Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1876-10-06

Company was held at the Van Ness House,
in this city, on Tuesday, October 3rd, lo76,
at O'Clock p. m. President William b.
Hatch, of New York. in the chair. There
was very good attendance.
In the absence of Mr.. f. W Peck. the
Secretary and Treasurer, Mr. Sayles Mich
OILS was elected Secretary pro tenn. and
read the minutes Of the last meeting of the
stockholders. held October 18th. 1873.
President Hatch then submitted the fol-
lowing report
PRESIDENT HATCH's REPORT
To The Stakeholder, ofths Burlington and Lapioile
Railroad Company
The Burlington and Lamoille Railroad Company
organ zed under the general railroad law q the
state OF Vermont Feb. 2ith, 1875. hy the terms OF
TINS organ 1ation the present Board OF Directors
were placed in charge OF the affairs OF the Con
pany. The Commissioners appointed by the sew
era towns to subscribe Ia the capital stock Of the
Company, were inst ucted 10 do so only alter beng
fully assured in some way that in case the towns
made the subscriptions asked OF them, the ROAD
should be finished and put in operation without
further calls upon the towns. Alter subscribing,
the Commissioners nnally agreed they would maze
their several subScr ptlons, provided MIR. u. q.
Linsley would personally guarantee that II such
subscriptions were made tue road should De com
pleted. Alter some two weeks consideration Mr.
Linsley consented 70 do this, and the town sab
scriptions were made.
In pursuance Of the agreement a detailed con
tract entered into with Mr.. Lnsley for the full
and complete construction OF the road. This con
tract dated April sth, 1873. BY its terms the
road 10 be finished and completed TO connec-
ton with the LsmOiile VALLEY Railroad, IN the
town Of Cambridge before the first day OF Sep
tember. l,sb. The WorE OF construction was CON
meuced in the town OF Jericho, in May, ISIS, and
was energ eticaly pushed forward until the Spring
az 1876 During the winter OF 1875 and 1876, good
deal o wOrE was done upon the Lamoille Valley
Railroad between the end OF the track at johnson
ami the point where our road is to connect with
that in the town Of Cambridge. By the end Of
February, ls76. contracts had been made for the
iron tor the track, and also for and lOcomD-
tYes, ami there then every reason TO
believe the rails would be laid, the cont ectiOn
made ard trains running through from Burlin-toR
Il Portland by the first of July last. Early last
Sprlng work was suspended upon the Lamoille Val
ley hailrO-d. But little has since been done upon
that road until very recently. The managers have
prepared plan for its early completion and the
prospect now seems fair that they will be able to
eve US connection early next spring. Mr.
linsley cannot, under his contract be called upon
TO finish this road before a connection can be made
vita The Lamoille Valley Railroad at Cambridge.
but alter a full canvass Of the situation he has
agreed to put down the rails to Cambridge as soon
as the frost is oct Of the ground next Spring even
though the link from the junct on to johnson be
The grading of the road is now entirely finished
from Burlington TO Cambridge BOro, and only
trling amount now remains 10 be done to complete
/ il to the point Of Junction.
The ties are ali out and the greater portion Of
| them are distributed on the road-bed.
Twelve nunuIeu Ions OI iron rails nave been puT-
| chs,ed and delivered at Burlington About hall a
m lion feet Of lumber Tor fencing, crossings etc.
| has been delivered
! The Treasurer reports the financial condition Of
| the Company as follows; Amount OF capital
/ stock authorized, S50U0; paid up stock
| issued, 1926 shares 1872 600; total amount Of
| engineers estimates TO contractor, S5il ,775.3S
les 10 per cent reserved, liz 54-Sis7 597 81
/ There has been pald TO the contractor, cash,
| S3s7, 2I5 AZ; bonds, s2200OO a 90 cents sl320Oo-
| S5Ie2l5 ~. There has also been Issued TO the
| contractor, account OF contract, capital
/ stock 10 the amount Of $ls9,750. Negotiable
notes of the Company have been loaned to Ine con-
tractor to the amount OF 1888 "a. There are no
other liabilities except account of contracts Tor
locomotives and cars, which have not yet been de-
| livered. VIM. b. HATCH, President.
burlington, VT. Oct. 3, 1876.
By request. the Secretary then read a
copy of me contract with Mr.. Linsley.
Hon. n. Parker moved that the meeting
proceed to the election Of thirteen directors
| Tor the ensuing year.
Adopted. and the chair appointed Messrs.
l.. s. Drew and l.. B. Howe as tellers.
The resignation of j. X. Drury as direc-
| tor was read.
The tellers then announced the result of
the ballot as follows: Aes,rs. Nathaniel
Parker, Lawrence Barnes, Morillo Moves,
Z. W. WoodhoGse, Elmore johnson, Josia h
! futile, Ii. NJ. Field, L. 4. Terrill. Ii. f.