Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1873-06-25
The Central Railroad Hearing.


The decisiOn ofthe court upon the Pc
riliOn q receivers sand unanagsrs and Cen
t1l Vernon, Company 10 have that Com
pasy appointed Receives. uss girea Sat
urday. The ChssesllOr then took uP the
order Substantially as follows
With reference to the orgabiEaiiop OF
the Central Vermont Company objection
il made that il was not properly organir-
ed. We are Of the opinion that the re-
ouiremeut Of the Senate for the commits
sioners 20 OK the price Of bonds was not
mandatory but was for the benefit OF the
seeurity.holders who might ask IL. No
one seems 10 have asked it, bat one bond
holder subscribed aud he with full knowi-
edge that the price vas fixed by two OF
the commissioners consequently he IS
not in position TO object. Whether the
fixing the price Of bonds was a ministerial
or judicial act Is not material under that
view. The price fixed by commissioners
is not an arbitrary one upOs the Directors;
they are at liberty to fix any price. The
objection to the organization is not well
taken.
The objection that the Central Yer
mont Co. is a stranger TO the cause might
be good ono were tho petition tigned
by the Company alone, but This petition
has also the signatures Of the Receivers
and Managers, who are not strangers to
the cause, and hence VIC are not inclined
TO dismiss the petition.
We think that the objection that the
&c n,ral Vermont Company ought not to
he app jinted because it is corporation,
is as general rule a valid objection.
There is no prccedcnts, but this is an ex-
eeptional case. All the proceedings in
this cause ought not to be taken as pre-
cedents. The exigencics of the case re.
quire that we make an exception, aud the
Legislature has minated who the Chan
cellur may appoint in particular case.
the doubt which Knight otherwise have,
is removed.
As the propriety of this change We con-
slider it unnecessary to detail a history OF
the cause everybody has expressed de-
sire to get this property out of the rut.
This corporation now come forward and
propose to take it out, and pay all debts
and demands. Now it seems if this can
be done, it is proper to be done
A great deal of complaint has been
made of the present management, but the
cause one can Judge as well as another.
Petitions have been brought for removal OF
Receivers, but no orc has ever nominated
or named their successors until now. This
is the first instance that any one with pc.
cuuiary ability has ever offered to take
this property and manage it. We there
fore decide that the prayer Of the petition
should be granted and make the following
order.
The order is quite Lengthy.
1t passes the property over to the Ccutral
Vermont Company, providing that Re.
ccivers and Managers shall settle and pass
their accounts; making Hon. d. A.
Smallcy of Burlington special master to
hear and report upon all claims aud de-
mauds against the present Receivers, and
appoints the Central Company and Man
ayers, requiring them to pay all debts and
liabilities and TO manage aud operate the
Railways subject to the orders Of the
Court.
The amount Of the Bon Is to be given
by the new company was not fixed in the
order. After discussion by counsel the
Chancellor fixed tie amount at 81 ,000..
600, conditioned for faithful performance
Of duties as Receivers and Managers,
The order was not signed, but was left
for counsel to make suggestions upon the
minor points.
The order does not give the new Re
coiycrs power 10 take lease Of the Sulli
van, New London and Northern and Mon
treal and Vermont Junction Railroads
that part of the praye Of the petition wa
denied,-Messenger.