Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1874-01-22
Proposed Railroad Sale.

Mr.. Fifield, counsel of the Central YER
mont, lately went to Boston and had an in
terview with Mr. Brooks, president of the
Vermont and Canada Railroad, which re-
suited in a meeting on the 18th of Mr..
Brooks and president Smith of the Central
Negotiations were entered into for sale of
the Vermont & Canada to the Central,
and proceeded thus far-that each should
exert his best influence with his co-directors
and the stockholders of their several COM
panieS to obtain their consent to a contract
for the sale of the Vermont & Canada to
the Central Vermont The terms of the
proposed sale are, that thirty years hence
the Central Vermont shall pay the Vt. Il
Canada the sum of three million dollars
(Which is the amount of the stock and
meanwhile shall pay them interest semi
annually at the rate of six per cent per
annum. To secure this payment they are
to give a first mortgage on the road. AS
for the rent now in arrear, amounting to
upward of 100000, they propose to pay
only half of it. and that not in money but
in the Income and Extension Bonds of the
Vt Central, which We're the last security
issued before the Central Vermont took
the road.
The above is substantially the PROPOSE
ton rs set forth in the St Adams Messc,a-
ger of Friday last. This sale seems to be
thought by many upon both sides the best
way out of the complications between the
two roads. The Messenger however is not
inclined to take this view of it. We give
below extracts from several papers that
show how the proposition is received in
various quarters:
In other words if they (the Vt and Canada stock
holders) accept this proposition. they will exchange
per cent for 6 and pay slSOOO0 to boot: will bar
ter The ownership OF their own road and first lien
on the Central for merely mortgage on their own;
will accept for back rent some bonds which. by
their own theory, are the last instead of the first
lien on the roads and therefore worthless; and,
what is worse than all The rest will forever sell
themselves out of the right which they now have to
back to first principles, to stand the Jock
bottom OF their supreme Court decree TO brush
ANY, all subsequent cobwebs of speculation and to
probe the accounts for frauu-St. fibdlts .HeSSen-
ger.
The arrangement if completed, as it is likely to
be VIII be of advantage to the security holders of
the Two corporations and to the business portion #
the community. They are satisfactory to many of
the parties interested in the Vermont and Canada
road who have been made acquainted with the
terms proposed. and it is understood that the man.
ayers OF the Central Vermont viii soon have meet
ing ut New York to take them into consider alton.
1t Will require some weeks, perhaps months, to
complete the sac-BOStOH IrGreter.
This is simply selling yourself and taking Yourself
for security; but 1t is probably all the Vermont
Central has to offer and better for the other party
han thn in nf hn
rel Some weeks at least, will be required for The
perfection of the bargain. even if all parties are
agreeable TO it but the announcement of The nego-
tIations has favorably affected the Vermont Central
securites.-SprinafetdR Republican.
The above quoted papers are the three
leading ones whose opposition to the man
agement of the Central has been strong
during the last year. The Burlington Free
Press has the following which appears to
us to be the truth Of the matter:
The Vermont and Canada stockholders, however,
are not likely to quarrel with an arrangement, the
first rumOrs of the possibility of hich have caused
an advance of their stock in the market. With
no opinion. The parties concerned can be trusted
20 look out Tor the various interests involved and to
fix terms which will be mutually satisfactory. But
an nrrng cement which shall put end to iruitless
and eXhausting lltIg alton, consolidate more thor
oughly than ever the roads, and enable the Central
get out of court" and devote itself without such
distractions to the development of lis business the
payment of its debts, and the accommodation of
the pnblic-is certainly contamination devoutly to
be wished