Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1899-04-28
CENTRAL PROGRAMMED.
President Il. G. Smith at the Head
of the New Company.

Trunk Talks About the Management
and Arrangements of the Central Ver-
mont Hallway.
The corporators of the Central Vermont
Railway company effected an organization
at st. Adams Friday. Gen. j. G.. McCul-
Tough of Bennington was elected president
of the corporators. These directors we're
chosen Charles NJ. Hays of Montreal,
John Bell of Belleville, Ont, E. II. Ftz
hugh of Toronto, Il. G. Smith of St. AL
bans, David D. Ranlett of st. Adams,
John w. Stewart of Middlebury, Aldace F.
Walker of New York, W. Seward Webb
of Shelburne, John G. Mccullough of Ben
nington, Ezra II. Baker of Boston, Samuel
| E. Kiner of New York, Charles NJ. Wiids
of Middebury, IL. b. Day of Boston.
The directors elected: President, e. G.
Smith of st. Adams; vice-president and
general manager, +. II. Fitzhugh of
Toronto; clerk and treasurer, X. II. In
gram of Montreal; auditor, NJ. NJ. Rey-
nolds of st. Adams. The incorporators OF
the new company are Gov. Edward G.
Smith and David D. Ranlett of st. Adams,
Charles NJ. Hays and Charles Percy of
Montreal, John q. Mccullough of Benning.
ton, DR.. VIM. Seward Webb of Shelburne,
Ezra H. Baker of Boston, Samuel K. Kill
ner of New York.
A resolution was adopted by the direc-
tors on motion of Mr.. Wilds authorizing
the issue of $4,000, 600 of stock and Sl2,
| 600, 900 of mortgage bonds in payment for
the property conveyed to the new com
pany by the master under the foreclosure
sale; and authorizing the distribution OF
the new securities upon the surrender OF
the old securities carrying out in detail the
provisions of the agreement of the security
holders for settlement and the reOrganiza-
ton of the property.
| On motion of Mr.. Hays agreement was
authorized for the interchange of traffic
between the Grand Trunk Railway com
pany and the Central Vermont Railway
company, and for the guaranteeing by the
Grand Trunk Railway company of the in
terest on the new bonds.
| A resolution was passed requesting the
receivers to deliver possession of the road
to the new company at one minute past
midnight on April 80, 1899, and inasmuch
as the court has already signed an order
] for the transfer of the road from the old
corporation to the new the change will, OF
course, take place on the date named.
1.-THE Reorganization of the Central Ner-
mont property has been unique in charac-
ter" said General Manager Hays of the
Grand Trunk, in that the relations between
all interests have been adjusted satisfacto
rily and the property has been put on d
| sound financial basis without an assess
| meHt made on any class of security hold
ers-the only instance of the kind known
in modern railroad organizations. We
think the Central Vermont never had sucf
board of directors as that which met to
day, as regards men of experience in rail
road affairs and men of high standing anC
character.
"As to the financial condition of tn,
Central Vermont road, the new corpora
ton will take possession of the road with
out dollar of Indebtedness and with mon
ey in the treasury. During the receiver
ship the earnings have been expended il
betterments and improvements to the prop
erty. With the new rails bought by TIN
receivers this spring we will have all the
main lines laid with the heavy rail and al
the important bridges have been rebuilt
and brought up to the present standard
so that we consider the securities of thu
company first class investment and W
hope to make them rank in value witt
those of any other Vermont railroad prop
erty."
In reply to a question as to the course t
be pursued by the new company Genera
Manager Hays said; "The policy OF tn
management will be to operate the proper
ty as a strict business proposition. w
shall expect to give the public good, promp
and efficient service, and keep fully abreas
with the times in everything that goes t
make the property first-class road in tn
estimation of the public.
"Our idea in making the directorate S
largely Vermont in its character is to col
rect any impression that might exist ths
the road was to be managed by what he
been called an allen corporation. Tn
| question of the future operation of tn
property must be dealt with as the situl
| ton develops. No radical change will b
| made in the existing order of affairs so ia
J as pertains to the operation of the road.
"The relations of the Grand Trunk wit
the Santa FG have been of the most friendl
character and the election of Col. Wake
to the directorate of the Central Vernon
will not tend to impair those relations
With car from Boston running over ii
Central Vermont and the Grand Trunk |
Chicago it is possible for the passenger I
step from one car to another at the latte
point and go over the Santa Fe road
San Francisco with but one change of cars
1 Mr.. Fitzhugh, who has been elected viz
president and general manager of the Gen
Z trail Vermont, is a native of Missouri al
| the greater part of his railway experien'
was gained on the Wabash in different C
| pacities, particularly in the transportatiC
I and operating departments. He has bee
I in charge of the middle division of Il
] Grand Trunk during the past two year
I his jurisdiction covering some 1900 mil
| of railway. The new clerk and treasure
: was formerly assistant comptroller of Il
| Louisville & Nashville, and at one time
I was assistant to the general manager
4 | that road