Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1874-06-10

VERMONT AND CANADA RAILROAD
The Boards of Directors of the Central
Vermont and Vermont and Canada Rail-
,.,ads have been in session during the past
week ut the Revere House, Boston. They
hove matured and executed contract tor
,b.. sale of the Vermont and Canada Rail
road. with all its property, including claims
r,r hack rent. to the Central Vermont, for
the sum of 100000, payable in thirty
wears six per cent bonds, dated June 1st,
1874. and secured by mortgage of the Yer
mont and Canada, and indemnity against
outstanding liabilities.
This contract is subject to ratification by
the stockholders of the Vermont and Can
ldl company, and they will be forthwith
allied together for this purpose. As this
+, an equitable and advantageous bargain
f,r them. will extricate them from the
position of doubt and difficulty they have
neenpied for more than two years, and
oive them in lieu of their stock, which /.
10 be surrendered and cancelled, safe
-ix per cent security, they will withou
doubt promptly ratify it.
The new board of directors of the Cen
trail Vermont, not vet three weeks old, arr
to be congratulated on having taken thu
speedily and successfully this first an'
most important step in their proposed plal
Of consolidating the railroad interests I'm
der their charge and taking them out o
chancery.
1t is. perhaps, worthy Of note that til
hoard of directors of the Central Vernon
never (before this last week. met in Bos
ton, their former meetings, held out {
Vermont. having been in New York city
The following is the semi-official cor
densed statement of the contract betwee
the Vt. & Canada and the Central Vernon
a, published in the Adtertiser:
The Central Vermont pays 100000
for the " Vermont & Canada " in shape c
Central Vermont" per cent. coupe
bands. thirty years to run from the fir,
dav Of June, 1874, with interest from tn
fir-t day of September, 1874.
1t j. agreed that So, 600 of such intere:
Shall be paid December LIST, 1874, and attel
wards 100000 shall be paid on the fir:
day, of June and December respectively
Tie Vermont & Canada assigns TO I'll
Central Vermont - their demand for bac
rent on the Vermont Central" II
contract is secured by a mortgage on tt
Vermont Il Canada Railroad, the NOR
rare running to three trustees. viz: BraC
lev Barlow. Lemuel Shaw and Samu'
Wells
The bonds are redeemable in cash at ii
option of the Central Vermont" In a.
dition the =. Central Vermont is to pay
the Vermont X Canada for past incidel
tai expenses not exceeding $4,000. II
Central Vermont agrees to idemnify Il
Vermont & Canada against liability
O. al. c. lease and their guarantee upC
y 600, 600 bonds, what is known as We
mont Central " guarantee bonds. Il
stock the Vermont and Canada, rs I;
rs exchanged for Central Vermont bon
i to be surrendered to d" Vermont al
Canada" and by them placed in trust f
the Central Vermont" The " Nermo
and Canada are to execute to the - &c
trail Vermont a power of attorney to u
their name, in any way they deem ne
,.~>arv. not detrimental to the interests
the e. Vermont and Canada When
present outstanding securities of the . VI
mont Central" and of the trustees a
managers are arranged for, then the sto
of the Vermont and Canada " to be ca
ceIed and the old lease of the - Vermc
and Canada Is to be determined
the title under the mortgage is lab e
be- defeated by reason of this old lea
then the Central Vermont and Canad
i, to hold possession of.the . Vermont a
Canada" as lessees, on the same terms
the contract of sale aforesaid, until
title can be perfected, when . The Cent
Vermont shall have right to purchase
the same terms This contract will Ia
effect upon ratification by the stockhold
of the two companies.