St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1875-05-28
The New Central Vermont Railroad
Controversy.

The New Central Vermont Railroad
Controversy.
The annual meeting of the stockhold-
,I~ of the Central Vermont Railroad.
for the election of directors. was held
at It. Adams OH "Wednesday of last
week. aud was made the occasion of
the first opeu opposition on the part of
GOV. Page and his party /" Gov. Smith
and his friends. who have for 80 long Il
time managed the Vt. Central and its
leased lines. Gov. Page made an ex-
p.anr.iiOn ~ the cause of this division
during the meeting as follows: r.' =
at originated in no hostile OF un-
friendly feelings towards any Que of the
old Board. but from Il conviction that
the step taken WAS for the Interests OF
all : and that it WAS necessary in order
to relieve the trust under the manage
mcut of the corporItinn from il burden
ui debt. aud the property from the en-
harr:t>>ucmt of Il RrcciVcrship. This
debit and this position ot the property
IcUuiIcd Il change which necessarily
must he radical and complete To effect
anything. relieving the corporation aud
trust. 50 tar H. pu>>ihlc. of all unprutit
able contracts. and briugin" To the adj
mini>tIdtlon of affairs. Ilgld economy
and fidelity. No one. 81 tar H. know u.
has had any other object. ~ been actu-
atcd 10y any other motive.
The result of the election was that
ria. all hoard r.r.iI.J IN. Inr,- ,t
1919 shares. while the Page ticket re
ceivcd 1000 This majority in favor
of the Smith party WAS undoubtedly
due Ia the issuing shortly before the
election. OF 2:i5u shares not before taken.
and upon the question of the legality
of this act Will pr"hably depend the
decision a. to which board of directors
was elected: we say rhjch rdS ciccted,
for GOV. Page claims that his ticket
WIS elected. as it certainly WAS if the
2:I5O shales Just mentioned Wcrc illegal
~ issued.
w, understand from the Burlington
Ere, Press that the facts hearing upon
this question are as follows: When the
books were opened Tor subscriptions
to the stock ut the Central Vermont.
MAY list. l-13. twenty Thousand shares
were subscribed fpl. Assessments were
afterwards made upon this stock. to the
amount of fifty per cent. but only L.
$50 shares were taken. The charter
contels authority upon the directors to
tiN the amount ot the capital stock OF
the company. in the following terms:
Section :. The capital stock of the
company shall he divided into shares OF
one hundred dollars each. and shall he
an amount sufficient to purchase or le-
tire the first and second mortgage bonds
of the Vermont Central railroad. such
amount to lie determined 10y the direct
oIs of the company. ANA such addition
al amount rs may nt authorized hN Il
majority vote of the stock hOlIrrs NO-
ting at ANY annual meeting OF The com
pauN or any special meeting duly called
tor that purpose and said stock may
be sold ur exchanged on such terms a.
the directors may think best. and each
share shall rutitle the holder thereof IL
one vote. toy himself OF 10y proxy, ut all
meetings ot the company, but no stock
shall Lee issued except tor the purpose,
herein set forth.
The limit of capital WAS not fixed
however. until last February. when the
directors voted that it >huul, Ice : 900.
900 10000 shares and that certificates
ton fully paid up stock should hc ISSUED
Oh The surrender of those which wer,
outstanding. But such outstanding
new certificates issued up to the meet
iug of last W cdncshal.
OF the II. G5O shares of outstanding
stock. President Page and his par
ty in the management had secured con
troll ot 5000. while President smith and
his patty held c.:sg'. aud POI share,
were not voted ON, thus giving Page 4
majority at GOl shares, till. just hcfor,
the opening OF the meeting. the I.:}5I
shares not before issued were sub
scrIbrd for by and issued to James K.
I.angdun aud l.. Mills. This gave
President Smith and hi, friends heavy
majority and they proceeded to take
control of the meeting.
The tickets for directors were II. fol
lows:
SMITH TICKET. PAGE TICKET.
J.G. Smith. John h Page.