The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-07-09
Reported for THE GroBEl
RAILROAD MEETING AT BELLOWS
FALLS.
Vermont x Canada Railroad Sold TO
the Central Vermont.
A SPrCy DEnA TIE.

A SpICy DEnA ATE.
Meeting of the central vermont.
Another link in the chain which is to
bring most of the railroad interests of the
state under one power, thus causing har-
mony and putting an end to the continual
clashing that for years past has been going
on between different parties, has been
forged to-day, causing satisfaction TO
many, while, as is always the case, there
arc some sore heads and contrary ones, who
already arc growing at the result, but who
themselves after they have once received
the rental of per cent upon their amount
of stock in the Vermont and Canada road,
will probably rejoice that the transaction
of to-day occurred.
The stockholders of the Vermont and
Canada, TO the number of seventy five or
eighty, assembled in Towns Hall, in Bel
lows Falls, on Wednesday, at IL m, at the
summons of the president to consider
upon the action taken by their directors at
meeting held June 5, 1874, at which time
it was voted BY them to sell to the Central
Vermont Railroad Company their railroad,
real estate and appurtenanccs, according to
the following article Of agreement.
MEMORANDUM OF CONTRACT
BY and between the Vermont and Canada rail-
road company OF the first part and the Central
Vermont railroad company Of the second part,
witnesseth
The party of the second part hereby agree to
purchase Of the party of the first part the YER
mont and Canada railroad, with all It's prlvl-
leges and appurtenances together with the as
sets, rights of action and property Of every
description of the party Of the first part. in
Guiding the assignment of their demand for
rent in arrear under their lease and supple
mental contract to the Vermont Central rail-
road company, but not including the lease IT,
self, for the sum of three million dollars, paya-
bic in the bonds OF the Central Vermont rail-
road company, with coupons attached. having
thirty years TO run from the first day OF June,
A. ID. 1874 interest to commence on the first
day of September, A. d. 1874. at the rate of six
per cent, payable semi-annually, secured by
mortgage with the usual covenant TO Bradley
Barlow. Lcmuel Shaw and Samuel Wells as
trustces) of the Vermont and Canada railroad
and Its appurte 1ances as now constructed ana
operated, and limited in the remedies thereon
to foreclosure OF said railroad, with Its ap-
purtenances. said bonds to be redecmable in
cash at anY time, at the option of the Central
Vermont railroad company, at par and accrued
interest; and in addition to said bonds to pay
the Vermont and Canada railroad company
their proper incidental expenses, agrceably to
the provisions of their lease to an amount not
exceeding twenty thousand dollars and in the
event that the Central Vermont railroad COM
pany shall avail themselves of their option TO
redeem said bonds as aforesaid, and shall give
ninety days notice thereof in not less than two
public papers in Boston and Vermont and New
York city, the interest shall, from and after the
expiration of said ninety days. cease.
And 1t Is further agreed that the party of the
second part shall indemnify the party OF the
first part against their liability on the Ogdens-
burg lease, and their guaranty upon one mil
lion OF bonds, known as the Vermont Central
guaranteed bonds, and all other presently cX-
listing liabilities OF the party of the first part
In case there shall at any time be default in
payment OF the interest coupons as they ma
ture, and the same shall remain in default and
unpaid for the space of six months, then and in
that event the whole principal of said mortgage
shall, after the expiration of said six months,
become and shall be considered due and pay
able.
The party OF the first part hereby assent to
the sale OF their railroad, assets, rights OF ac-
ton and property OF every description, inclu-
d,,a , no forosotI ~, ,I,o ton,s o,arosa,1
and o,,rao 10 ovocute a ,,ood and eunic,ort dood
90 otd oroo,,,, 70 tl,o ,7or,,, ~, mo second ,,ot
Ana he If flrthcr opreed that tho reasonable
ovronso, NJ eot1 ,rugtoos IN siC,,inc, soid Monde
shan ha noid nv thc marty NJ tho second MARI
NOT ovcoed,n,. t,roo i,Tndrod 6o,,ors
Mood and ,nortc,o,,e and other nanors IN ho
ho ,,,,,t,o1,,, ,ot,s,aotor,. ~ ,,o
counsel or t,,e resnectivo comnonies
Andtt is further AGREED thor the stock NJ fine
| said Vermont & Canada railrood comnany 81
for nc ovcbonoed nv tbe said vermont A. cana
da railroad compauy for the bonds OF the Cen
| fro, vernont railroad comnonv shall he SIR
rendered TO the said Vermont 4 Canada railroad
comnonv. to he by them placed In trust for the
| Central vermont railroad company. And the
said vermont g. canada railroad comnanv shall
| nNnpntn Cni1 Central Nprm0Dt railroad
company n full and annie mower of attorney
Irrevocable to use the name of the said Yer.
mont a. Canada railroad company I'm any man.
| ner which NAV be necessary to enforce the said
| claim for back rents, or for any other purpose
| which the said Central Vermont railroad com.
pany may deem necessary not detrimental &c
the interests of the said Vermont g. Canada
railroad company, or the said bonds here pro
ylded for. And when the present OUTSTANDING
securities of the Vermont Central Railroad
compapy and of the trustees and managers
shall be retired or consolidated or otherwise ar
ranged with, so as to become merged into n cor
noration under the charter of the Central Yer
mont railroad COMPANY. then the lease of tn,
Vermont a Canada railroad company shall b,
| cancelled and determined, and the said stock O
the Vermont & Canada railroad company shall
DC s'..n,, 49,. ,........
canoda railroad coronany Or re icgo, adv,sor.