St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1878-02-01

you, JoR 1t isn't the least matter. O.
Josie, if yOu had only had the dream,
you would know | couldn't wait min
ute to stretch forth my withered hand -
Portland and ogdensburg Railway.
MEETING OF THE BONDHOLDERS.
[Reported for the Boston Journall
SPRINGFIELD, Mass, Jan. "a.
The bondholders of the Vermont Di-
vision of the Portland and Ogdensburg
Railway met in Springfield to-day.
Judge William S. Shurtletf of Spring
field, Mass, was chosen President, and
Henry E. TaintoI of Hartford, Conn.
Secretary.
The report of the Treasurer, A. w.
Hastings, was as follows:
ASSETS.
Construction and equipment account, in
Guiding discount on town and railroad
bonds. and interest during construction
to date. 1890, 77a
Shop stock, machinery and material on
hand, 30 900
Cash balance, &c. 40 500
Stock subscriptions due, $500
s5,O65, 772
LIABILITIES.
Capital stock paid, 81 O22 900
First mortgage bonds sold, 457, 500
Pledged, S42 200
Consolidated bonds pledged. 81 900
Second mortgage bonds pledged. I49 900
Preference bonds sold. 81 900
Pledged (prefcrenoe) 3II 900
Notes and bifls, 4O4 ~
Amount coupons To Nov. l. 1875, 234 900
Traffic balance, &c 900
Balance due agents, 39s. 900
Total s5O65, ,772
The report was accepted.
Judge Poland, one of the trustees,
was requested to state TO the meeting
the status of the affairs of the company.
The Judge replied that he knew really
little about matters, but thought Mr..
Jewett, the Superintendent, and Gov
ernOr Fairbanks could enlighteu the
gentlemen better than he. He was
trustee for the first and second mort
cages and also for the consolidated
mortgage. When the preference mort
gage was got up he was made trustee
without consultation. My connection
under these mortgages is simply as
trustee, and am sure would not con-
spiSe to cheat any of the security hold
ers. The road was completed as far as
johnson, leaving some forty miles un-
completed. | learned in 1876 from some
of the managers that they would not be
able to pay the interest on their bonds.
They wanted to complete the read.
The preference mortgage was suggest
ed, $500 900, | think. | apprehended
they would not raise any money under
the preference bonds. My opinion is
that it is better TO let the first mortgage
foreclosure and the road revert to the
bOndhOlders. Gov. Fairbanks, Col.
Jewett and others said they felt respOn-
sible to the people in the western sec
tion to see the road through They ar
gued that il would not do to let the
foreclosure come. They finally conclud-
ed to issue the preference mortgage.
They did better than | anticipated, and
they came to me with a large represen
tatiOn of signatures of the first mortgage
bondhOlders, aud the preference bonds
were issued. Some time previous to
issuing the preference mortgage Il con-
tract was made with Hogan to complete
the road. Hogan kept along until fall,
when he ceased. In the meantime Il
contract was made with the Portland
Rolling Mills for iron, they to take the
company's notes, the notes to be secur-
ed by preference bonds, and they fur
nlshed the entire amount of iron. The
bonds at 95 cents OH the dollar were
taken by the Portland Rolling Mills,
Mr.. Rice then took hold to finish the
road. Mr.. Rice took over 100000 of
the preference bonds. He could not
raise money on them so he stopped.
Colonel Jewett then took hold and
about S400,0 900 of these preference bonds
have been used for putting the road
through, and for no other purpose. Mr..
jackson of the Rolling Mills and Mr.
Rice took them. None of the interest
on the preference bonds has, believe.
been paid. The road was completed
and trains began running about last
August. Colonel Jewett used all the
money he could get to put the road
through. The consequence was, bills
for supplies and debts to employees are
owing. There were no means to paw
these employees aud debts. Attach
ments came in, trustee suits on station
agents came in, and it was evident
Receiver should be appointed.
Mr.. Jackson about this time called on
me. His rolling mills held about S175,-
600 of these bonds they furnished
about Sl6O,OOO worth of iron. Mr.. Jack
son said he could not raise any money
on the bonds, and asked Judge Poland
the best manner to get assistance
Then | saw that attachments were like
ly to swallow up everything, and the
only salvation was to get receiver.
Col. Jewett was appointed trustee in
lieu of DR.. Low of Boston. Upon con-
sultation with the managers, suggest
ed co-trustee with myself, and Col.
Jewett was appointed. When it came
to the choice of receiver, all the direct
ors of the corporation were present. |
There was 40 publicity given to this, |
because if there were three hours no.