Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1882-11-24

Final Close of the Thirty Years War.

As announced in the FREE Pass n few
days ago, terms of comproms. in the railroad
litigation have been agreed upon and the
matter will probably be settled in IA few days.
The Central Vermont management propose
to purchase Of President Brooks and lis as
sociates in the Vermont and Canala road
their entire interes, in the stock of the corpor-
alton, as well us the amount held by them of
first and second mortgage bon Is Of the Yer
mont Central railroad. The amount of Yer
mont and Canada stock is $1,000 000 The
first mortgage Of the Vermont Central is S.
600, COO ami the second mortgage II ,OUO, 900.
The trust Indebtedness of the present mana
gers, which the Supreme Court decides is an
equitable mortgage on the corpus Of the Yer
mont Ccntlalan Vermont aud Canada roads,
aggregates $4,000, 900, including the Central
Vermont claim, equipment bonds aud float
Ing debt. 1t is proposed, after title to this
railioad property is obtained, to effect IN or
ganization under Vermont laws and to issue
a first mortgage of 5000, 600 ut five per cent
on the Whole property. OF this mortgage
the holders OF Vermont and Canada stock
are to receive Sl,OOO,OOO in exchange
for the three millions OF stock Of that
company, all claim for tack rent 10 be sur
bonds, the holders of the floating debt and
all other creditors included in the decree of
the Supreme Court in the Lnngdon case con-
stituting the trust debt of So 600 600 are to be
appDrtlOncl the balance I'll 50, 900 90 of these
bonds The holders Of first and second
mort gage bonds are to receive secondary
security on II basis of 90 cents ON II d Dllur for
second mortgage bonds in preferred stock
On the contamination of the negotiations for
a settlement of the OH ginal suit, entitled
"'Thc Vermont and Cauat!a versus the Yer
mont Central ral.roId company" entered in
The docket of the Franklin County Court in
1850 and of which the great Langdon rail
road case. Instituted in 1878, is supplement
airy, will be terminated, final decree will be
given in the Langdon case, and the suits now
on the docket of the United States court
will be withdrawn. President Smith pro-
nOunces the statements of a probablc'lcase of
the Central Vermont system to the Grand
Trunk railway utterly without foundation.
Report that the Central Vernon, IL to
Pas. into Possession Of the Grand
Trunk.
The managers of the Grand Trunk have, it
is said, been trying to get possession of the
Central Vermont as means for reaching
Boston and New York. They have been
latter while the long pending legal complca-
tons existed 1t is now reported that ne,
goiations for the removal OF this barrier
have about reached favorable termination
and that the Central Vermont railroad will
issue 81 900 900 Of first mortgage 8 per cent
bonds, one million to be used in settling the
claims of the Vermont and Canada railroad
four millions to pay oil outstanding 8 pei
cents and the rcmang $1,000 900 to canoe
other obligations. This done, it is said that
the Grand Trunk company is 10 lease The
Cen,ril Vermont at far rental. The
Grand Trunk would then control lines from
the Wet to White River Junction and Long
Island Sound at New London and to Portland
Full advantage would be gained Of the Cen
trail Vermonts connections with Boston VIA
the Boston and Lowell and Concord rail
road. From New London connection would
be had with New York by railway by one OF
the Sound lines. We are not informed as to
the authenticity of these statements, but give
them for what they are worth,