money received, for paying future
incidental expenses.
Mr.. Wells explained the vote by saying the
stockholders now held certificates of stock
which they were to exchange for bonds.
Something must be done with these shares
to keep the corporation alive. The vote
contemplated placing the shares in the
charge of the directors as trustees to kecr
| tht uiiNS anu llNtttt tHC
terest of the bondholders. The proceed
ing would be almost identical with .tht
form of issuing railroad bonds secured by
mortgage running to trustees. The trus
tees in this case represented the interest Of
the bondholders. 1t was necessary to keeT
the corporation in existence, and as i
might be necessary in case of any failur,
to pay interest on the part Of the Contra
Vermont, to take some legal proceeding
it was well to provide for their incidenta
expenses; it was desirable to reserve
fund, the interest of which would be az
piled to this purpose. The fund would b.
reserved from the first payment.
After a little discussion the vote wa
adopted.
A stakeholder inquired if the trustee
would be perpetual, to which the presiden
replied that he expected some of then
would live to the end Of the thirty years
In answer TO other inquiries he said tina
the interest on the bonds began on the frs
of September, and that no provision ha
been made for past dividends. The meet
ing soon adjourned.