Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-08-17

THE BENNINGTON AND RUTLAND RAILWAY
CoxPANY.-A corporation under the above
name has been organized, and succeeds to
the management and control of that portion
OF the Harlem Extension railroad between
Rutland and Bennington. This railroad
was mortgaged in 1867 to the Union Trust
Company. as trustee for the holders of mort
gage bonds to the amount of $500, 900,
which were principally owned by Com
modore Vanderbilt, who advanced funds at
that time, used in the construction of the
new road from Bennington to Chatham.
The interest on these bonds was not paid
and in 1871 foreclosure suit was commenc-
cd upon the mortgage by the Union Trust
Company. In 1873, the road which had
been merged in the New York, Boston and
Montreal railroad company, was leased to
the Central Vermont railroad company. for
long term, and has since been operated
BY the latter company. At the same time,
Mr.. Park, who owned the rolling stock
upon the road, leased the cars and engines
to the Central Vermont, and the manage
meDt Of the whole property has been carried
on under this contract to the present time.
Meanwhile, the foreclosure suit was defend
ed, and an action was also brought in the
United States Circuit Court, BY Commodore
Vanderbilt. against Mr.. Park, upon per-
sonal obligation executed by him in connec-
tion with the mortgage. The matter was
brought to head few weeks since by the
abandonment of the defence to the foreclos-
ure SUIT. and the dropping at the same time
Of the suit on the guaranty, so that decree
of foreclosure was made in favor Of the
Union Trust Company for $500, 900 prin-
cipal, and about S3l5,0 900 interest, which
became absolute August l. This passed
tae title Of the road to the Union
Trust Company, upon that date. Since
that time various negotiations have been
in progress, in respect to the possession
Of the property, which have proved futile.
A writ Of possession under the decree of
foreclosure was taken ont, and was served
BY David Crofut, Sheriff of Bennington
county. acting under the instructions of
Z. N. Davenport. and A. B: Gardner, at
torneys of the Union Trust Company, who
have plsced F. G. White in charge Of the
property, and directed him to run the road.
Meanwhile, the new corporation has been
organized by the bond-holders, whose mort
gage was foreclosed. and articles of assooia
tion were filed in the Office Of the Secretary
of State. The directors named in the srti-
cles are Augustus Schell and Cornelius
Vanderbltiof New York :; A. B. Gardner.
T. W. Park and Benz. R. Sears. of Ben
nington. The Union Trust Company is to
transfer its title to this company upon the
completion of this organization, and the
new company is to issue its tickets and re-
ceive all income from this date. 1t is IN
derstood that this arrangement is scquiesced
in by the Central Vermont. and that no
change will be made in employees at present.
All the arrangements for Centennial trains
to Bennington next week are to be carried
out according to the published notices. as to
the running of trains and rates of fare. and
no inconvenience will result to the travel
ling public or to the visitors who are expect
ed at Bennington Rutland Herald.