The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-01-28


Rutland Railroad. 2l2,O0O.0O
Vermont & Massachusetts
railroad. ................. 100000
Vermont Valley railroad. 92,toO.oO
Organization expenses. 100000
Interest on balance to Jan.
%, is7i....,........... i4O)i2
- $3.50, 400 Do
Contra Credit
Aug. by cash of Cheshire
railroad. ........... S20NO),OO
By cash Of Connectl-
cut River railroad. 2O,OOO.0D
do do do 100000
% DO do 100000
Sept by cash OF Cheshire
rullroad......... ejOoO.O0
do do do 10000 90
oct BY cash of Connectl-
cut River railroad. 100000
do do do 100000
Nov, by cash Of Cheshire
ralroad....,...... 10000 0o
do do do 2),00O.OO
Dec. By cash OF Connect
cut River railroad. SO,0oO.0O
do do do 2i,9is.ss
Jan. by cash Of Cheshire
railroad. ........... 100000
--- S3ll,2is -
Balance due January 20,
per contract. .. ........ 42,lsl5I
The Treosurer's balance sheet, herewith sub
mlttcd, with the certificate of the Auditors, IN
relation thereto ami also the Old bond accounts
IN connection with the receipts and dis
burscments for the first year, and the state
ment5 Of available assets TO meet liabilities
Other than bonds with the rent account rs 1t
stands at this date, Will give the stockholders
the Information necessary to judge Of the con
ditlon ana prospects OF tho corporation THIS
report having been submitted to the board Is,
With their approval, laid before the stock
holders. ions H. PAGE
Rutland, jan. -, is,L President.
Following the reading of the report the
president male few statements and cx-
planaloiy remarks in regard to the same,
and said in regard to the question of pny-
ing a dividend on the scrip, the directors
at their meeting that day had expressed
their doubts rs to its adysablity and de-
clod to refer the same TO the Stockholders,
for their action at this meeting. Under
vote Of the stockholders the bonds are to
he issued until all the debt shall be paid,
but the scrip is not to be convertible into
bonds. It is TO be paid ut the option of
the company, and may apply TO the cX-
tinguishment of the debt When abroad
the president had made an effort to dispose
of these bonds and was offered at a sum
which would net the company OF. At
hot lao 10,
securing their par value and therefore did
not feel at liberty to dispose of them at
less. He now thought in the condition Of
finances since then that such action might
have been unWise, as the company had
found it to be barely possible to struggle
along and keep its paper from going to
protest. Atpresent the company was fnan-
clally at ease and large amounts outstanding
securities had been retired and cancelled.
Iii the matter Of the scrip dividend he
wished to hear the views Of the stockhol
dcrs present.
Gen. Whtncy of Boston, then moved
that the report of the president be ac-
cepted
Mr.. Goodwin of Lowell, said that before
the motion was put he would like to inquire
somewhat INTO the details of the same re-
garding the legal expense account, winch
he thought ought to be further explained /;
also the Addison road matter. He claimed
that unissued shares of preferred stock was
not available as assets, that the Company
were no richer for it and it should not be
classed among its assets. He understood
that by the laws of Vermont, shares Of pre-
ferrcd stock could not be sold for less than
500, while he had heard them quoted at
49c.
The President in reply to the questions Of
the gentleman said, the legal expense ac-
count contained two items At the time
the road was leased by the Vermont Cen
trail this corporation was obligated to com
plete the Addison railroad, and in the pro-
cess of its construction met opposition from
parties living on the other side of Lake
Champlain to the buildng Of the bridge.
Suits were therefore brought in behalf of
the New York parties which the company
were bound to defend. These suits are not
all off the docket yet although they are
practically ended. In the settlement with
Il legal gentleman for services rendered al
that time the President had paid him
$4,000, which bill, when presented was
much larger but finally compromised at
that amount.
Mr.. Goodwin asked what was the result
of the litigation
The president replied, successful result
entirely The bridge was built and the in
juntion against the same was dissolved. Ii
this connection the president then stateC
| that another iirmhad an account which wa
unsettled still on account Of its enormity
and which would probably take $4,000 o.
$4,000 to close up. The remainder of TIN
legal expense was paid to VIM. VI. Evarts
for services III arguing case at Woodstock
several times. When abroad, the prcsiden
had necessity for legal opinion in regar,
to the companys mortgages, IN order to sat
isfy capitalists there as to their validity
and he had called upon Mr.. Eyarts to Civ
him a written opinion, which he did. MI
EvaNs had charged $500 for the opinio
and brought IN his old bill for service
named, which was paid at the time, whc
made up the amount named in the presi
dents report.
In the matter of assets, the Addison stoc
may be considered available for what it
worth. 1t was not proper to exclude til
dividend as much as the other. The con-
pany received a rental sufficient to pay