Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-10-29

Vermont and Canada Railroad

TIE PRESIDENT REPORT
AT the recent annual meeting Of the Yer
mont and Canada Railroad Company, the
President, DR.. James K. Nichols, presented
his report, the leading points of which are
as follows:
After reciting the history of the futile at
tempt to procure of Chancellor Barrett an
injunction against the Board of Directors,
to prevent them from executing portion Of
the papers for the sale of the Vermont and
Canada to the Central Vermont, and allu-
ding to the injunction restraining the Di-
rectors from distributing any bonds they
might receive from the Central Vermont in
carrying out the sale. President Nichols
says:
Still other complications and difficulties
have arisen, which in themselves were suf-
| ficient to postpone or entirely defeat the sale
of your property. The annual meeting of
the Central Vermont Company was held at
St. Adams. on the 18th of May last. At
that meeting, q stormy scene occurred, &C.
casioned by the attempt of John B. Page,
Esq, President of the Rutland road, and
bluClSs " ODhdlu tDutlb4 VI tuc
Vermont. By a skilful maueuvre on the
part of Governor Smith, which it is unnec-
essary here TO detail. he succeeded in hold
ing control of the meeting and the list OF
directors headed by him was declared elect
ed by the inspectors. The legality Of this
election Governor Page and his supporters
deny, and claim that the holding Of the Cen
trail Vermont by Governor Smith is a usur-
patton and fraud. Ii il unnecessary TO
express opinions as 10 the rights or the
legality oil the actions of either of the par
ties to this new contest. 1t concerns US only
50 far as it affects the interests of the Yer
mont and Canada road. 1t is clear it would
be unwise to enter into important business
contracts with either Of the contending par
ties, SO long as 1t isuncertain which is com
petent TO sign papers possessing legal force.
The questions at issue between the contes-
tants have been taken to the courts for final
adjudication, and when 4 decision will be
reached is hazardous to predict.
The scheme of consolidation of the Rlt-
land and Central with your road which was
contemplated when the negotiations for It's
sale were completed, has apparently failed.
The Rutland road has commenced legal pro-
ceedings for the cancellation of their lease
and the restoration of their road, on the
ground OF failure to receive their rent. IL
has been expected that some conclusion as
to their rights would have been reached be-
fore this morning, but various delays have
occurred and the preliminary hearing stands
adjourned 10 November It, Ii is certainly
very desirable that the Rutland lease should
be terminated, as tho enormous suns paid
by the Vermont Central for rent have been
mostly lost to the receivers. and have
diverted money to useless purposes which
ought to have been applied to paying the
relt OF the Vermont and Canada. la the
present unexpected anc extraordinary com
plIcation Of affairs in which your road is in
directly or directly involved. 1T il impossible
to form any definite plan of action to be
submitted to YOU.
The stockholders are to be congratulated On
the fact that they have the assistance in all
such matters of the Hon. CIV Willard. an
able, learned and independent lawyer, who
has the iull confidence Of the Board
Mr.. L. \. SJsles. OF St. Adams. one Of
the Directors, made some counter statements
to those contained in the President report,
which in turn We're replied to by Samuel
Wells. another Director, of Boston, and he
in turn by + A. BrooEs former President
and present Director. The speeches were
explanations Of the dissensions in the Board
in regard to the line OF policy that has been
pursued. 1t was apparent that there were
irreconeilable differences, which had result
ed in the presentation of two tickets for
Directors. The ticket presented by the
President and his friends. contained the
names Of Edward Bangs OF Boston Brad
ley Barlow. St Albans John Curtis. Bos-
ton john n A Griswoli, New Bedford
W illiam Mixter. Boston; James r Nichols,
lIayerhill, samuel Wells, Boston.
The ticket presented by Mr.. Brooks con-
tanned the names Of Bradley Barlow. s.
Adams; Francis \ Brooks, Boston; Benil-
min T. Cheney, Boston; J. n 4. Griswoll, /
New Bedford Edward d Mandell. New
Bedford, +. \. Sowlss, 81 Adams S tmuel /
Wells. Boston
The result of the ballot was the election
of the ticket presented by the President.
The whole number of votes cast was l. ,3I9.
of these, the Nichols ticket received from
10 900 to IL 200 votes and the Brooks ticket
from C 500 to 900. There was a good deal .
Of scratching of names The Directors elect
ed are supposed to be in favor Of pacific F.
policy in its relations with tac Central .
Vermont.