Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1875-05-28
TO ADVERTISERS.
The View Central Vermont Railroad
Coutr0ypraV.

parties in the ulreCtlon Oh Tue CeuNiai WI
mont is mainly a legal one. The question
OF control will depend on the decision as
to the legality OF the 1850 shares of stock,
issued TO Messrs. Mills and Langdon on
Wednesday morning, just before the meet
ing, We understand The facts TO be as fol-
lows; When the books were opened for
subscriptions to the stock of the Central
Vermont, May 1st, 1873, twenty thousand
shares were subscribed. Assessments were
afterwards made upon this stock to the
amount of fifty per cent, but only 1850
shares were taA,n. The charter coniers
authority upon the directors TO fix the
amount of the capital stock OF Tia. 'ompa-
ny, in the following terms:
Section 2. The capital stock of the com
pany shall be divided into shares oil one
hundred dollars each, and shall be an
amount sufficient to purchase or retlre the
first and second mortgage bonds OF the NCr-
mont Central railroad, such amount to be
determined by the directors OF the compa-
nv. and such additional amount as may be
authorized by majority vote oil the Stock
holders voting at any annual meeting oil
the cou. pany, or any special meeting duly
called for that purpose; and said stock NAV
he sold or exchanged on such terms az the
shall entitle The holder thereof to one vote,
by himself or by proxy, at all meetings OF
the company, but no stock shall be issued
except for the purposes herein set FORTH
The limit of capital was not fixed, how
ever until last February, when the direc-
tors voted that it should be 81 600, OOO-lO,-
600 shares-and that certificates for fully
Maid M stock should be issued on the sur
i. So, 4 f,,rr
But such Outstanding stock had not been
surrendered, or such new certificates is
sued up TO the meeting of last Wednesday.
OF the II $50 shares of outstanding stock,
Vice-President Page and his party in the
management had secured control of 5000,
while President Smith and his party held
$500, and 25l shares were not voted on,
thus giving Page a majority of COL shares,
till, lust before the opening of the meeting,
the 1850 shares not before issued were sub
scribed for by and issued to James r.
Langdon and L. Mills. This gave Presi-
dent Smith and his friends heavy major
ity and they proceeded to take control of
the meeting.
The two tickets fol- directors were as fol-
lows:
Smith Ticket.-J. G. Smith, st. Adams !;
w. C. Smith, St. Adams; Joseph Clark,
Milton Lawrence Barnes, Burlington; j.
r. Langdon, Montpelier; j. B. Page, Rut-
land; Jacob f, tey, Brattleboro B. p. Che
ney, Boston Geo. NJ. Rice, Worcester; ].
Q. Hoyt, New York j. II. Kimball, Bath,
Me-; Erapcis Cox, Salem.
Page ITcket.-John B. Page, Rutland !;
Bradley Barlow, st. Adams r. II. Hoyt,
st. Adams J. w. Hickok, Burlington j.
r. Langdon, Montpelier; J. II. Williams,
Bellows Falls; Jacob Estey, Brattleboro !;
+. A. Brooks, Boston; Jacob Edwards,
Boston; VIM. Sohier, Boston; Geo. NJ.
Rice, Worcester; T.. II. Mandell, New Bed
ford; ]. S. Whitney, Boston.
The success of these tickets, it will be
seen, leaves IL e road in the hands of the
old board of directors, with the substitu-
ton of Mr.. Barnes for Mr.. Hickok, of Bur-
lington, and Mr.. Cox, of Salem, for Mr.. J.
S. Schultz, eff New York. The success of
the other would throw the Smiths entirely
out of the management. 1t is claimed on
the one hand that this issue of new stock
was illegal that the treasurer of the COM
pany stated that nothing, either cash or
notes, had been received by him therefor
before the election of directors that the
new stock could not be legally voted on /;
that the meeting at which the inspectors
were elected was held upon insufficient no.
tlce, and that its proceedings were irregu-
lar and fraudulent. The Page party for
these reasons hold that their ticket was the
one really elected and intimate that they
will call upon some one of the chancellors
to ecide which is the legal Board. As
precedens for setting aside elections I'M
lawfully carried they cite the case of the
Commercial Bank of Burlington some %
years ago, and later that of the White Riv-
err bank at Bethel.
On the other hand it is claimed that the
meeting for the election of inspectors was
called upon sufficient though short notice;
that the inspectors were legally elected !;
that the $3.50 shares OF stock originally
subscribed for and not taken were suffi-
GENTLY author lied, and could be lawfully
taken, as they were, by Mr.. Langdon and
Mr.. Mills and that the fact that the mon
ey for them was not actually paid into the
Treasurer's hands before the election did
not invalidate their ownership, or right to
vote upon them. Holding these views
bbNs hbN l"A'y PAOASSo " hdNO
no fears of a legal decision of the case. We
suppose 1t is not denied on either side that
Gov. Page had planned a complete change
OF control and reorganization of the road
without notice to or consultation with Gov.
Smith and that the hasty election of in
spectors and fresh Issue of stock were de-
vice to counteract the scheme. We sup
pose it will not take great while to make
up case for a chancellor, and the legal
question involved would not seem to be so
complicated that decision neod be long
delayed.
In the meantime, We cannot but deplore,
on pubic grounds, a condition Of things
which seems likely to postpone indefinite
ly a final settlement of the railroad troub-
les. With the two Governors pulling TO
gether to get the roads~out of chancery,
and with the near prospect of the CONSOLE
dation of the Vermont and Canada and
the Rutland with the Central, there was
promise of a speedy extrication of the roads
from litigation aud the relief of the court
from the business of running railroads.
OF that there can now be little hope.
Whichever party secures or retains control
of the Central, formidable party will re-
maih opposed, and the prospects of consol-
idation and termination of the receiver
ship grow dim and distant. We can see
no prospect of profit TO anybody but the
lawyers in the situation.-B Burlington Free
Press,
The Rutland Globe says when all the
facts are known in the new and bitter war
of the Central Vermont, II will be time
enough TO express settled opinions and
il will doubtless transpire that, as in every
thing else, there are two sides TO the case,
aud ,nncb ar liffla ~ ha oaf1 Co. auI