Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1874-09-30

The original cost Of the rolling stock was
$4,000 The earnings Of the road for June and
July were about 5000 each. and for August they
were ~ 800
Mr. Foster, In answer To an inquiry, stated that
the monies Of the road had all passed through his
hands mp 10 July ist since which time Mr. French,
the managing director, had claimed the right to
disburse some Of the funds Mr French said that
he was dissatisfied with the disposition made Of
some Of the notes which Mr. Foster had let 90 ~
collateral, and proposed to have something To say
about it himself
In answer 10 an inquiry, Mr. Poster said that
the agents Of the line had been trstoed first by the
lane Manufacturing Company, aud afterward by
Mr. Soitwell
Mr. French stated that when Mr.. Munson failed
the company were In want of funds, and he went
to Boston, and Mr. Sortwell helped them. lie
had never been reimbursed, and had taken this way
Of payment.
Mr. Foster walked the entire length Of the line
last May, and judged that $4,000 would be ne
ctssary 10 complete the road Since that time
$4,000 have been expended, and he thought
$500 more might be expended before the road
would be perfect
Mr. Heath thought the present road bed could
be used without great further expenditure Mr.
Manson has already been paid s3Sl, coo in cash.
and 100000 In bonds II completed according to
contract, there would now be due him the sum Of
$4,000 in bonds. The company have put up
SIP 600 in bonds, at the rate Of fifty cents on the
dollar Of which sum si36 800 was on construction
account
Hon. C. W Willard had expected a more de
tailed statement Of the financial condition Of the
company than had already been made, and
thought in order 10 act inielligently on the sub
ject, one should be made
Col Randall introduced the following resou-
ton, which was read.
Rssoiraf That the President u the Montpelier Wells
River nrad corporation be and he k hereby duly directed
gage 81 said corporation IT, rancse and property the pos
.og O. .ad railEaa ia9ehi.s a9d an property covered
s and Other property now owned o. us's BY saii Ialrad
subscriptions Otherwise upon the following condition. 10
Firif- mat Rin six months from the time the posHes-
sion shan b. given to The trustees a. aforesaid there shall he
Iud hy the Of the bonds ~ said corporation tle pres
whole The o thirty ave thousand dollars. and shall also
which floating debt and rolling stuck indebtedness shan ~
ascetlaned and certified 10 b. dne BY ,e directors q .aid
corporation majnrts q them before payment thereof
Seconds trustees sna operate said railroad In pru
dent and economical manner, and a. 70 meet the reason
able demands u the ruhc and the stockholers Of said
Tigf- residue q The net earnings Of said railroad
shall be- applied TO pay the interest coupons u said cor
nuuion secured by SAID morgage and ths oonds a. they
the floating debt and rolling stock Indebtedness aforesoi
coupons shah BE- paid and necessary and Outlays
arising nom and Incident to the operating Of said railroad
demand, within sixty days thereafter surrendered
back and reeyere To said corporation with all the prop
ertl aliertalning THERETO.
Col Randall supported his resolution at some
hot bn Icat ~ not
only relief from the difficulties. Mr.. French ex-
planned that the resolution covered the payment
Of all claims by the trustees for which the present
company were legally liable, before they could
obtain possession Of the road.
Mr. Willard made a stirring speech in opposition
10 Colonel Randalls resolution urging especially
that the present organization could carry on the
road as economically, and afford better accommo-
dations to the public, than under the proposed
arrangement
Colonel Randall replied with spirit, defending
his position
d. A. wing Thought the present meeting was
not sufficiently well posted to act intelligently
upon the matter, and urged an adjournment.
This proposition seemed To meet the views of the
meeting.
Finally, committee Of five, consisting OF c.
W. Willard and Samuel ellis, Of Montpelier; A.
r Baldwin, Of Nowbury; d. b. Smith, of Plain
field, and J. K Darling, Of Groton, was appointed
10 thoroughly investigate the condition Of the road
aud make such Recommendation To the stock
holders, as to what course had better be pursued,
under the circumstances as to them should seem
best, at an adjourned stockholders meeting Of the
company to be held in Montpelier, in two weeks
The meeting quite lively one and con-
siderable sharp talk was INDUCED in a, times.
We trust the course taken will prove to be the
right one