The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-05-21

and G. B. Cummings OF South Royalton; presl-
Dental electors, II. M. Melendy Of Cambridge,
william Abel of Swanton, S. P. Gordon of
Grand Isle and J. L. Govner Of Newbury.
Delegates to the greenback national conven-
tion, to be held at indianapolis. May 2S: T.
S. McGinnis Of Bolton, c. s. Loomis Of Poult-
ney, Robert Skinner OF Swanton, Orlando
Farmer Of Stowe, B. f. Pickett of Waterbury,
A. p Fairbanks Of Springfield, N. s. Baker Of
Enosburgh Falls and II. D. Dunbar of North
Hartland. The delegates were uninstructed,
but there was strong sentiment for Butler.
THE failure Of the Marine bank and of Grant
& Ward in New York was followed by panic
in Wall street and the failure of large number
of brokers, among them the well known firm
of Fisk e. Hatch. The racket began on Wednes-
day, and during that day and the following
some of the wild scenes Of Black Friday In
1869, and of the great panic in 1873, were re-
enacted. Millionaires were made penniless In
the twinking Of an eye, and banks, whose
capital and deposits were numbered by millions,
suspended. The details of the terrific financial
upheaval have hardly the interest. to the general
reader of disturbance among the animals
tions greatly resemble, and which excite kim
dred degree of sympathy among outsiders.
The business in which these men are engaged
is species of gambling, and their failure
injuriousy affects the country only as the
crash may make it difficult for men engaged in
a legitimate business TO obtain their customary
accommodations at the banks. The event in
the crash most directly affecting the welfare of
the country is the failure of the Northwestern
Car Company at Saltwater, Mimi, of which
Senator Sabin seems to have been the chief
manager. The sudden refusal of the banks to
loan money rendered it impossible for the COM
pany. to renew its paper, which was widely
scattered over the country, and failure was
the consequence. Wards rascalities are Of
such a phenomenal character that the theory Of
insanity has been started to explain his con-
duct. A late New York dispatch says: "The
impression rapidly gains ground that Ferdinand
Ward speculated in the name of Grant & Ward
mainly on his own account, and that he will
never tell where and how millions of the money
intrusted to him was lost. His partners do not
appear to have had any connection with, or
knowledge of, his wild and fraudulent schemes.
If he be arrested and tried for his gross misdo-
ings, his lawyers will it is said, defend him on
the ground of insanity, which, they allege,
his behavior for some months past would
justify"
AT a recent meeting Of the directors of the
Consolidated Railroad of Vermont, says the
Boston Journal, President ]. Gregory Smith
submitted reports from the general manager
and the heads of the various departments OF
the roads comprising the Central Vermont sys.
| TEN, which showed very satisfactory results OF
the business of the company for ten months
ending April 80 The reports embrace the Pc
riod of operation Of the roads since the consol
dated bonds began drawing interest, the first
semi-annual payment Of which, amounting tc
$175.0O0 was made January 1. For the
three months ending with April the ne
earnings have been ample to meet interest OBJ
legations, and the operating expenses show a
decided reduction. Notwithstanding the gen
eral depression of the railroad business of the
country, the earnings of the Central Vermont
system are now some $4,000 per week, while
the monthly earnings for the winter season
show healthfu increase over corresponding
months in previous years In accordance with
a vote of the board Of directors, the money
necessary to meet the interest on the 81 600
900 Of five per cent bonds of the consoli
dated railroad is deposited monthly in thu
bank where the company does business; thui
assuring the payment of the interest as it ma
lures. The directors gave much consideration
to the affairs of the company at this meeting
and the condition of the property was thor
oughly examined. They express themselves
as much gratified at the favorable financial re-
suits attending the operation Of the consoli
dated roads and report that they found th'
road and equipment to be in superior condi
tion. Advantageous arrangements for traffic
and pleasure travel have been recently entered
into with the Ogdensburg and other connecting
roads, and the directors consider the outlook
encouraging for an increased business this sea
son over previous years. With the cessation
of all expensive litigation, the improved condi
tion of the property and the gradual increase
Of earnings and reduction of expenses, the di
rectors feel warranted in predicting a prosper
GUS future for the Consolidated railroad of Yer
mont