Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1898-10-28
MONTPELIEK. Oct. p.

Member OF the Legislature.
MONTPELIER, Oct. %.
This week has started off with another
rush of proposed railway legislation and it
is said that the end is not yet. What it all
means no man who can say will say
and the majority are getting sick of guess
ing. The railway circles of the state are
stirred 20 their depths but nothing very
satisfactory to the public in general has
come to the surface.
This forenoon Mr.. McGeary of Burling-
ton introduced the Rutland Canadian rail-
road incorporation bill The bill names as
incorporators w. Seward Webb, Percival
w. Clement, II. G. Smith, Wallace c.
Clement, Frank X. Wells, Frederick w.
Wilder, w. w. StickneY, George r. Bot
tum and John W. Stewart, and empowers
them to organize with a capital stock of
| $1,000,0 600 to build railroad from Bur-
lington to Rouse's Point, following the
lake shore and crossing the northern end
of the lake by way of North Hero and AL
burgh.
This bill to extend the Rutland railroad
started the interest which was further fed
this afternoon by bill introduced in the
house by Mr.. Ballard of Georgia.
This bill declares itself to be an act to
aid the continued operation or rtOrganiza-
ton of the Central Vermont Railroad COM
pany by refunding its indebtedness or 9TH
erwse and for other purposes. The pre-
ambe sets forth that the road appears to
be insovent and threatened with foreclos-
ure and sale to the highest bidder; that no
present legislation covers such DISPOSE
tion of the property; that duty rests on
the legislature to formulate laws that will
enable continued operation of said proper
ty consistently with enforcement of all
| lawful contracts and Just obligation to
creditors and other interests and with the
public interests of the state; that it is
unlawful for any alien company to acquire
any railroad properties in the state: 'hGt It
appears that an alien company has acquired
mortgages and mortgage bonds of Central
Vermont railroad and proposes to foreclose
and acquire the property against the law
and to the extinction of many judgments
and unsecured claims; that said alien COM
pany has availed itself of knowledge OBJ
tanned as stockholdeI in and representation
on the directorate of said Central Vermont
company and in its offices; that further
legislation appears to be necessary to pre-
serve and safeguard the public interests in
said property and the franchises thereof
for the LOYAL and domestic service. The
proposed legislation makes II competent
for any court with proper jurisdiction un-
der foreclosure proceedings 10 entertain in
tervention by any creditors holding claims
of not less than 100000; also to inquire
} as to proposed plans of Reorganization and
take steps to defeat the same if unlawful;
also to hold that the benefit of any arrange
! ment for Reorganization based on knowl-
} edge acquired in any position of interest
in said company shall inuIe to said Central
: Vermont and if thereby said companies
shall appear TO be rendered solvent, then,
by suitable DEGREES TO carry such arrange
] ments into effect to enable other interests
e to avail themselves of benefit thereof in in
. verse order of priority; or that the benefit
= of such arrangements may be subjected to
l competitive bidding for right TO assume
r burdens thereof for benefits to be derived
5 thereby; that if neither of these plans ap-
pear to be practicable, it shall be the duty
of the court to refer the cause to a special
master or masters to formulate plan of re-
r organization or refunding by the Central
+ Vermont of its indebtedness for submis-
sion to the various interests through the
n court and upon its acceptance by ma ajori-
: | W III amount 10 ISSUE utCIt6 tutClllS lu6
e same, provided that no majority interest
b shall be controlled by any aliens or alien
d company, the owership or contract of stock
X to be determined upon oath; that the gov
5 ernor of Vermont may appoint extra mem
t bers of the board of directors of said COM
: pany equal in number to 80 per cent of the
# number of the existing board, who shall
e have equal voice and vote with other di-
# rectors; that no company controlling said
n property shall enter into any exclusive
n traffic arrangements with any other COM
: pany without consent of railroad commits
sioners all of the references to said Cen.
J. tral Vermont to include its leased lines
e and branches; that in event of sale under
: foreign jurisdiction the purchasers shall ex-
i ercise control only as far as consistent
}, herewith and some may be modified or an
nuled as may be required to conform to
e the operation herewith on application OF
:. any party in interest to any judge of the
It supreme court.
n These two bills and the bill of last week
q to reorganize the Central Vermont are be.
: lieved by those best competent to Judge 70
q represent the two interests fighting for the
K control of the Central Vermont, but the
4 actual significance of each bill is yet to be
d demonstrated. w. Seward Webb is him.
= self the authority for the statement that
I the sale of the Rutland road, as reported
a last week, was completed last Saturday,
: and that he is more largely interested than
any other person in the new company.
. Both houses of the legislature were ad
! journed this afternoon to allow the mem
e bers to visit the state fish hatchery at Rox-
e bury, and some 200 took advantage of the
opportunity. Next Monday evening Fish
Commissioner John W. Titcomb of st.
Johnsbury is to give a public lecture in
0 representatives hall on fish culture.
e This legislature is considerably behind
: that of two years ago in the number of
bills introduced, but several of general in.
terest have appeared in addition to those
y above noted. Mr.. Kemp of Montpelier
! has in bill to divide the town of Berlin
!, and add part of it to the city of Montpelier.
. A similar bill has also been intro luced in
the senate where it was referred TO a
special committee of which Senator Cud-
worth is a member.
"Father" Abel of West Haven has in "a
Continued on the 10th pdge.)