Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-10-06
END OF RINESBURGH ROAD
Central Trust Company Brings
Foreclosure Proceedings.
After Many Years Railway Project
witch Failed In 70 lie Finally
Disposed of-IBili of COM
plaint Filed.

Hail and farewell. The burlington
Hinesburg Railroad company. that has
80 many wears. Teen i'll unto death. -
,bout to gasp its last gasp. The Central
Trust company of New York trustee, has
instituted foreclosure proceedings In the
United States circuit court for the dis
trict of Vermont. The hill of complaint
was filed with the clerk of the court
on September q by Powell & Powell, at
torneys for the Central Trust company.
Subpoenas have been issped to the Bur
lngton Il II'ueshurg Railroad company
and the Burlington Il Southeastern Rail
road company. successor which are re-
turnabe November l.
Back in 1894 somebody thought it would
be a good thing to have a railroad he
tween burlington and Tiincshurg. Tho
leading citizens of the latter place and
many Rurlinstonians became Interested
In the scheme and an old charter was dug
mp. which had been issued by the I.egiSln-
tire some time previous to the citizens
ct TIncSburE.
preliminary survey was made early
Ia 1898 by +. O. Sinclair Of this city
About that time one W. q. paceN or
New York city entered uion the scene.
So far as can be learned from those
interested In the project Mr.. Dacey was
built along j. Rufus Wallingford lines.
In other words. he liked to fool around
with stocks and bonds and big enter
prlses and make a killing at the end.
In 1895 the company was organized rs
the Chittenden County Railroad company,
in 1896 it became the Burlington & Hines
burg Railroad company and later when
~, charter expired and new ono was
Lrauted. the name again changed to tbs
harrington & Southea stern Railroad COM
pany.
Mir pacey in 1885, or 1885, took the whole
matter over into his own hands. I1t
nut up the stock and bonds of the com
panv rs collateral to H. u. Clark and q
IL. Stevens of New Haven. Conn. Fron
them he scared money to carry on the
work of grading and laying track for :h'
rev road.
The work dragged. Some was done II
o.; and some in 90 and little more dur
Ing the next three or four years. Abou
1900 Messrs. Clark and Stevens began tC
take notice. They took tho project M
of Dacey's hands and started to put !
through themselves. About 1900 they ser
q contractor TO burlington who started
operations again. Then. about 1902. thu
work ceased entirely. At no time had I
r. been pushed.
In all about 1871 of the grading for tn
road was done and some five miles o
rails laid Now they are rusting under tn
SHOWS of winter and the rains of summe.
raCcI is dead. DR.. Stevens Is dead an
the company itself will soon cease to he
At first It was planned to have a steam
road and then there was new issue o
stocks and bonds and It was decided t
make the road electric. 1t would hav
been about ii miles long, with the Bur
lington terminal at the corner of Mai
and ST. PAM streets, near the Van Mes
House. Altogether about sl25,cO wer
sunk in the road DIR. Stevens and MI
Clark being the losers.
The Central Trust company of Ne'
York was the trustee. q mortgage bein
given to that corporation to secure III
issue of stocks and bonds. The bill
complaint asks that the mortgage, bea
irg date August %, 1896, be foreclose'
that the lien of the mortgage be estal
lished as a lien upon the property of II
road. that a sale Of said property |
ordered and that receiver of receiver
he appointed.
The company resolved to issue in 1S
SO five per cent. bonds, payable at II
expiration of 80 years, each of the val,
of 500. amounting in all to si00, 900. Abo
5000 worth Of the bonds were issue
Ninety per cent. of the bonds issued a
represented by the Central Trust cor
pany ard are the property of Mr., Clar
There are a few scattered hither al
yon about the country.