Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1899-04-27
NEW CENTRAL VERMONT
REORGANIZATION UNDER GRAND
TRUNK MANAGEMENT.

Discussed by {. vi. Hays OF the "fah'
Trunk.--To BE Closely Identified
with Vermont.
The Central Vermont Railway Co
was Organized at ST. Adams Friday
under the charter granted by thu
general assembly Of 1898.
The various parties in interest wen
to the city by special train and de-
voted the forenoon to discussion OF
the preliminaries and a multiplicity
of other details.
In the afternoon they assembled III
Governor Smiths office and organized
the new Central Vermont Railway
corporations. The following direc-
| tors were elected:
Charles NJ. Hays, Montreal; John
Bell, Bellville, Ont; Z. II. Fitzhugh,
Toronto; +. {. Smith, ST. Adams
| David Ranlett, st. Adams: John W.
Stewart, Middiebury; Aldace +.
Walker, Rutland; W. Seward Webb,
Shelburne; John G.. Mccullough,
Bennington; Ezra II. Baker, Boston;
Samuel +. Kilncr, New York; Charles
NJ. Wnds, Middlebury; II. B. Day
Boston.
The directors elected the following
officers:
President, T.. c. smith Of st. AL
bans.
Vice president and general manager
f.. II. Fitzhugh Of Toronto.
Treasurer, Il. II. Ingram Of Mon
trcal.
Auditor, NJ. NJ. Reynolds Of St.
Adams.
The meeting was held to organize
the Central Railway company, which
was chartered last fall by the general
assembly. The incorporators Of the
new company are Governor Edward
G. smith and David ID. RanIett Of st.
Adams, Charles NJ. Hays and Charles
Percy of Montreal, John q. McCul-
Tough Of Bennington, DR.. William
Seward Webb Of Shclburne, Ezra II.
Baker Of Boston and Samuel +. Kill
ner Of New York.
The organization Of the new COM
pany is but another step in carrying
out the bondholders' reorganization
agreement with the Grand Trunk
railroad. 1t follows the recent sale of
the property of the Central Vermont
lailroad company as a means of con-
sulidating all the various properties
covered by that sale and providing
for the operation Of the new consoli-
dation.
The Free Press interviewed General
Manager Hays Of the Grand Trunk
with regard to the future OF the road.
The reorganization Of the Central
Vermont property has been unique in
character, said Mr.. Hays, Sin that
the relations between all interests have
been adjusted satisfactorily and the
property has been put on sound
financial basis without an assessment
made on any class OF security hold |
only instance of the kind
known in modern railroad organiza-
tions. We think the Central Vermont
never had such a board Of directors as
that which met today as regards men
Of experience in railroad affairs and
men Of high standing and character.
There was Gen. J. G. Mccullough,
formerly chairman Of the board Of
the Erie, and now president of one OF
its most important lines. There was
Col. Aldace +. Walker, chairman of
the board Of the Atchison, Topeka
and Santa Fe and one of the leading
railroad men Of the United States.
There was Mr.. Day Of X. L. Day n
Co, one OF the largest and most prom
inent banking firms of Boston. We
had Mr.. Baker, who is with the we'll
known Boston firm Of Lee, Higginson
n CO., and who is a member Of the
executive committee, We had DIR. w.
Seward Webb, who is now the chief
railroad man of Vermont, and vari-
Gus other men Of high standing in
railway circles. The local interests
are ably represented by Gov. Smith,
Mr.. Rantlett, eX-Goy. John W. Stew
art and Mr.. Wilds.
The Grand Trunk interest is rep
resented by Mr.. John Bell, our gen
cral solicitor, who has been with the
company for forty years, and by Mr..
Fitzhugh, who mas been elected vice
president and general manager Of the
Central Vermont. Mr.. Fitzhugh is a
native Of Missouri and the greater
part of his railway experience was
gained ON the Wabash in different
capacities, particularly in the trans
portation and operating departments.
lie has been with me in charge Of the
middle division Of the Grand Trunk
during the past two years, his iuris-
diction covering some l.200 miles Of
railway. The new clerk and treas
urer was formerly assistant comp
troller OF the Louisville Il Nashville.
and at one time he was assistant to
the general manager of that road.
As to the financial condition Of the
Central Vermont road, the new cor.
poration will take possession Of the
road without a dollar Of Indebtedness
and with money in the treasury. Dur
ing the receivership the earnings have
been expended in bettcrments and
improvements to the property. With