Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-11-09

The SOUTHEASTERN AND PAssUxrsIc RAIL
ROADS TRoUBLE.-It is difficult to determine,
from the contradictory statements publish
cd, exactly what are the merits Of the rail-
road quarrel which has resulted in the vlo-
lent tearing up of the track OF the South
eastern road, rendering thirty miles Of road
useless Mr.. Raymond. president of the
Passumpsic Road says in a published
letter;
The Southeastern Railroad is under the
management-not of the Passumpsic Road.
as stated-but of John E. Lyon, president
OF the Boston, Concord and Montreal Rail
road, and myself as trustees. under the term
OF written trust, to which Col. Foster was
a party, by which We, the trustees. were to
equip and run the road, and out of the net
earnings to pay. first, the interest upon the
money loan of the Boston, Concord L Mon
treal and Passumpsic roads, and the balance
to Mr.. Foster With the management or
the keeping of the books or the accounts,
the Passumpsic Railroad has nothing to do.
The trustees keep their own books and &C
counts. These have always been open and
still are open to Mr.. Foster s inspection. I'm
fortunately for him and the others whose
money the trustees represent. the depres-
sion in business for the last two years and
the difficulties of getting new road estab-
lished, have rer dered the income from the
road less than had been hoped, and the re-
turns have not thus far enabled the trustees
to pay the first charge imposed upon them
by the trust deed. viz: the interest on Dor
rowed capital Of all this Mr. Foster is well
aware, and none can know better than he
how perfectly suicidal is the present at
tempt TO regain tine road by violence. His
only motive can be to have the effort
prove failure in :be hands of others rather
than in his own.
Col. Foster. the manager of tho South
eastern, in reply to Mr.. Raymond says:
lido not DENY that the Southeastern was
managed by Messrs. Raymond and Lyon
but that there was trust created, written
or understood, to which | was party, |
unhesitatingly contradict, and, as proof,
would refer to the deed of lease, of date the
10th Of March. 1875. between the South
eastern railway company, corporation
daily established By law, in the Province of
Quebec, and Dominion OF Canada. of the
first part. and the Connecticut and Passump-
sic rivers railroad company. a company
duly established by the laws Of the State of
Vermont. of the second part" And no
other deed or document exists bearing any
similarity to trust deed such as is describ-
ed by Mr. Raymond. In face of this deed.
Mr. Raymond does not. however, hesitate to
say that the Southeastern railway is under
the management. not OF the Passumpsic
road as stated-but of John Lyon, Presi-
dent Of the Boston, Concord and Montreal
railroad, and myself as trustee, under the
terms Ci written trust to which Col.
Foster was a party"
The railway was conducted by the Pas
suIDpsic company, to whose mismsnage
ment, to whose desire to depreciate the
stock and degrade the road and country, is
due the fact that the revenue of the road
mas been less than had been hoped for-may
| remark? not by Mr.. Raymond but by the
stockhoders-Mr. Raymond's idea having
been so to allow the Southeastern to
run down, that he and the ring, OF
which he is the centre, might the more
readily obtain ultimate and absolute
control of it. In regard to the Trus-
tees books and accounts, Mr.. Rsymond's
declaration is the first | have heard either
OF them or OF trustees. By the terms of the
lease. however. the Passumpsic company
were bound, among other things, from time
to time to furnish reports of the earnings OF
the road to the directors of the Southeast
ern, which they have not done. Neither
have they paid to the directors of the So nth
eastern railway One-fourth of the gross re-
ceipts of the Southeastern, which, BY the
terms OF that lease, they had undertaken
to do.
As to what Mr.. Raymond says in regard
to the suicidal attempt to regain the road
BY violence, | am happy to say that no vio
leDce was used, the Southeastern company
having come into possession and enjoyment
OF their own property in quiet and peace
able manner. using no violence to accom-
piish that end.
1t became incumbent, say, on the South
eastern company to take possession of the
road for its own protection in order TO make
certain absolutely necessary gross repairs to
the roadway, which, by their lease, the Pas
sumpsic company were not obliged to do ;
their liabilities in this direction resolving
themselves in the repairs that were only
minor in their character. For some time
past the roadway has been getting into
worse and worse condition, particularly in
the township of Potion. close to North Troy,
where an immense embankment of clay has
been gradually sliding towards the track,
until at length ii is within about a foot OF
1t, to the imminent danger OF trains and
their passengers In view of this few will
be inclined to doubt that the Southeastern
we're bound - take prompt action.