Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1897-10-09
CENTRAL yERMONT TROUBLES.

| Reported mat Inc ufanO Trunk ana Inc
| B. and M. Want Twill the British Pre-.
va.l-Animated Meeting of Stockholders In
Boston.
A special to the Burlington Free Press
| Wednesday says: The bondholders OF
the Central Vermont railroad met in Union
hall in Bosio Tuesday afternoon. 1t was
about as lively railroad meeting as has
ever been held in this city. Argument
punctuated with personalities and invective
made the occasion as lively as the most
demonstrative individual cared to be con-
nected with.
The meeting was called by the reorgan-
ization committee representing holders of
American Loan aud Trust company certifi-
Gates issued to depo>itors on first mort
gage, 5 per cent bonds OF the Consolidated
railroad company OF Vermont, in pursu-
ance of the Central Vermont reorganiza-
ton plan. B. P. Cheney, as Chairman,
with Michael H. Cardozo and Moore field
Storey as counsel, signed the call for the
meeting.
The question to be settled was whether
the consolidated bondholders, by accept
ing the recommendations of the committee,
should allow the Central Vermont to pass
into the practical control of the Grand
Trunk railway OF Canada.
Some interesting facts were developed
From the sentiment of the meeting it
appeared that he met ting was about evenly
divided between those favoriDg the Grand
Trunk alliance and those who favored see
ing the Central Vermont system pass into
the hands of the Boston and Maine road.
Then there were number who bad not
decided which was best for their interests.
The conflicting interests aired their opin-
ions freely and "roasted" their opponents
without stopping to find choice words to
do it with The gathering resulted in no
action being taken except that the meeting
adjourned tor one week.
Mr.. Storey explained that when the
committee was first appointed it went to
the Boston and Maine, Canadian Pacific,
the Fitchburg and other roads and sounded
them as to whether under certain condi-
tons they would be willing to take the
Central Vermont and operate it. All of
these roads paid no attention to the over
ture He said the only encouragement the
committee received was from. Banker F. H.
Prince of Boston. who made an offer which
it did not find expedient TO accept.
The plan for reorganization follows the
ordinary reorganization scheme in many
particulars. The grave defect in the plan
is the fact that the bonds are only guaran-
teed by the Grand Trunk in case so per
cent of the gross receipts from traffic inter-
changed is earned. The value of this
guarantee depends on traffic earning which |
the Grand Trunk would be able to make |
larger or smaller at its pleasure.
The protest entered concluded by stat
ing the standing of the Grand Trunk rail-
way securities in the London stock market |
and the fact that many of them are selling
below par.
The plan of reorgan cation and the
Grand Trunk railway came in for warm
scoring when John c. COMBS took the
floor. He is supposed to represent the
National Bank OF Redemption of Boston
and other parties. He was assisted in his
remarks by specially prepared map burg
in front of the rost1um, showing the ph, 81