Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-08-06
J Il. WILLIAMS, ! Au5i.ors.
rutland, Vt. July %, 1875.


The ledger balance sheet, with the ac-
count Of the receipts and disbursements.
and the rent account io- the eighteen
months eading July /, 1875. show the pres
ent condition of the corporation. The books
and vouchers have been examined by the
auditors, as appears by their certificate ap-
pended
Since the date Of the last report, we have
come into the possession Of valuable real es-
tate at Burlington, as the result Of law
suit that had been pending for some years
There is still pending a suit to recover u
balance dae the road of about S2. 500.
Other than this, all litigation and disput-
ed claims known to US have been settled
and adjusted, except those a Using under the
lease of your property to the managers of the
Central Vermont.
Thee questions require careful eonsidera-
ton, and it is our duty to give YOU the
facts. The board have thus far been guild
ed BY their legal adviser, with whom they
have associated Senator Eimunds. 1t is
believed that beneficial results will soon be
reached i'll the payment Of the rent due you,
and the return OF the property.
The circumstances or condition of affairs
that led the suggestion Of consolidating the
Rutland, Vermont Central and Vermont and
Canada railroads were called to your atten-
tion ut our last adjourned annual meeting.
\ consolidation of these roads upon fair
and equitable terms was contemplated. This,
for a time. quieted &C contending interests, and
resulted in preliminary agreement there
with submitted) constituting basis Of
consolidation, and promised II successful
issue.
Such, We have no doubt, would have been
the result had the project been Immediately
pursued and the exact condition of the re-
ceivership ascertained and determined, as
from the outset it was understood that it
should he.
ANY other plan or method Of getting at,
or of carrying it into effect, was for the Sc
curity holders of all the roads interested, a
move in the dark. Conflicting liens upon the
trust properly, the assets AID liabilities of
the trust (only known to be iarge). involy-
ing doubtful questions, were to be encoun-
tered and first disposed of, and definitely set
tied in the pursuit of any plan OF consolida-
ton and this could be done only bv set
tlement Of the receivers accounts under the
decree in the court in which they were ap-
pointed. They would release no claim upon
the property or road represented by them
until they were discharged, or were released
or indemni6ed against all liabilities existing
against them and arising in the administra-
tion Of their trust, and this settlement, the
first essential step. your directors insisted
should be taken before they would commit
this company to any scheme of consolidation,
and submit it to you for approval and ratif-
cation. This obstacle as yet has not been
removed
Another difficulty existed, and that was
outstanding eontracts and leases resulting in
great loss which could have been and should
have been cancelled. The statements made
up by the treasurer Of the receivers and
managers showed the net loss upon all the
roads operated in the trust for tbe year end
ing July l, 1874, TO b more than half