Regarding police officer Butler, there are TWO SIDES to this story like
all other stories. I would like to hear the other side before forming any
opinions, it is only fair.
Regarding stock, the Delaware Otsego was a stockholder owner company
which owned the C & CV, F J & G, CNY, NYS&w among others. It
expanded when the D & H made moves to abandon the line into
Cooperstown and the founders of the C & CV agreed to have the
Delaware Otsego take over the company and expand the sale of stock.
I had stock in the Delaware Otsego right from the time that they took over
the Cooperstown and Charlotte Valley in 1970. In 1971 they officially
took over the company and the trackage from the Delaware and Hudson.
In subsequent years, the DO took over other lines that otherwise would
have probably been torn up.
In 1997, I believe, the CSX and NS were settling up what they were going
to do with Conrail and the DO knew that there were going to be changes
that would affect them so Walter Rich made the decision with the
concurence of the board of directors to buy up the existing stock that was
at the time being held by other stockholders than himself. He was able to
do this with financial assistance from NS and CSX. Today, I believe that
Walter Rich controls the company but both NS and CSX have set various
conditions that restrict his rights so far as the DO is concerned. I think
this is one reason that there are little or no passenger operations outside
of New York State.
In my opinion, the final settlement was very fair to the stockholders of the
DO at the time.
Especially in the earlier days when I first bought my stock, I did not intend
to make any money on it but rather considered it a donation to help save
the railroad into Cooperstown where I had rich memories of this line when
I was a child visiting my grandparents. I was from Connecticut but even
then was impressed with the Delaware and Hudson operation of this line.