Year: 1873

the Shepaug Valley Railroad Company held probably their last meeting. The report regarding the financial condition of the road showed that it was barely earn ing money sufficient forrunning expenses, leaving but little to be applied towards the S48,OO0 annually due for taxes and in- terest on the $500, 900 of it's first and second mortgage bonds. The attendance of stock holders was large, and we believe they all went away convinced that 1t would be useless for them to attempt to raise the additional funds necessary for carrying on the road any longer, even if there were no legal difficulties in the way.

 After the reports showing the condition of the road, President Perkins stated to stockholders that if they could raise the additional sum of s10O,OOO the directors believed it would protect their interes; and carry on the road till such time (three years they estimated as it's earnings would probably be sufficient to meet Its expenses. Considerable debate followed. Inquiry was made why the second mort gage bonds were not advertised and pub llcly offered for sale. It was answered that as there was no reasonable prospect that that even the first payment of inter- est on those bonds would be met when due (default of payment was in fact made on the 2d inst.} No one would have in- vested in such security. It was further announced that if any individuals present desired those bonds they could have them at the price originally paid for them (if- ty cents on the dollar) and that if the stockholders, as body, wished to relieve the present holders by taking up the whole issue of second mortgage bonds at the price paid for them ($1OO, 900 cash) they could have that opportunity. These propositions silenced all reasonable ob- jeotion and convinced everyone that no advantage had been taken of the com company by its directors. 4 committee was then nominated to take the matter in- to consideration and report at three o'clock, to which time, after re-electing the old board of directors, the meeting adjourned. On re-assembling at D. m., the committee of stockholders, consisting of Messrs. o. s. Seymour, H. B. Graves, G. H. Miner, D. c. Whittlesey. P. Hodge, N. R. Smith, H. Keeler, Vim L. Ransom, reported that they could suggest no way of raising the large sum necessary for the protection of the stock, and that conse- quently there was nothing to be done but to allow the second mortgage bond-hold- CTS to foreclose and take possession of the road. The meeting accepted the report, and adjourned without day.

 Although this result has long been fore seen, the regret with which individual stockholders and the towns which have subscribed see their stock swamped by foreclosure is neverthless very keen. Much unreasonable fault is found with directors, and many hints are thrown out at the grasping spirit which is supposed to have actuated bond-holders from the beginning. Knowing how unjust these i'm putations are we cannot but believe that they will meet but little temporary credit and will produce no lasting effect. In taking the second mortgage bonds of the company to the extent which they have done, the directors have run risk that no outside stockholder on being made aware of the exact condition of the road has been willing to share. We have yet find the objector who, however much he may complain of the fact that one man owns bonds of the road to nearly if not quite the amount of S2OO, 1000, will not admit that he would never have run the risk of such an investment, if he had pos sessed the means to make it.

 Much is said, and in some degree just ly, about the mistakes that have been made by the board of directors during the construction of the road. Misled by a report of their engineer, they undoubt- edly issued too small an amount of first mortgage bonds. It is possible that, at the time when Q contract was made with the Danbury and Norwalk road, a lease might have been effected instead that would have saved the chance of our stock becoming valuable at the end of ten or twenty years. It is certain that in the construction of this, as other railroads, much money was wasted, many blunders committed. Yet we believe that in all cases the board has been ruled by gsher- al and not by selfish conscientious, and that their mistakes have Leen oeca- stoned by transformation rather than by misjudgment. We feel it a duty to say this, owning as we do considerable stock in the road and none of it's bonds, and having had opportunity, as member of the board during construction, to know whether or not the interest of stockhold- CTS was intentionally disregarded.

 While, however, stockholders may just now regret that their investment is not to pay them dividends, they must not forget that the main object of that investment is accomplished. The future if not the inn mediate growth of the Shepaug Valley is secured beyond peradventure.' Manufac- lures may not start up on the line of g stream furnishing excellent water power in one, five, or ten years, but they must come eventually. The work this genera

 tion of Roxbury, Washington and Litch- field men have done for their posterity is one of the grandest and most generous, considering their means, ever effected by human enterprise. Since the original set clement of our towns no public effort they have ever made has s. all equalled in mag snitude or in value that which has giv- ea us the Shepaug Valley Railroad. Its stockholders have got just about what