Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1898-10-22

will adjourn over from tomorrow noon to |
Monday afternoon.
j. E. HARRIS.
History Of the Rutland Railroad.
The Rutland railroad running from Bur-
lington to Bellows Falls. a distance of about
121 miles, was chartered in the year 1843.
The charter was modified in 1847 and the
name was changed to the Rutland and Bur-
liogton railroad. There was intense rival
ry between the builders of the Vermont
Central and the Rutland as to which should
be the first to open up communication be-
tween Boston and Burlington. Both lines
were completed in 1859 under intense RI
valry, the first train OF cars from Boston
reaching Burlington came over the Rutland
on December 10 Of that year.
The road struggled along until 1868,
when it passed into the hands of mortgage
trustees under interesting circumstancest
In February of that year the management
turned their backs upon the holders of their
first mortgage bonds, upon which there was
seven years Of overdue interest, and volun-
tarily surrendered the road and all OF its
property to the trustees under the second
mortgage. On Saturday night the princi-
pal Of the first mortgage became due and
they sent man over the whole length Of
the road from Rutland to Burlington to
distribute hand bills at all of the stations
announcing that the property had been
fsnrrende ED to tie second mortgages.
William T. Hart was one Of the trustees
Of the first mortgage. . Mr.. Hart entered
suit against the railroad and retired from
business and turned his attention to fight
| ing the suit. He fought it seven years,
and while he was engaged in the contest
the trustees of the second mortgage died
and were replaced by others, one Of whom
was John B. Page Of Rutland. While the
suit was pending the first mortgage bonds
were down to 10 cents on the dollar. The
people in possession offered the first mort
gage bondholders new preferred stock at
par in exchange for their bonds, and two
thirds Of them accepted the proprosition and
tookIthe preferred stock which sold as late as
| 1877 at five cents on the dollar. The other
third Of the bondholders stood by MIR Hart.
and IN 1870 received decree of the full
bench, under which they obtained the face
Of their bonds and IA yea-s'interest in cash,
amounting in all to $24O0 for each $1,000
bond
The road was reorganizod in 1867 under
the title Of 'sThe Rutland Railroad" In
1870 it was leased to the Central Vermont
railroad for 20 years at rental Of $780,
600 year and in addition 1914, 800 tor
1874 and additional amounts for each sue
ceeding year. The lease was modified in
1875. and after that time the annual rental
was $258, 900.
Ire Rutland company had maintained
its organization during this period, ard
until 1883 its leading spirit was ex-Gov.
john B. Page Of Rutland. In 1885 the
Clement family of Rutland obtained con.
trolling interest in the corporation and
ousted the Page management, after pro.
longed litigation.
In 1888 President P. W. Clement sold 9
majority Of the stock of the Rutland rail.
road to the Delaware and Hudson Cana
company for handsome figure. After the
sale Of the stock was effected negotiations
were opened for lease in perpetuity o.
the Rutland railroad to the Central Vor.
mont. It was reported that the Delaware
and Hudson submitted proposition to tht
Central for lease of the Rutland road fol
q rental Of some S4OO, 900 but that the
Central company considered this figure 4
; higher one th,n they could afford to pay
In June. 1890. it was stated that the direc
y tors OF the Rutland and Delaware and
Hudson companies held meeting in New
York city and effected q lease Of the for
mer road to the latter, but it is supposed
that the capture by the Fitchburg Of thu
Cheshire road. With which the Delawar,
and Hudson hoped to make working con
nections, made the operation of the Rut
land road secondary matter with the Del
aware and Hudson people.
On January l, 1891, the Central Yer
mont renewed its lease of the Rutland roat
tor period Of 999 years. By the term
OF the lease the lessees were to pay u
annual rental Of $345, 900 and taxes, tn
Rutland company to furnish $500, 900 at
per cent interest for improvements ant
additions to rolling stock. The Contra
Vermont had the option OF purchasing .
any time q controlling interest in the stool
J OF the Rutland and thereby becoming tn
, actual owners Of the line but this was neve
, taken advantage Of. The Central Vernon
passed into the hands of its present re
ceivers, E. c. Smith and C. NJ. Hays
+ March 20. 1896, and inasmuch a. the Rut
land had not proved . profitable invest
msnt, being parallel line the receiver
decided to relea'e the road. The orde
. providing for the transfer was signed b
: Judge II. H Wheeler Of tia United State
e court on May 6, 1896. President Clemen
Q took possession of the road the followiD
day at midnight.
E Since President Clement began the oper
= alton Of the Rutland he has been able I
4 make the road pay ANAL dividends in spit
. Of the period Of business and financial strin
gency. It was through his active endeavoz
, that preliminary surveys were made for tn
extension Of the Rutland northward to con
: meet with III Canada Atlantic and Ogdeni
: brig and Lake ChAmplain. and the projet