The Lamoille news. (Hyde Park, Vt.) 1877-1881, 1878-01-30
MEETING OF The soEDHoLoERs
OF the p. s. o. Y. r.

Or ne - . " ~ -
Last Thursday the bondholders of
the p. q o. met at Springfield, Mass.
Ii was n friendly meeting. represent
ING all the bondhOlders, wso now con-
sist Of three classes. LIST, the first
mortgage bondholders, who signed
away in favor of the preferred mort
gage bonds 2nd, the first mortgage
bondholders, who have not signed
away; 3rd, the preferred mortgage
bondholders. Besides these there Is
also large class of creditors INCLUDE
ING the employees and those along the
line who have furnished supplies. :
The meeting organized with W.
=. Shurtlefr of Springfield for presi-
dent. Upon request, Judge Poland
gave to the meeting astatement OF the
present status of the road. lnregard
10 the appointment Of the receivers he
said:
That after Rice failed to complete
the road Colonel Jewett took hold and
about 100000 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 i'll
terest on the preference bonds has, |
believe, been paid. Colonel Jewctt
used all the money he could get to put
the road through. The consequent, c
was. bills for supplies and debts to
EMPLOYEES are owing. There were no
means to pay these employees and
debts. Attachments came i'll, trustee
suits on station agents came i'll, and
it was evident a Receiver should be
appointed.
Mr.. Jackson about this time called
on me. His rolling mills held about
$4,000 of these bonds: they fur
nished about S1G0, 900 worth of iron.
Mr.. jackson said he could not raise
any money one the bonds, and asked
Judge Poland the best manner to get
assistance. Then saw that attach
ments were likely to swallow up every
thing, and the only salvation was to
get receiver. When it came to the
choice of receiver, all the directors of
the corporation were present. There
was no publicity given to this, because
if there were three hours notice given
everything would be attached. Col.
Jewett, who got the road through,
and Mr.. Hastings, the financial man,
upon my suggestion were selected and
appointed receivers.
Question-Now Judge what is the
best to do?
Poland-I have done great service
under all these mortgages. | have
had to audit all bills, quarrel with rail
roads, because ! would not let these
preference bonds 90, and | have never
received cent of compensation. The
thing best to do is to get matters am
icably Strengthened out.
A committee Of five were then nom
mated to investigate the affairs of the
road and report at some future meet
ing of the stockholders, and also to
report any scheme which they might
deem practicable for recognizing in
the interests Of all parties concerned.
Governor IIendee said he only az
rived 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
people who have furnished property to
build it, and thought that IN addition
of somebody to the committee who
would represent this class Of creditors
as we'll as the others should be made.
Governor Hendee said he held no
bonds, but he wanted somebody to be
put on any committee to represent
them in any action that might be taken
by this meeting.
Henry D. Hyde of Boston said his
name was put upon the committee by
suggestions Of Governor Fairbanks
and the interests which Governor Hen
dee states were considered.
Col. .Jewett also earnestly urged
the meeting to relieve the people along
the line of the road. They were the
poor farmers, men who had furnished
hard days work and furnished ties,
&C., &c. The committee was finally
appointed and at a subsequent meet
ing of the same two were delegated to
visit St. Johnsbury and investigate the
accounts Of the road.
1t is to be sincerely hoped that the
final result of this movement will be
the Development of the business of
the road i'll the just and proportionate
interests of all parties.
One thing is certain, that the only
way to get anything out Of the roads to
deyelope its possibilities. With such
course, though the road may never
pay its indebtedness at 100 cents on
the dollar it can be made to pay some
thing, while if embarrassed by court
procedures and want Of sufficient
funds to keep in good running condi-
ton it will pay nobody much Of any
thing. If two good new engines could
now be put on the road they would
soon pay for themselves in the saving
of expense, to say nothing of their
tendency to dcvelope the business of
the road.
Gu
Zach. Chandler hired scientific ag-