Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1855-05-25
VI. and Canada, and VI. Central Rail
ROads-ImpOrtant decision.

The decision of Chancellor Poland. ofwhi
we give report below, will he read with
interest. BY it one step has been taken
towards letting daylight into the affairs of
the two important corporations which it
affects 1t is a short one we know hut we are
glad to see it, because we think more Will he
sure to follow. From the beginning of the
connexion between the Vermont Central and
the Vermont and Canada corporations, con
cealment and ntanglement have had full
power over their most important relations
Every movement has seemed 20 he bringing
both of them only so much nearer to hopeless
ruin \ few favored individuals. holding
Offices of power or trust, may have profted by
such state Of things but stock holders and
creditors generally, have been treated as if
they had no rights except to be bamboozled
and ruined. The decision Of Judge Poland
can not lessen the real value Of the stock
or bonds of either corporation, whatever
immediate effect it may produce at brokers
boards. We rather believe it will in the end
beneti; them both. Once get the managers
can be wrung out on the witness stand, and
where powers used will be tested by legal
principles, and there will be ground for hope,
For the present, the shifting and uncertain
responsibility Of Trustees real or pretended,
has to give place to that of a board of Direc-
tors, who may find themselves brought to
an account under the law Of the land in
somewhat different fashion from what has
prevailed in years past At least we hope so.
". and Canada K. e. vs.. II. Central Il. R-The
hearing in Chancery, between the Vermont and
Canada Railroad Company and the VI. Central Rail
roadCompany and the Trustees of the first mortgage
Bonds, Of which made mention week or two
ago took place this week at st. JohnsbuIy, before
Chancellor Poland, As the subject Of it is one of
interest great number Of persons, tn. stockhold-
in both coInpanie, and the holders Of Vt Central
Bonds, it may be useful to state the briefly, IN
connection with tho decision of the Chancellor The
bin stated that in 1850 the Vt. Canada Co. lea..
ed road to the VI. Central for fifty year, for
rent equal to eight per cent per upon the whole
cost Of the Csuada represented in the stock issued
at thirteen hundred and fifty thousand dollars
az one hundred aud eight thousand dollars per
year, payable half yearly in equal insta ailments; -
that the Central to tho regular payment Of
the rent stipulated that whenever the rent should
be- due and in four months, the Canada
Company should have the power 10 take possession
f both roads and all the property Of every dcsclp-
tiou used in connection herewith and run the same
until the increase, after paying running expenses
and repairs, should be sufficient to pay all rent
which should then be due, whereupon the roads and
property should be surrendered to the Central that
in 1882 the Central surrendered the roads and prop
crty to the Trustees Of the INST mortgage bonds,
aud that the rent had been paid up to june lsii,-
that hty-iour thousand dollars rent due in Dcccm-
Der 1871 had not been paid aud that the Canada
Company mad become entitled to take possession
that the hrst mortgage ami the surrender to the
Trustees under 1t were made after tho execution Of
u' lease ana contract Tor security ana IN express
'"olectloh to t'-that the canada Company had de-