Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1876-11-29
3afrLmtan &c NunrnaL
WEDNESDAY, NOVEMBER 20, 1876.
Joint Committee on Railroads.

tiOunl powers TO consolidate thc vermont 'eutih
and Vermont & Canada railroads. The Central
Vermont managers were represented by Judge
Poland aud b. T. fifeld, and the Vermont &
Canada Company by Hon. C. W Willard and Col.
A 7. Walker The statement Of counsel was adj
mitted as evidence, and none other offered
The statement Of the Vermont 4 Canada crid-
cised the present offer Of the Central manage
ment for consolidation which was defined ~ an
offer Of fifty cents on the dollar in first mortgage
consolidated bonds for stock worth short time
since par, and that the bill under consideration
provided means for the Vermont Canada 10
avail themselves Of the opportunity to secure their
rights by purchase they claiming to be first bene-
fciaries The Central counsel gave a history Of
what had been accomplished since the Central
Vermont charter Of 1872 was granted by this leg
slature. and recited the suits and counter suits
which Boston and other parties in opposition had
brought TO impede the desired consolidation set
tlement and keep intact Boston and Vermont =
great trunk line to the West; that the Central
managers offered their opponents the charter and
franchises themselves; provided, that the debts
were paid and the endorsers relieved, which offer
was rejected and now when more than one-half
Of the amount Of securities have assentcd to the
consolidation proposition, these opponents seek
similar but adverse legislation, intended TO work
the failure Of the plan proposed Of settling all the
difficulty
There was large attendance at this hearing,
but there il little real interest taken in It outside
Of the parties Immediately concerned, large
majority Of whom are non-residents Of the state.
wFnSHsnAY EVENING.
The Senate Chamber was again filled Wednes-
day evening. when the bill TO incorporate the sec
ond mortgage bond holders Of the Vermont Cen
tral into the Central Railroad Company of Yer
mont, was under consideration by the railroad
committee Colonel Walker and Judge Dunton,
Of Rutland, appeared for the bondhoiders, and
Messrs Ffed and Poland for the Central Yer
mont, who naturally are opposed to the bill Col
onel Walker, in behalf ofthe bondholdors, opened
the case when Francis A. Brooks. Of Boston. a
large bondholder. was examined at length in re-
ation to the necessity Of the measure proposed by
the bill The hearing was not concluded until a
late honr.
THURSDAY EyENiNG.
The hearing before the join, committee on rail
roads was resumed in the Senate Chamber this
evening Colonel Walker, counsel for the second
mortgage bondho.dors, began the proceedings by
reading the atndayits Of Clement 4. Walker
Judith ". Andrews aud 7. T. Cary, OF Boston
protesting against the consummation Of the plan
Of consolidation proposed by the Central Vermont
managers. They desired the passage Of the bill
because It would enable these bondholders 70 bid
on the property Of the Central Vermont when
offered for sale The adidayits also set up
grievances sustained by the mismanasement of
the floating debt
Mr. iifed as counsel for the Central Vermont
| proceeded ~ make a statement concerning the le
gal position Of the securities in question lie re
marked that the proposed scheme Of consolidation
contemplated by the Central Vermont Company
was great concession to the first mortgage bond
| hoders lie defended the administration Of th'
Central road from the charge of extrayagance
saying that when the road came into the hands o
the present managers it was completely broker
down, possessing no rolling stock and having
road-bed which was actually unsafe and in orde
to accommodate the public they were obliged L
incur debts 70 complete facilities for the publ
convenience.
lie explained why the numerous leases of th
roads were made by the Central Before that o
the Rutland 4 burlington road was entered int
that corporation and the Vermont Central wer
engaged in a runous competition with each other
afIording no adequate conyeniences to the pull
lie, and only entaiing eventual ruin on them
selves When the Ogdensburg road was lease
| it had a floating debt Of from million to mi
lion aud half Of dollars.
Mr. Fifeld cont,nded that the present cmhal
rassed condition was the result Of no mismanag'
meut on the part Of the Central Vermont man
ayers lie alluded to the condition Of the Easter
| Road Of Massachusetts, which failed some 81
months ago, with more than twenty million do
lars sunk beyond all redemption. lie spoke @
the embarrassments Of nearly all the New lor
roads, with the exception Of the New York Ger
trail, and stated that this was the case throughor
the West, and has been ever since 1874 lie il
sisted that the troubles OF these roads were III
legitimate effect Of general business depressio
throughout the country
MI Fifeld spoke at length on the various issu'
in dispute, and explained the whole theory an
history of the debt and present complications {
the road, and closed by saying that it was hard
TO be presumed that debt, the contraction
which had been authorized by the courts Of We
mont, would be set aside as Illegal without son
presumption in favor Of such proceeding Tn
trust debt had also been created at the reque
and consent Of the Vermont Canada director
as well as committees Of the first and secor
mortgage bondholders
FRIDAY EVENING
The hearing concluded this evening, in Repr
sentatiyes' Hall The first witness called was 4
Estes Howe, Of Boston, who Is member Of Il
committee OF the first and second mortgage bon
I l. H., L.. ~
cerning the consolidation plan. lie was eNaI
med by Mr.. Fifed, and cross-examined by C
onel Walker.
Hon bradley Barlow, Of St. Adams, next to
the stand and his examination ELECTED the IA
that large majority OF the stockholders Of t
D Vermont and Canada road were in favor Of /
> present scheme of consolidation. Mr.. BarlC
stated that all but two were in favor of t
plan. lie also testified that this plan was the
suit Of much careful consideration and was,
n his opinion a very fair settlement for all intere
l. concerned Mr.. Barlow WAS cross-examined
Colonel Walker, but nothing OF importance "
brought out,
Judge Dunton, of Rutland counsel for t
y second mortgage boudholders, then proceeded
' make an able argument against the contemplat
project Of consolidation, lie contended that /
trust debt was not claim prior to the first mo
Il, gage bonds, and stated that the trust bonds 81
u in market for thirty cents ON dollar, VIII
would not be the case II 1t were certain that III
D were prior lien Judge Dunton claimed Il
the plan Of the managers Of the Central Vermo
II carried out would nfict great injustice on
bondholder
In reply to Judge Dunton, Hon. b. I. Eifeld,
Montpelier, made an exceedingly exhaustive
gument in favor OF the projected consolidate
Colonel Walker, OF Rutland, then argued in
interests of the second mortgage bondholde
and spoke with considerable effect in favor OF
passage OF the bill before the committee I
hearing closed with his argument, and the mat
now rests In the hands of the committee to rep
when they see fit
BOARD or HEALrH.-At hearing before
special committee on sanitary affairs, on Tuest
last, on the bill introduced by Mr.. Martin
Londonderry, to establish board of health, |
Worcester of Burlington, Waugh of Fairf
IN and Brigham Of Montpelier, appeared and argl
n. against some of the provisions Of the bill,
m finally waived most of their objections,
&c. moved an amendment providing that all sehc
"' OF medicine shall be represented ON the boa
M This amendment they deemed, ought to rece
sy favorable report from the committee, as il O