Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1875-06-29

EA ~ Idllt NudL BUM tlCcC Aa4ASkil1 >
should allow me. Have devoted all NV
time 10 the business, save that when |
was president of the Northern Pacific,
from '67 to 70, / undertook TO carry
along both. While | was a receiver, i
was also trustee of the 1st mortgage
bonds, and hold that still Have never
charged any salary as such. The SUBJ
ject has never been up. My impression
IS that / became president OF the fer-
mont Central in '61 or '62-no. | am
mistaken-it may have been '66, and
have held il since. | bid off the Yer
mont Central stock at auction some 2 or
years prior to my becoming president
and have since held it under that title.
Since ! have been president, Edward w.
Peck of Burlington was clerk for few
years-think he came in before. Mr..
Walton had been in before him. MIR.
Peck was succeeded by my son George
Gregory, some three or four years ago.
The Office is merely nominal. The or
ganiZatiou has been kept on foot merely
to hold the franchise. | do not know
that | have ever received any personal
benefit from it. Have held il for the
benefit of the property, and not for the
purpose of giving its corporate consent
to propositions.
w. G. Smith is now director of the
Central Vermont, trustee of the 1st
mortgage, and of the Cd mortgage. He
has been trustee of the % mortgage for
a good many years-cannot tell how
long, but think since 1865. '66 OF '67-
He was a director in the Vermont and
Canada though he had before been
clerk-since 1861 or thereabout, and be
held it until the death of Mr.. l.. b.
Peck, and was then also made President.
He was President until 1872.
John w. Newton was clerk of the
Vermont and Canada for time prior ID
1872. He is my nephew. have had
no official relation to the Vermont anil
Canada since 1852, and was then clerk
and counsel.
When | was appointed receiver as
sumed control of the Vermont and Can
ada and Vermont Central, 167 miles.
Commenced to run and operate the
Sullivan In 1868 or "a Until then [
had operated no other but the Central
and Canada That was the first lease.
will produce that and other leases
(and he then went into the vault TO get
them, and shortly returned with the
Sullivan lease IL was read by Mr..
The lessees were Lawrence
Braiuard, J. Gregory Smith and Joseph
Clark: tern five wears from Sept. j,
1861; rent SIS. 600 year, and a benefit
from an Old contract between that road,
the Northern and the Central the rent
was monthly, and the lessor was allowed
to collect from balances due the trustees
of the Vermont Central lesees were to
cs..nir nc fharr faaTnh
please a further term of years wal
left optional with the lesees.
Governor Smith testified that he took
possession of the road and rolling stool.
September l. 1861 We ran lhe road IS
any foreign road. They had some fon-
OF FIVE engines, about 100 freight cars, .
sufficient number of passenger cars, etc.
Mr.. Gyles Merrill WAS the Superlntenc-
ent when we leased il, and we continued
him along; his salary was $1,000; just
prior TO the lease he had been appointed
Superintendent of the Vermont Central.
The length Of the road is twenty four
miles. Mr. MerFilfs salary as SuPerin-
fendent Of the Vermont Central WIS
S3, 900 The passenger cars of both
roads ran ihrough over both, just as they
always had. We did not have separate
contractors We ran our engines
through to B ll0ws Falls, and the Sulli-
van engines ran up to White River
Junction. The conductors ran sim =
larly. The accnunt for alt these eX-
penses was divided according to the
mileage We did no keep up the SulE-
van machine shop after about a year;
the repairing WAS done here and &c
4 n st,s.r, a
long history of what was called the
Dinety-nine years contract, which VIZ
luallY hai absorbed the Vermont Cen
trail inio the Northern New Hampshire
1, and sid 1t was 50 disastrous and
involved such complications that tie
Vermont Central could not collect It's
balances Our counsel. Peck and
Tracy, advised US that we had better
take lease of the Sullivan road, which
had been rendered, aud by which we
thought we could end that disastrous
contract. We took il, and the Northern
became incensed ana stepped IN ard
purchased the road. We had a contract
with Mr. Eldridge for the purchase, but
they heard of it, bid higher, and got it
after our lease had run about four years.
They demanded surrender Of the roa l,
which we declined they consented to
let us hold it if we would yield TO them
the benefit of the old contract; we de-
clined, and they abrogated the lease. L
went to our Legislature, which was IN
session, and got charter for new road
from Windsor To Bellows Falls. After
we had surveyed it. the Northern
come to me and said they would con-
tinue the lease and the contract. i re-
fused and finally they consented to make
new lease TO rs, which extends inde1-
nitely, and we hold il TO day, the only
condition being that we viii not dlsun-
guish against them on business coming
over the Passumpsic He here read
Peck and Tracy's lener with which our
readers are already familiaiJ When
the Northern purchased the Sullivan
they took off the rolling stock aud tools.
We had to restcck il aud then we made
arrangements with tie Vermont Central
to run in connection. making proper
division of the expense. This was
more economical 10 ihe Central than il
would have been u run the engine mere
ly from White River Junction TO Bel
lows Falls-e especially after we had re-
moved the shops from Mortified here.
In reply TO Mr.. Davenport, he said
that during a portion of the Time under
the first lease they made repairs here.
rBeing asked for The new lease, he pro-
duced aud read copy of ii the lease
being in possession Of Mr.. Merrill.
This is the only written lease there is;
it has been continued by parole, but the
rent has been increased to S25, 600
About three years ago there was an eK
tension of the term and i took the lease
myself, the understanding being by pa.
role. Mr. Minot ard Mr. Stcarbs acted
in behalf of the Northern 1t waI
agreed that there should be a writer
lease; | and Mr. Merrill have tried hard
| to get il, but have not succeeded. Tn
rent was paid quarterly, and it has beel
paid by the treasurer OF the receivers
here. The accounts of that road arr
Kept on a separate book or books; III,
receivers settle with the lessee once il
six months.
Here the Governor explained III,
method of collecting accounts TO
through business over connecting roads
i IL is all received into one treasury here
we keep no separate accounts or tilss
The accounts of the Sullivan are kep
| by the receivers. The rent is maid I