The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-07-09
following resolution was offered by Mr.


RESOLUTION.
Res0lDed, That the contract entered into
between the Vermont and Canada railroad
company, through its directors. with the
Central Vermont railroad company, on the
9th day of June last, for the sale OF its
railroad to the said Central Vermont rail
road company is hereby approved, ratified
and confirmed and that the president OF
this company is authorized, in Its name and
behalf, to sign, seal and deliver any andlall
such suitable instruments as the directors
shall approve for the purpose of carrying
said contract into effect and according to
the intent thereof
DISCUSSION.
Mr. Lester said that he did not want to
sec any such actions in regard to this paper
as had taken place in congress, and called
attention to the want of comma III one of
the sentences, and desired to be informed
if it was mistake of the printer.
Mr. Brooks informed him that it was,
and would be inserted in the papers when
made out
A stakeholder desired to know if the
former lease of the road was of any value.
Mr. Brooks said that 1t appeared TO be
entirely ignored by Vermont courts, and
hardly thought it was.
Another stakeholder wished TO know if
this contractl was conditional only if the
Rutland and Central Vermont should come
in together on the contract.
The president stated that it was not.
~. I 4. = ta1 a.. 1,
what security they would have, aud if
after the agreement was made, they would
only have the security as promised by the
men who were carrying on the enterprise.
The president said that he did not take
their word or their integrity for anything.
The Central Vermont now had capital of
4 100000 in money, and the gentlemen
that were conducting this matter owned
onc-half of it, and that the stockholders in
the Vermont and Canada Railroad could
depend upon them TO save their own in
terests. They were not going to lose this
$500, 000, but were trying to harmonizc the
railroad interests of lthe state, and the men
at the head were capable and able to carry
it on.
Mr.. Cole also wanted to know about the
security. They had heretofore supposed
that they had security from the Vermont
Central. but which they had never been
able TO get Would they be any safer in
this contract than they were on the old
one. Could they get hold of anything If
the interest was not paid.
In reply to this Mr.. Brooks said that for
twenty-onc years the Vermont Central had
been Il bankrupt concern, and that by
attaching any of the Ccntral's property
they lost what was even now good for
nothing. The Central Vermont now had
capital of one million and they would gain
on it, not lose.
Mr.. Todd wanted to know if they would
give them chance to get hold. Of that
money. He was opposed to the measure
for three reasons.
list. There was 100000 back rent due.
ID. They were disposing of their pro-
perty to bankrupt concern.
3l. He had no confidence in the two
men who were at the head of 1t. They had
been holding out inducements to this COM
pany for years to walk into my parlor, and
now the present management of the road
were running into debt 100000 year.
Mr. Todd's remarks about the two Chris
tian gentlemen were the only low person.
alties INDUCED in, and were more fit for a
bar room than for the meeting in which
they were spoken.
Mr. Todd also wanted to know how they
could pay this lease and that of the Ogdens-
burg and Rutland railroads.
A stakeholder from New Hampshire
thought that if they stood a chance of
getting their property INTO their own hands
by accepting the agreement they had better
do it.
M. Cole made some inquiries as to the
claim of the Vermont ~ Canada road,
against the Central Vermont
Mr.. Brooks stated that their claim had
always been taken by the courts of Yer
mont as an income claim, and they were
practically deprived of any means of secu-
rity.
Mr.. Cole thought if that was the case
they had better take the 6 per cent. now
offered them.
Mr.. Brooks said that the idea of the
directors was that half loaf was better
than no loaf at all.
oil
deficiency in the Rutland road If any of
it could be charged to the Vermont &
Canada.
Mr.. Brooks thought not.
Ex-Gov. Smith being called on in regard
to that matter said, that n difference of
opinion upon that question might exist. lie
spoke quite fully in reply to it, thinking
that it could not be done, and also in rc.
gard to the causes that had made the
trouble between the managers of the
Vermont and Canada and the Yer
mont Central. The Governor spoke
at some length, and direct TO the point, re
fcrring back to the records of the courts
and not asking them to take his authority
and it was plain to see that his remarks
were not without effect.
Mr. Todd then appeared again, and saiC
that he thought the word of the manager
was good for nothing and should not b.
taken.
Mr.. Barlow then stepped to the font
, and gave his reasons for wanting the enter
rector in the road about year ago, he wa
; surprised to see how matters stood. Tn
, fault was with their directors who hereto
fore had not faithfully performed thei
: duties lie believed that the security wa