The Rutland weekly globe. [volume] (Rutland, Vt.) 1873-1877, 1873-08-15

First Mortgage Bondholdcrs are 'consutu'cu
a committee with authority and directions
to advise and consult with the receivers ana
managers respecting their management OF
the property, to examine their books anu
papers at all times and audit their accounts
with trust. It would appear therefore that
/ the interest of the first mortgage was
given at least reasonable voice in the CON
duct and management of property III
which there still was at best only con-
tingent one.
There was made provision for the other
three existing interests, namely the YER
mont & Canada and the Second Mortgage,
with intent to provide against precisely
such contingencies as those which have
lately arisen. The receivers and managers
were to file their accounts in the Court
semi-annually, and any man holding one
share of Vermont & Canada stock or one
Second Mortgage Bond could go in or send
in TO examine those accounts, could file his
objections to any item or items which he
saw fit to object to, and the Court was
open to him without Formally or delay,
The Objectionable items of account would
be sent out to a master to examine and re-
port upon, and such relief given the com
planant MS to equity might appertain 1t
is scarcely possible for any one familiar
with the practices of Courts of Equity to
conceive of any way in which more simple
or more complete representation could
have been given to the various interests in
| this cause.
| BY this decree also the cause was ordered
to be continued upon the docket of the
court and to remain open to all parties at
all times.
From the date of this decree up to the
time of hearing on the petitions of the
Vermont & Canada for payment of their
rent, filed December 9th, 1872 numerous
petitions were preferred in the cause, gen
orally by the receivers and managers for
orders and instructions on the administra-
ton of the trust. 1t is, perhaps, unneces-
sary for our present purpose to refer to
these in detail, and we would only remark
that in no case does there appear to have
! been any neglect or failure to give proper
notice to all parties interested, and in no
case were any objections made. Many a
slur has been cast upon the Court of Chan
Gerry of late, for granting the prayers of
these petitions. assented to as they were. by
all parties having the right To voice on
their hearing.
To the unparalleled legal mind these
things are simply ridiculous Was it the
/ duty of the Court of Chancery to say
Gentlemen. you authoritativcly represent
all the interests in this trust which We. as
/ q court. are called upon to administer and
| yot assent may he entitled To some weight
/ but we will get down from the bench and
go out and investigate this matter for our
selves, outside of the evidence you offer
before us, and then we will decide as
seems proper to us ?
As well in jury trial when II suit has
been settled during its progress and the
parties appear in open court and assent to a
verdict and judgment in accordance with
the terms of their agreement, for the pre-
siding Judge and the jury to 60 out and eX-
anime the property in litigation and then
accept or ignore the agreement offered at
their pleasure or according to their iudg-
ment as individuals.
! Up to the year 1866, and including IL part
of that year, the accounts of the receivers
with their trust were regularly filed IN
obedience to the order of the court These
accounts remain on file and as they have
never been formerly passed and allowed by
the court they are open to-day, for any
party having right, 70 examine and oh.
ject to if he sees fit, according TO the pro.
visions of the decree of 1864.
Since that time the receivers have neg.
lected to file their accounts in the cause,
assigning as a reason for their neglect that
the auditing committee preferred to ex.
anime them as they were kept in minute
detail upon the books If the management.
This is evidently noncompliance with
the order of the court but it is equally
evident that the parties in interest knew or
could have known of this neglect and there
is no reason whatever to doubt that on pc
tilion from any one of them there would
have issued from the court to its officers a
summary order for compliance with their
instructions to the very letter No such
petition was ever preferred. Would it he
considered the duty of the Court of Chan
Gerry, no word of complaint having been
heard from any party to the cause, to go
and examine the files and records in th5
Office of its clerk and on discovering the
absence of these accounts to spout up au.
thority as an artesian well might spout
water, and summon its officers to answer
for this delinquency which the parties tc
be injured thereby might, and as Il matter
of duty should, have discovered and com
: planned of, if reason for complaint they
saw? just about as reasonable wOulC
have been an overhauling of the advisor,
J. committee for neglecting to compel thu
, filing of these accounts,
After this long reign of peace and quiet
ness, hostilitics were again opened in tn
Court on the 9th of December last by tn
, Vermont and Canada railroad company
which, through its President, filed ON tina
day a petition setting forth in substance tina
, their rent was six days overdue and I'm
paid, although the receivers and manager
had in their possession sufficient funds 70
, its payment, or would have had II tn
2 same had not been improperly expended
5 and praying for summary order for pay
| ment of the rent with interest from tn
| time of its becoming due. During the pen
: dency of that petition two others wer
= filed one by the Canada company and tn