The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-06-02
Tlle 8atland 1ailu Glohr.
WEDNESDAY, JUNE 3, 1876.
correspondence OF the Boston Journal
The Central Vermont Railroad.


l notice that the gentlemen who failed
to be elected as directors OF the Central
Vermont corporation at its annual meet
ing in st. Adams on the 18th inst, have
held meeting IN your city, and organized
for operations, as il they had been elected
Their attempt to get possession of the road
was evidently premature, and their organ
ization as board of directors seems also
quite premature. 1t is clear that they did
not have majority of the votes thrown
on that occasion, and they are not the
gentlemen who were declared elected by
the inspectors of the ballots. And of all
the perils that the old Vermont Central
has passed, there has not been one so seri-
Gus as this from which it has just escaped
that of having for its managers the
gentlemen who stand at the head of this
non-elected board. Boston, certainly,
which in the war of the railroads for the
last year has been learning the utility Of
the Vermont Central to its interests, can
hardly estimate the loss she would have in
CURED IL this line of roads had fallen into
the hands of those who would have made
them mere appendage to that New York
corporation-the Delaware and Hudson
Canal company. All along the line of the
Central the people breathed freer when
they felt that the danger which had come
so suddenly had passed as suddenly as 1t
came, and left the road still in its old manage
ment No deadlier blow could have been
struck at the prosperity of the central
regions of our state, Of the Connecticut
valley, and of the roads which connect the
Central Vermont with Boston, than would
have fallen upon them by the success of
the nou-elected directo.s of this company.
They have been very free with their
charges of fraudulent sale of stock, by
which they allege they are deprived of the
election which was legally theirs. Let us
look into this matter.
One year ago Gov. Page, at the solclta-
ton of Gov. Smith, became large pur-
chaser of the stock which came into his
hands by the surrender of Mr.. Parks in
terest in the road. This gave the control
of the corporation iiao the hands of these
two gentlemen and their friends. 1t was
then agreed between them that neither
should purchase any more stock, except on
mutual understanding and for joint benefit.
A few days before the meeting on the 18th
inst. it was ascertaincd that large transfers
of stock were being made in New York
The design was cvident-to capture the
road, contrary to the amicable arrange
ment that had been made, in the interest
of one of the parties to it, without any
understanding with the other. A meeting
of the directors was called at Bellows Falls
on the 18th inst, at 10 O'Clock noon.
There was no quorum present, and the di-
rectors adjourned to meet at half past four
o'clock, in special car on the train north.
The directors were joined by q sufficient
number to make quorum before that
hour. The meeting was then called to
order. the question which had brought
them together was with reference to the
provision of funds to meet obligations ma
turing sc on he o st eedse Dune ne WhsR Tbs
voted to purchase their stock, paying them
five dollars per share, and having complet-
ed the transfer passed the stock to the
credit of the company, as assets OF the
company. OF this, fifty shares were SUD
seouently sold, and 1850 remained standing
to the account of the company. Inc d.
rectors, at their meeting on the lIth inst.
unanimously voted to sell these shares, and
they were at once taken by gentlemen VINO
have the interest of the old Central at
heart.
On the next day the annual meeting OF
the stockholders was held at st. Adams.
Ten minutes before the hour for the meet
| ing Gov Page made transfer of stock on
the stock ledger sufficient to give him and
those who acted with him majority OF
the II $50 shares. Immediately after, TIKI
transfer was made of the $3.50 shares
There is no doubt that the transfer wa
legal in both cases. There is no question
that the directors had as much right t
transfer the stock which the COMPANY
owned, as individuals in New York had Il
had to transfer the stock they owned; ant
if Gov. Page could vote upon stock trans
ferred to him ten minutes before the meet
ing, Mr.. Langdon, and others could vol
upon stock transferred to them hve minu
ties before the meeting. And II II Is rlgh
for Gov. Page to try to obtain possessio
, of the road contrary to his agreement wit
Gov. Smith, by the purchase OF STOCK Una
was not intended for their joint advantage
the directors had both legal and mort
right To retain possession of the road in I'll
! interest of all the parties concerned, by II
! sale of stock which was clearly at the
t disposal. There is nothing needed but u
Z plain statement of the case to show the Il
teGrily of Gov. Smith and the directors
this entire transaction. If there was an
disregard of honorable obligation, il incl
e was any thing in the affair that sayors
y "Wall street." it was not on the part
$ Gov. Smith and his friends. Boston,
q well as the Connecticut Valley and Il
= railroad between your city and Vernon
IS owe to Gov. Smith new debt OF respe
q and gratitude. lie has, ,proyidenl'isall
t saved this northern line of railroad fro
d Boston TO the west once more from 7
\ 4 grasp of your greatest rival. 1t should q,
n the aim Of your business men and caplli
n lists so to strengthen his hands that al
e. such attempt in the future shall be preve
10 ted by its utter hopelessness. VERMONT