Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1879-08-08

AMI Al MEETING OF ITS STuC klloLDEE THE
DIRECTORS REPORT IMPROVED FINAN-
GAL CONDITION OF THE CoIf"EAIIoN
COY. PAGE UNANIMOUSLY REELECTED
PRESIDENT.
The annual meeting of the stockholders OF
the Rutland Railroad Company was held IN
the office of the president, at Rutland, on
Thursday. The president, Gov. Page, call
ed the meeting to order, and the call was
read by the clerk, b. b. Smalley. The an
nual report of the directors with the balance
sheet was presented.
The latter showed on the credit side Capt.
tai Stock, =. 4S0, 600; Preferred Stock,
S4,Oo0,00O; Mortgage Equipment Bonds
issued (of the million authorized, $40, zoo
Mortgage Bonds, ~, Az, 200; Dividend Scrip
outstanding. S63, 900. 40: Coupons unpaid
S1l.3l0.50: bills payable, 1881 222 Oh max
ing Il total of 80. 49,, S3302. The debit side
shows Construction account, $, S2i 81 l.'9
Real Estate, S115, 925. 81; Addison Railroad
Stock. S451 800; Rent due and unpaid, S3l,
500: Cash, S295.36 Total, 80, 49,, S;3i3 Or
EEcEIrTs FOR THE YEAR ESDIsG JUsE 30, 1879
{ IA on hand commandments 1,.i6S o.
Rent of Road n months ........... PSI. Gao ~
Rtut ui Real Estate. ACKNOWLEDGEMENTS. IS -
Interest on receIvabes. ..---.--.---.--. H,usl a.
EanIs pc ee 'D'.i''i 900 90
From sale OF i've per cent mortgage
Gniis--..------- -.---.----------- l-l'''4"' WV
81 1926 o5
DISBURSEMENTS.
Coupons on First Mortgage Bonds aud o. q, n,
Interest ...-.-----.-s ''-''' u"
'' ,, o III ri"'l'i"e''' Do''''' 9209, 10
D,vi,irnd Scrin naii ......... l54,U92 80
Interest an OiviIruI s.riD ......--.-- Sc. 800 ~
Equipment Bonds. IS and -. eAchhilEeu S9a,eou W.
Rent Of Leased Roads -...--.-.--.-.--.- 5voo ~
Interest Account Observation-Disclosures 2!tSH 10
Salaries ami Miscellaneous expenses. 1899 ~
T,Xes .......... 6u55 81
Bills PAYABLE. PAS. S2,oo5 90
cash ON hand 49,. --------. a'' ."
sl.4so.2I6 %
the bills PAYABLE for the year would show an ac,
tul reduction of sI,Oll 81 but for the purchase OF
f0,OO1 of the equipment bonds.
The liabilities of the Company, exclusive OF MOTT
gage Bond are:
,sf hal ,.'"-'.-.s s9.91s -
Bills PAYABLE ...---.-. 3Sl.22S 0S
Equipment Bonds outstanding .--.----- ini 20" 90
Fst won Tn'tresT On Dividend scrip 2V,9
Assets applicable TO the foregoing
First Mortgage Bonds. s 10000 90
Mortgage Bonds, per cent. ........... $4,000 90
Addison Railroad Stock ..-........-.-.. 1884,, 500 %
Rent due and unpaid. 1880 90
Five per cent Bonds received in ex-
change for Equipment Bonds pur- 81,
Rockingham. cash value . ..'....9'.. $4,000 90
Cash value Of assets. $50 $50 90
LIABILITIES.
Old Mortgage bonds and in
terest X n b. X Rs Sssls 5.
Bills PAYABLE ..-..--......-.. 33l,2 %
Coupons Bonds, unpaid 1850 50
- s3s2, 452 10
Leaving ADDISON Railroad
stock on hand ..-. ........ sa32 $40 20
The report says:
In consequence of the great reduction of
our rent under the modified contract of lease,
as stockholders are aware, it became neces-
sary for us TO ask of the holders of our equip
ment bonds, maturing in 1880, to exchange
their bonds for the new 5 per cent bonds
running twenty years and, also TO ask our
first mortgage s per cent bondholders to
reduce their interest TO @ per cent am
happy to be able to report TO you on this
suhiect-that all of the equipment bonds of
both classes have been converted into the
per cent. except S104, 200 and that 81, 203,-
900 Of the s per cent, first mortgage bonds
have been stamped 10 6 per cent. Ii may he
confidently expected that the holders of the
remainder both of the equipment and first
mortgage bonds will eventually come into
this arrangement, thus effecting an annual
saving in interest of $4,000.
Mr.. II. VI. Whitney of Boston thought the
report now presented was very gratifying
one, and should inspire confidence in the
minds of both bondhoders and stockholders
as to the future of the company. 1t appear
ed, he said that nineteenth of the seven and
eight per cent equipment bonds had been
converted into the new five per cent bonds,
a., Of = 81, bn fr,t
gage eight per cent bonds had been stamped
down to six per cent In addition to the
S74, 900 reduction in the bills payable, the
company have paid the interest until Au
gust. 1850, on SOL 900 by funding the same
in five per cent bonds the interest on this
amount being S27 ,595, which, added to the
S14. 900 shows a clear reduction of the float
Ing debt of one hundred thousand dollars
during the past year. The total interest to be
paid during the year is S134, 061. "a. The net
rental of the Rutland and Addison Railroads
is S254, 9S4, irony which is TO he deducted for
taxes and expenses of organization $4,000,
leaving the company net income of about
$40, 900, 10 be applied to the payment of
interest and floating debt. 1t thus appeared
there was at least 100000 to he applied to
the reduction of the floating debt during the
coming year. The report shows that the
company has on hand S162, 900 of first mort
gage bonds, and S324, 800 of s per cent
bonds. If the credit of the company should
bc So far improved at any time within the
year 50 that it might sell its per cent bonds !
at par. as the speaker believed would be the |
case. the debt could then be still further re
duccd hy this sum, leaving less than SO |
900 Of Heating debt TO be provided for. |
The company would own 1924. 600 in its 5 |
per cent bonds applicable 10 the payment of |
this balance and the amount outstanding of |
the old Rutland and Burlington mortgage |
bonds, $40 The condition of the |
company, said the speaker is therefore such |
that we think it should and will command |
the confidence of parties who have money to |
invest and will investigate for themselves |
There can be no question as to what the |
income of the road is, and it appears that
there will be a regular surplus, after the |
payment of the floating debt, of $4,000, |
applicable TO the payment of dividends on |
preferred stock. The management of the |
company in bringing about this change has
been very able or il never could |
have been accomplished.
The directors report was unanimously &C
ceptcd.
Gov. Page announced that Judge Prout
had resigned his position as director of the
road, and declined 10 be a candidate for re-
election. A vote of thanks was unanimously
tendcred Judge Prout for past services.
The vote for directors resulted as fol-
lows:
John T. Page, James II. Williams
James W. Iiickok, f. A. Birchard, Jacob
Edward 5. Moseley, George W.
Gill, Henry NJ. Whitney, B. b. Smalley,
each receiving 30 33l Notes.-The total mum
Der cast
After the stockholders meeting the board
Of directors organized as follows John b.
Page, president; J. NJ. Haven. treasurer
b. b Smalley, clerk J. ii. Williams, clerk
Of board John Prout, counsel j. b. Page,
Jacob Edwards, Z. 5. Moseley, G. W. Gill,
J. " Hickock, finance committee
American Bar Association.
The second annual meeting of the Ameri-
AN Bar Association will he held Mt Saratora