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

Mr.. Hastings, the financial man, upon
my suggestion were selected and APP
pointed receivers.
Since October two bills have been
brought, one by the Mercantile Trust
Company, who hold some of the bonds,
that were pledged, and another by MIR.
Hasler ia interest of the nOnassenting
bOndhOlderS. have no interest in these
mortgages. l want everybody to have
their legal rights. l should say, as a
lawyer, about the preference bonds that
the first mortgage bondhOlders are sub
ordinate to the preference bonds. Fraud
has been charged as to the procurement
of signatures for the issuance of the
preference bonds. | can't speak for the
gentlemen who got the signatures.
Gov. Fairbanks is here ; he is one of
the gentlemen. Both bills which have
been brought in the United States
Court prays for receiver.
Question-What will be the result of
the papers as filed in Court-the bill
and cross bill
POland-The papers are such as the
Court can speedily judge who have the
priority. The original bill and cross
bill set up the exact state of facts. The
cross bill makes some of the bOndhsld-
ers defendants. | have no interest in
any of the bonds whatever. 1t has been
charged that have had.
Question-Now Judge what is the
best to do?
Poland have done great service
under all these mortgages. | have had
to audit all bills, quarrel with railroads
because would not let teese preference
bonds go and | have never received IA
cent of compensation. The best to do
is to get matters amicably Strengthened
out.
Mr.. w. G. Russell of Boston rose and
said he came here in interest of one OF
the signers of the call and he offered the
following resolution:
Resolved, that Louis Fitzgerald of
New York, George E. B. Jackson OF
Portland, Charles w. Hasler of New
York, Henry ID. Hyde of Boston and
John j. McCOOk of New York be COM
mittee to inquire into the affairs of the
Vermont Division of the Portland and
| Ogdensburg Railroad, the relative rights
of the different bOndhOlders and the
other claims against the road, the con-
ditiOn of all suits now pending, and re-
port ut future meeting of the bond
holders to be called by said committee
at an early day And also to report
any scheme which they may deem prac-
ticable for reorganization in the inter
es+s of all parties concerned.
Mr.. Russell thought that if there was
to be an investigation it should he by
these gentlemen, in different interests,
asserting and nOn-assenting parties,
and business gentlemen.
Governor Hendee said he only arriv-
ed this noon from Washington. He
had been in the concern from the first
Indebtedness existed along the road =,
and he felt great interest for those peo-
pie who have furnished property to
build it, and thought that an addition
of somebody to the committee who
would represent this class of creditors
as well the others should he made
Governor Hendee said he held no
bonds, but he wanted somebody to he
put on any committee or represent
them i'll any action that might be taken
by this meeting.
Henry ID. Hyde of Boston said his
name was put upon the committee by
suggestions of Governor Fairbanks and
Others and the interests which Governor
Hendee states were considered.
Mr.. Coggeshall said he thought as
Governor Hendee did. | hold $780,
600 of these bonds. Newport, r. l.,
holds One-seventh of the total indebt-
edness of this road. Mr.. Coggeshall
said he would have done just as Judge
Poland did. Col. Jewett got the road
through. We don't want any advan-
tage. We at Newport are not poor
enough for that. (Applause.) What
Governor Hendee said was true. 1t is
the tairest land from Swauton to st.
Johnshury ever saw. was there and
talked with the people of the towns,
and by talking with the people in the
many towns | got them to keep off
suits. | am ready to sacrifice one-half
of my interest to save the road,
Mr.. Price of Philadelphia thought the
committee should have the confidence
of the Interests they represent, and
moved as an amendment to the resolu-
ton that the several interests represent
ed here to-day shall select two to be
upon that committee.
MIR. Russell OF Boston explained the
status of the gentlemen suggested as a
committee and their respective inter
eStS.
Mr.. Hasler of New York said he rep
resented $4,000, and since he filed the
bill $4,000 OF 100000 more have come
to him.
Mr., Ooggeshall heartily indorsed Mr..
RusselPs resolution.
Mr., Price of Philadelphia said he and
another gentleman in the room repre-
sented IA larger interest of non assent
ing bondholders, and they had not been
consulted about this selection of the
committee. He offered the following
amendment:
That all the names mentioned in the
resolution be stricken out, and insert as
follows: Each class of bondholders
shall appoint two members of the COM
mIttee, and that the creditors of the
road for supplies and labor shall ap-
point one member.
Mr.. Pancoast, Attorney of the Ma
tlonal Bank of Republic of Philadel-
phia, said his bank held $4,000 of the
bonds and he supported Mr.. Prices
amendment. He knew nothing about
this committee
Mr.. L. III. Russell of Boston wanted
another one added to the committee in
the interest of the nOn-assenting bond
holders.
Here several gentlemen sprang to
their feet, but Col. Jewett got the floor.
He asked the meeting to relieve the
people along the line of the road. They
are the poor farmers, men who have
furnished hard days work and furnish
ed ties. Let us scout auy attemnt of