, 1870-12-27
BOSTON, HARTFORD / ERIE
RAILROAD,

4 Decree TO be 1xsncd by The Nu pre- tnc c
Court OF yansaucnu.ett~ Authoriz-
ing the Completion of tho lkoaAd TO
uillnmnatic, Conn.
Ea.,en sDtr- ~ Ls.pa.eh ia ta< yfr YorE Ara1a.
The case Of the Boston, Hartford 4 Etia
Eaurnad, On petition 10. authority for the
receivers to Ike contract for the compile
ton Of the 70 I'd to Wi1lzm7ntic, Conu., came
up in the Supreme Court this forenoon, Judge
Gray rIeadinS. There were bali dozen
counsellors-tt-itw In the room, and dozen
or more parties in interest. This Is the ap-
covers to natea contract With Mr. Munson
for the compile ion Of the road TO toWltamau,sc,
By ccp=ent of ali parties. As projected in the
Arrangement ado in the United States Court.
judge sheFlsy Presiding, some weeks ago.
Judge CuTti-. raIresenting the Aiams Ex-
press coSpst4y. Duztsll oondholaess aaa
o,hert. elosea that there might be obj<s-
tiops 70 the proposed contsxct. The re-
ceive1f, he assued, had not tine power to
make such contract which IxF III Other
hands. il anyxhere. The receivers hid cei-
tain Defined powers and this va. not oEe of
them.
Mr. E. Rocl*tol fIoar made An Argument
iu favor Of ihe court authorizing tha mDrf-
gagees 70 50 pn with the work Of completing
the road through the contract a1u led to. for
tile purpoea II e2rirg from depreciation :na
property already constructed. and nuke it
productive t,r the benefit Of all par
ties. sere1h parallel csses we're cste1,
needed alAthF to save it from ruin. an
unfinished zsiitoad bridge, 1i.bls to be de-
strpyed By food. DC. No new mortgage Was
required when in the execution OF IN exist
Ing mortgage could be fouad all necessary
power. Tho property ot the corporation w.s
utterly inadequate to aahafy the Botdell
mortgage, md tho consent Of the corpora
n n fsff1o TF,aN
parties IN int4Eest we're agTeed. and the Court
had undoubtedly the power to authorize the
recelsets to incur obligations for future or
present fettlemtnt, the payment to be made
ont Of the propeEts befoEc the property 10
returned, and paid a. the eKpenssn Of tie
expond1ture-& DICTIONARY bound, ID it were
10 eecure and make available the Assets
for the benefit Of ali. II the Cour:
can order the sale Of property M.
der foreclosure Of moEtg.ge. It car
also order the application Of funls to
useful and necessary purposes, the payment
property. The required expenditure .wo,,1d
only be about per cent Of tho atnonnt OF the
debt. The case might be closed in lesa thal
three years; 80 much the better for Ill pAx
ties; and, II adversely, the Court could it'll
orc er the sale or transfer Of some property Il
satisfy the clam incurred.
1InkH I1AsS GApl6aAGA kuV general EI1uEl
pies upon which, tomorrow, he should issut
the decree authorizing the receivars to matt
the contract: That the preservation OF th:
property. and the interests OF 21t parties re
quiied It; that the contract should be deemet
to be paramount lien on the properties
that certificates Of indebtedneas be is
ared by the receivers to Mr.. Munaon
not negotiable notes, bat vouchers to Sc
cure subsequent payment OF clhims; that I,
instrument collateral may be is.uel to th
trustee to provide for his action when b
: shall take posses sion Of the property in tn
future, under certain circumstances; an,
tl.at these general principles bring settled
tho parties must agree on the details to b
embodied in the Decree Judge Gray Iii
nonnced that ha would be in court to-morro'
morning for the purpose Of isauing the de
cree Il Is Proposea to take his ascrea bsfor
the United States Court the necessary Apprc
sai and provisions 80 far "a the case 10 Al
fessed By a!.s possible contingencies likely t
arise hereafter uuder ths proceeding in sha
court.