Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1876-10-18
Central Vermont.

The plan which is proposed for the re-
organization Of the Vermont Central and
Vermont and Canada Roads, with the view
to their sale to the Central Vermont. the
taking of the management of the property
out of the hands of receivers and placing
1t on what is believed will prove to be Il
sound and dividend paying basis, is sub
stanliallv as follows:
|. The Vermont Central and Vermont
and Canado Railroads shall be sold to the
Central Vermont Railroad Company, and
that corporation is to issue securities rs fol-
lows, to be offered to the security holders
OF the Vermont Central and Vermont and
Canada Railroads in exchange for their Sc
curltles hereafter mentioned, for the space
OF SIX mouths after said pure base.
III. Registered OF Coupon Bonds of the
Central Vermont Railroad Company to be
issued. not to exceed $7.OOO,OO0 secured
by first mortgage upon the Vermont Cen
trail and Vermont and Canada Railroads
and equipment apprrtaning thereto and
payable in thirty C}W years from date,
with interest ut the rate of six per cent:
farSt, to retire by exchange or otherwise
the Trust Bonds, known as the " Equip
mcnt," Income and EXtension,' and
. Guarlntcedn bonds bond for bond, nc
cording to their face $3,9l2 600
Second, TO pay the Ecrm mt and Cana
dt Railroad Company $4,000 600 for their
road.
And in order to provide for the retire
ment Of the floating debt Of the Receivers
and Managers, there shall be set apart 81
5S1 400 balance of said 81 900. 600 ofbond>, |
which, while they shall stand equal rs to
security with the whole of said mortgage.
shall be entitled to payment of interest
out of the net income of said roads before
any other security of the company up t.
July l, 1879.
And in order further to provide for said
hottlng debt, and to facilitate and eXpedi-
ate the payment of the same. the interest
on said S5,4l2, 500 bonds up to July |,
1879, shall be funded into "A scrip payable
III ten years from the date thereof, or soon
er at the option of the company bearing
interest 1T the rate of six per cent, and
all the et:niny> OF said 70 IDS, after pay
ncnt of interest on said ) ,5S7, 400 of bonds
np toJuly l, 1879, and Of expenses of opcr-
tling and maintaining the same and pay
ne the rent of leased roads, shall be APP
up to July l, 1879, to the pay
n"nt and cancellation of said floating
lcb. ,
III. The present stock Of the Central
Vermont Railroad Company to be retired
md ) ,oOo,oO guaranteed 6 per cent stock
o be issued for the benefit of the present i
central Vermont stockholders, independ- |
mt of the Rutland stock, 50 called, for :
I!vance. interest, etc.
". The Central Vermont Railroad |
company to issue :; 800, oOJ e per cent q
Preferred stock. s. ,OOO, 900 t. be used for =,
Bonds of the Vermont Central Railroad
Company, and to the extern, that the hold :
Is OF sad bonds may be willing to cx- c
aid bonds, and $500, 900 for the Vermont !
nd Canada Railroad Company
Y. The Central Vermont Railroad l
company to i>sue its common stock to L
he amount of 81 800. 900, to be used for /
he purpose of retiring the Second Mort ,
age Bonds of the Vermont Central Rail
Dad Company and to tie extent that the {
loldrf> OF said bonds may exchange the |
anne ut 20 per cent of lhr face value, and i
balance of said common stock to be is sued
o the present holders of the Central Yer
mont stock, independent of the Rutland
took, So-called. {
Yesterday Il move was made by the O. t
heir own hands again. About eirh,
clock in the forenoon the o. ltusburyh&
IKE Champaign Railroad Company seized t
heir road from the Central Vermont for !
lonp'yment OF rent. At their request :
William J. Avcrll, Banker OF Osdcns
'urgh was appointed by the Supreme -.
;olrt of New York receiver for the prop /
rty, and he appointed John c. Pratt, c
President of the old company. rs general ,
ntnayer. They then notified the Central -
erInont managers by telegraph, and be- :
poke cordial relations As to runninr Il
rains. The Central Vermont has notified |
he employees to obey the receiver at pres 4,
mt, and until some other arrangement i
II tdc Will transfer passengers. baggage y
md freight 1T Rou>e's Point They claim c
hat the movement is no surprise to Them i
nI that they had taken care ever since |
he default IN rent, which was in Stpten- :;
'rr, to keep most of the rolling stock on
his side of the lake The amount in c
rrcar Is about eighty Thousand dollars. Q
after the default the Central +
eimont offered To rclinqui>h the road -
tier IN appraisal of their betlcrmenlS and
ett!elnen; for the same, bat the OydenS- l.
'nrgh aul hOl tiles demanded the road first :
heir sudden seizure of it creates some tx-
Ittlncnt Ill the railroad Circles