Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1874-07-17

- BY the terms Of the contract the Vernon
anI Canada sells to the Central its road
it assets, and property of every description
N including the arrears Of rent. due from tn
lie Central, for three million doll ars in thirt
re gear six per cent bonds of the Central
'I secured by mortgage Of the latter. Tn
Central also pays the Incidental expense
OF The Vermont and Canada in cash, to al
.- amount not exceeding ST. 900, and indem
~ nlae- tic Vermont and Canada agains
J. liability On the Ogden,burg lease and thei
guaranty Of one million Vermont Cen
. tral bonds. 1t is agreed that when III,
To- present outstanding 81 curities of the We.
mont Central and Of I be trustees and mana.
d. ger shall be retired OF consolidated. 50 a,
t. become merged into corporation under
i the charter Of the Central Vermont Rail
road Company, then the lease of the Yer
{ mont and Canada Railroad Company and
the stock of the Vermont and Canada shall
be cancelled.
There was not absolute harmony among
the Vermont and Canada stockholders as re-
CARDS the sale; but the great majority. in
numbers and amount of stock. favored and
approved it.. Mr.. Brooks, the President of
the Vermont and Canada. favored the sale.
saying that Of late yeas they had received
10 diyilen3S uoon their stock. while. when
this was carried into effect. ;hev would get
at least six per cert. lie thought the rail-
road interests Of Vermont, if they could not
take care of 9th er peoples property. could
faithfully take care Of their own. The Cen
tral Vermont had capital Of one million
dollars in ID oney, and the gentlemen that
We're c0ndr citing this matter owned one-half
of it, and stockholders in the Vernon. and
Canada could depend on them to save their
own Interests. They wee nos going t. lose
tais i've hundred thous nd dollars. but were
trying &C. harmonic tae railroad Interests
of the State, and the men at the head Of the
Contra, were capable and able to carry it
on.
Ia answer To Il "a -~ti1u. Mr. Brook, said
the Old lease 90 the Vermont and Canada
appeared to be 70 uorcl in the Vermont
courts, and be thought It had no valuc.
Gov. Smith, Icing called up by some in I
41lrio-, said, as reported in the AdrgAser.
That up to 76j there had been no differ
cuce ol opiuiJ n between the mana -srs md .
tie clmant * Canada Is CD The priority, of .
their lien up On the income If rb. .rn-+ r,~,r,-
erty rs agai is, rho. then exiStin,- Iialiiifies
10 VT the Ut and ~ mor,rages. The 10
cree 81 1851 fully established sueb nri,ri+,,
and the c1mpr omi~, of l>6t ais, q tiirrpeI r.,
bl, when ir l-65 the necessities ~ ~,
property den andei an increase Of e.,.io-
uel-, whicl coDld Nh, he .rnnlieJ o,+ Fl
Tie earning . Of the pronertv after ra,inl,
the Iiyidcn Is ON the securities os rrori,l.d
by said dec rec. tte luara,.crs appIied r, rho
C9Grt Of Chancerv far adviee in rhc,.ro-
misses. > he chancellor fixed a day f5rtbe
bean. ng. al which the Verwo,t ami C5D,J,
Vs. rerii c~entcd iv c,ur-eI and In ,,,aio--
.tV I'd u directors the first ana .sc1rF
III .gt--a. re. were aI., flllv renre.ertsj II
agreed as o. the necessity far rho avnendi-
ture. . az differed a. 10 tI,o manner IF No
yi1ine for II: the managers desired n nov.
fl- If oIt of the earnings of tho nrone-t,,.
the VI -rnon- and Cafsd, ;1s,l,..j -.
D r-o7y Ine the necessary f,n9s -
Ins 1, the or.vrb "a 5otcr,,'-,,,--. !
Of tIs urlnc~rv >, INV tb, - D
..slroir.. HAL ,bo c..,r.a - H. {
-bs lnara.,ers noee-.iretc3 tho ,',.s,n,, ~ +,
.be dividend and yy,.,li r,.--,ffi, - 20
late the stock. The CbanccIlor in rsnac~-
ny his judgment. among other things. said G
uaI "hIie the method proposed by the man y
.. 'g rIu5 Gne'ygt, inasinqeh as the
,rovide f,r the exnenditsre bv lam and 3
hereby avoid the necessity of passing the p
Nv i1ena,, ne would authorize the managers {
# 80 ';' io', la' resa &c IN me I-Sue OF
Dan. 4. the necessities Of the prdn ,,,T,, lie
demanded. other loans for it, development u
'vie III me manner Gpon similar hearings, M
NJ the In FL; anu giie'.e1 tn
ease Of the Rutland Railroad was nade.and
reference to that road ne desired to say =.
oiiJ Ii1.I ll!e most GareiuI con- m
.utative4 Of the variouS secnrifies inclnj- II
~ the Vermont and Canada. that it was I'D,
.i-'4 10 Pet'1oh me court Tor authority -
az tc eS. bai ,.r ,ou,'i noS po uenled -
40 at the time it wa, made II was deemed
all parties interested as desirable The -
,yil;, et IL. ma are now .tFenuous y en- cr
run, Of the Jea-c The H ,e-rs ~ H., % .ne
'~ed agreement were in effect to out the -
-nLral Vermont Railroad in the place of '"'