The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-05-21

This covered all the transactions for tho |
six months.
REMARKS or PRESIDENT SMITH.
The President then referred at length to |
the fact that plans had been discussed for
the harmonizing of all the conflicting in
teres,s in the company. A great many
vcxcd questions were hanging over the
property holders. Severaileascs were yet
unpaid and compromises must be made.
The trouble of the company had been
greatly exaggerated but there must be q
modification of the laws and several
changes should be made in this system of
roads. There seemed to be difficulty in
adopting basis of practical Importance
and which would commend itself TO all the
property holders, while all agreed that
some system must be adopted which would
unite in an harmonious plan all these diff
aulips which now distracted the com
pany in its several relations In the first
place the Rutland lease necessarily brings
the trust into difficulty with the security
holders of that road, while our own securi-
tv holders are somewhat divided on the
priority question which the Vermont g.
Canada are now agitating. The latter com
panv claim the first right and yet, the
court having interviewed in these bonded
interests. all agree that the veXcd questions
must he determined by judicial action
Consequently it was subject which dis
turbcd the management great deal and
they BEGGED TO state that they have at
tempted to understand the order of the
court. which should go far to relieve them
from the charges made against them.
THE Vermont y Canada claimed n first
lien by order of the chancellor in 1865 and
HfH f1s.at,
existing liabilities When those compromise
DEGREES were made they gave the priority
against what was then outstanding In
1865 the wants Of the road required an adj
diion Of capital to carry on its business
This was represented to the chancellor
who directed that all parties interested be
brought before Inn for 4 decision upon it ;
and they all appeared. After mature de-
Liberation it was decided that instead of the
Vermont Is Canada taking the funds of the
road to supply capital, the Trust were al
lowed to borrow money on time. SO that,
as the capacity of the road developed. the
road would be able to pay the same. This
was authorized, and il seems to the Trust
that The relation Of parties changed. rs re-
CARDS priority. The Vermont < Canada
being party, it leaves no question, in the
Judgment of the Trust and its counsel, as
r /
Vermont 4 Canada. But the Trust is still
disturbed by The constant application Of tho
Vermont & Canada for the payment Of
their rent.
Therefore II is that the directors Of the
company have thought it best to submit
, the Importance of some plan being adopted
which would he harmonious The capacity
q of the road IS sufficient TO pay the interest
in all It's Indebtedness If reduced 10 q prop
i cr basis Il had been suggested that tht
@ securities and obligation Of the Vermont
, and Canada. and Vermont Central, ih,
first mortgage bonds Of the Rutland an,
Burlington and the equipment loan of tho
Rutland and Burlington should he unitct
o in one general mortgage of all property or
= basis of six per cent, the preferred stocl
Of the Rutland and Burlington should b'
% share entries and stand as representatives
Of the charter. The company had gros
a increase of > 100000. and $500, 600 to di
70 vide out among its share holders
20 This question was for the security hold
D., ors to consider, and it was hoped by th
=, directors that some plan should he adoptc,
u in harmony which would lift the road on
of its present difficulties and place it upol
Il substantial basis where it would be fol
lowed with good results
10 Hon. John b. Page suggested at tn
ooncluoion Of the prc7idont's remarks, tina
the result to be attained was to lift tn
road out of the management Of the court
and place it under the management of
y corporation. This idea had been substan
Sc tally overlooked by the president.
THE ELECTION.
The president then called upon the in
spcciors of election, Messrs W c Smith
@ lIoyt and John b Page, to take charg
Of the election Of the board of directors 70
the ensuing year.
20 The inspectors having assumed the du
% ties Of their office, it was moved by }
% lIoyt that the chairman, Hon. " c Smith
appoint a committee of three stakeholder
% to nominate n board of directors, whic
90 was unanimously adopted, and the chail
80 man appointed Hon. J Gregory Smith
n Hon. John b Page and j @ IIoyt as sue
= committee.
81 The committee retired, and after consu
"a tation, reported, through Hon. j b Page
the following named gentlemen as n
% BOARD OF DIRECTORS
% tor the ensuing year;
% Benjamin p Cheney, Boston
81 Jacob Edwards. Boston.
M Geo VI Rice, Worcester, Mass.
" John II Kimball, Bath, Me.
?" John $ Shuttle, New York.
to apies Il Langdon, Montpelier.
" John b Page Rutland.
., J Gregory Smith, st. Adams.
James " lIickok, Burlington.
IL Worhington c Smith, st. Adams.
p Joseph Clark, Milton.
iv Jacob Estcy, Bratteboro.
Mr.. Rccs name was reported first upo
60 the list, but at his personal wish was place
% as above.
sa a ballot being taken, the list nominate
IL as above was chosen, receiving the who
of the 1860 share votes represented.
I'd FIVE of the above named directors al
s.. new members of the board viz Jacc
ht Edwards, Geo. NJ. Rice, John H. Kimbal
H. James W. IIckok and Jacob Estey, wi
of take the place of Mcssrs. VIM. Butlt
It, Duncan, New York S. l.. NJ. Barlow
he New York Trenor w. Park, Bennington
" Geo. II. Brown, New York }. G. McCu
mt Tough, Bennington, directors last year.
n The president resumed the chair, and, c
motion Of Hon, W. c, Smith, the meetr
s3 adjourned.
20 The president then eXtended an inyilatic