Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1875-05-26
Central Vermont Railroad.

and the two ex- governors. John Gregory
Smith and John B. Page were unexpected
" found to be in opposition to each other.
and in consequence there was an exceed
inglv lively time.
To understand the proceedings it is nee
essarv to know how the stock of the road
stood. When the books of the company
we're opened, stock to the amount of 90
900 shares Of 800 each was subscribed
and five per cent thereon paid in. Subse-
quen,lv, by a vote Of the directors, 2400
shares were bought by the company and
placed in the treasury as assets of the COM
panv. Afterward fifty shares of the 2400
were sold, thereby leaving balance of
800 shares. At a meeting Of the Board
Of Directors, called and held at Bellows
Falls, and afterwards continued upon the
cars en- route to st. Adams, on the 18th
inst, and at which meeting there was
quorum present, upon the representation
md statement made by the president to the
directors, that an early and prompt pro-
vision should be made for the money to be
paid to the Vermont and Canada Railroad
in accordance with the contract Of sale and
purchase of that road, on or before the 1st
IF June proX., it was voted that the Presi
dent he authorized and instructed to sell.
ransftr or pledge, under the approval of
two members of the finance committee,
my of the stock, bonds, securities OF prop
rrtv Of this Company, to raise the money
necessary to meet the obligations to the
| Vermont and Canada road. In pursuance
Of that vote, and upon the approval of the
wo members Of the finance committee.
the 300 shares of stock belonging to and
landing in the name of the Central Yer
mont Railroad Company on the books OF
the treasurer, were sold and transferred to
!. r. Langlon and l.. Mills. and payment
for the same duly made by them.
Meantime. of the 1850 shrres before
outstanding, Gov. Page and his friends had
become the owners of 5000 shares, a clear
naioritv 1t seems that Gov. Page and
Mr.. Bradley b rrlow and Mr.. +. \. Brooks
i'll not expect that the 300 shares COT
which Mr.. L1nylon took 100 would be
-old or voted on and 50 thought they were
certain of obtaning control of the road.
The stockholders meeting was called tc
order ut II, NJ. President Smith in the
! chair and after the reading of the records
| " the clerk the chair announced rs in
>ncctorS of election. Mes~rs. j. III. Uovt
Geo. NJ. Rice and John II. Kimhall who
were elected at Il meeting of the directors
May Is.
Mr. j. 3. Page Of Rutland, Vice Presi
dent of the road, protested against the &c
| ion of the directors in thus cectiny the>,
inspectors without Il full attendance of tn,
directors. and claimed that he had not re-
relvcd sufficient notice of sud meeting t
tllow Of his being il attendance.
The chair replied that Mr.. Page hac
,cen autographed to be present 1t the meet
NJ which would be held on that day.
+ \. Brooks, ESD, Of Boston. asked tC
nave the record of that meeting read
which WAS done. 1t showed that The Bel
lows Falls meeting adjourned to the CIR:
On the route from there to st. Adams. an,
W : 50 held Not only were said in>pec
tors thus chosen. but the directors ais,
voted to resist demand made upon them
for the surrender OF the Vermont Valley
road. Jane l>t. and also voted to r;ti~t
money 10y loan to meet the payment to til,
Vermont and Canada.
Mr. BROOKS objected to the meeting OF
account Of irrcyulrtv. and moved th;t
new tellrr- be now elected in lieu of thus,
hrlS improperly chosen by the directors. =
Gov Smith ruled his motion ont of order
because the tcll,rS had been chosen accord
M to the bylaws.
Gen Whitney of Boston. who said tia
he represented the stock of Jacob Ed
wards of Boston, questioned the prophet,
# The action of this meeting on the lSth
tnl said llnt the meeting was a surprl>,
to Mr. T. lWlr,-, who i one of the direct
rs.
The chair stated that this meeting wa
not Il surprise toany of the directors. Mr.
Edwards WAS well aware that such i meet
inc was to be held. and had told the chat
that he would attend if possible, but if h,
was not there TO 20 on and do the business
which would have his coumtcnance. No
lee of the meeting had been telrgraphe,
al stockholders, and the directors ut New
York and Boston had received Il notice il
line to be in attendance. Mr.. Page hat
received his telegram in season, rs two ol
three trains left Rutland after the receip
thereof, 50 there was no good reason why
these men should not have been in attend
lnce Mr.. Edwards therefore was not il
Ignorance of the meeting. The election
of the gentlemen us inspectors was legal
md if not agreeable to any stakeholder he
could protest Is there was Il legal remedy
MI Page then on behalf of himself IN,
he stock he represented. protested ag,,ins
the action of the Board of Directors in TIL,
election Of those inspectors, and shout,
contest the legality of their election in tn,
courts, if n, ce-sary Mr. Brooks also pro
tested.
Mr. j. G. IIoyt was then called to til,
chair and ordered the gentlemen to for
ward their ballots for directors.
Gov. Page then asked him to read the
report of the stockholders, which Wa,
lone The report showed that twenty
| thousand shares We're held.
Gov. Page said that up to five minutes
before this meeting was called to order
the total number of shares outstanding wa
II $50. and this new issue con lists of Coz
shares to l.. Mills and the balance to
James X. LanmGon. The treasurer say
he has received nothing on it. The Pre>i-
lent has illegally issued it and the action
i based on that directors meeting held III
the cars. 1t is solely for the purpose o.
carrying this election and he protested
against the inspectors counting it.
Mr. Brooks also protested, denouncing
the issue Us an outrage, and demanding
that his protest should be recorded, which
was done.
The voting then proceeded and when il
was done, Gov. Page asked the in>pec
tors to count in presence of the stockhold-
els.
Mr.. lIoyt said they chose to retire.
Gen. Whitney objected to their counting
any vote on that new stock.
Ihc inspectors retired and after Il short
time returned and reported that the Who'll,
number of shares voting was 1919 o
his number the old board, or Smith party
received lO.7l9. and the new ticket, which
embraced several Of the Old board, anC
Br tdlcv Barlow, +. \. Brooks, K. ii
IIoyt and others, and may be desi yntte,