Windham County reformer. (Brattleboro, Vt.) 1901-1906, 1904-01-01
NO COMPROMISE REACHED
3. & w. STOCKHOLDERS UNWIL-
LING TO BE SWALLOWED.
Representatives Of New London North.
ern Railroad Co. Present Proposition
for Settlement Of Foreclosure Pro-
ceedings.-Offers Rejected.

Tor settlement OF Foreclosure Pro
ceedinss.-Offers Rejected.
The stockholders of the Brattleborc
* Whitehall railroad company held
a special meeting in the Probate Of
iice Tuesday TO confer with representa-
tives o. the New London Northern
| and Central Vermont railroad com
panies in an effort to settle the Iitiga-
tion that is now pending between the
corporations. The meeting was called
Tor the purpose or hearing a PROPOSE
tton from the New London Northern
company relative TO a settlement of the
foreclosure proceedings which are now
pending against the Brattleboro &
Whitehall corporation. This PROPOSE
tion was to the effect that If the Brat
tleboro ! Whitehall company would
/ give the New London Northern COM
pany an absolutely clear title to the
road between here and Londonderry it
would In turn guarantee the construc-
ton OF q standard gauge track be-
tween thf two points named before
January 1905. This offer was re-
jected BY the Brattleboro & White
hall stockholders on the ground that II
wiped utltheir organization and took
away what little power they now have
They did, towever submit To the New
London Ndthern representatives three
propositioni for settlement of the
dispute bui none Of them was accept
ed, although a modification of one of
the offers VAS returned This was TO
the effect tiht the New London North
ern road Muld agree to broad gauge
the track bfween Brattleboro e. Lon
donderry btora January /, 1905 and
also agree b pay the Brattleboro &
Whitehall cImpany $4,000 In cash in
stead OF an annual stipend Of $500
provided thu latter corporation would
give the for1er decree Of foreclosure /
in which wiuld be allowed a provi- /
sion that III case the road was not 4
operated properly and for the public 4
good the Bratleboro & Whitehall com I
pany might stply to the Supreme court /
for remedy. Like the first this propo-
sition was refsed and another modified
rdurnei TO the New Lon
don Northeri representatives. This
offer was not Considered so matters be-
tween the corporations stand Just as
they did before the meeting which con-
sumed most OF the day.
The attorney OF the Brattleboro &
whitehall coma,ny viii file an answer
10 the foreclosure bill within a few
lays and the Question win be heard in
he United Statu States Circuit court
before Judge II. W. Wheeler.
Tha Iratflahn~. a., ptaats- j
holders net in ht probate oH.e nj
'.30 o'clock and thetmeeting was called
o order by C, r. thompson. president
rhe matter OF the foreclosure proceed
ngs against the corporation was
thoroughly diseusse+ all three counsel I
or the company. ! L. Martin, c. c. I
Tits and A. T.. Cudtorth. giving IL as :
heir opinion that tn. decree would not {
old for the reasonitha in the lease Z
( the Brattleboro &lWhitehall road TO q
he New London Ndthern company II Il
} expressly stated th lessees shall pay n
he interest on the mortgage for the e
Ime of the lease Which is 80 years.
IS the New Londm Northern COM $
any is both mort gasee and lessee the G
natter of payment q interest is simply ;
form, but the factlthnt the lease re- 8
uires the interest % be paid for 80 8
ears shows that the lessees are bound a.
, renew the mortgage. After this L
hase Of the questn was thoroughly a
word wad sent 10 the New 4
ondon Northern at Central Vermont 5.
representatives. to hbmit their prop II
sition. The representatives were:
,ha Sv,f. -
the New Londn Northern COM
my, Judge w. C. foyes of New Lon ~
on Judge II. H. lowers of Norris
lie, e. II. Fitzhup, general manag-
of the Central Vermont railroad, and
w. Writers, council for the Central =.
ermont railroad company.
Judge Powers pr@ented the propo- ar
ton of the New London Northern pl
mpany He at fist gave a history 10
the construction Df the Brattleboro
Whitehall road. rferring to the is '''
9 of first mortgaeI bonds which was NJ
ade in 1879 and TIE lease which was to
ade to the New London Northern
}. in 1880. He thin read the lease I,
d stated that his clients interpreted GU
to meas that the mortgage could be ma
reclosed at any tine, II having ex- of
'ed in 1899. He said that il was A
ry likely true thai the road had not fol
en- operated for tie best interests of to,
concerned but ne reason was
* Of money. To Fing the matter to IN,
basis of settlemen, he said, the New tbf
mum eohipaiy w" Wiiiihs 10 chanse the
. road to standrd gauge before org
:. .t..-
least $4,000 must De raised by the is wb
, of bonds. Thesebonds could not be an,
ited unless backe, by good security Sta
! the only secuity good enough 9th
uld be an absolutely clear title to ont
Brattleboro & Whitehall road. The ,
W London Northrn company was cor
ing 10 give assurances OF its good bla
in any valid form. ars
udge Powers's ppposition brought Il
good deal of lrgument pro and uo,
, and the questioi was asked if the cor
" London Northen road would not con
willing to accept second mortgage. rat
reply to this jude Noyes said that for,
y considered tn Brattleboro & rar
itehall road alreIdy mortgaged to curi
full value so tat an additional cam
'tgage would notlbe of any use as bur,
Irity rasi
r. Martin said tat the clause in two
lease obligating he lessees to op- tom
e the road proRrly ought to be Nor
rporated in the foreclosure decree II
ne was given, bu this was strenu- der
Y opposed by th attorneys of the that
T side. Judge Nyes stating that cove
rider to make tie road sufficient stun
rity for raising inough money to
the broad gauge { was absolutely