Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1873-06-20

Leaves darker lTllHa ---A-s- A-H
Inc Central vermont Railroad.
HEARING on THE PETITION FOB THE APPOINT
NM OF THE DIRECTORS As EECEIrERs.
A hearing took place at ST Adams q
Friday. before Chancellor Royce. on the pc
titisn Of the Directors Of the Contra Yer
mont railroad and Of the trustees and man
ayers Of tn vermont Central and Vermont
and Canada u have the former appointed
Resei7ers in place Of the Trusrees, and uhat
possession oftheroadsb be given them at once,
Is contemplated by the Charter Nj. Park
and the Trustees were present. with E. j..
Phelps. Esq-. c1unse- for Mr. PARK. and ].
T Fiheld, Es9 and hon. Lew Underwood,
couzs-. for the Managers.
4. q. saf0rd. Is. h.. filed q motion IL be-
nalf Of certain Vermont Central b1ndh1'd-
e-s. for delay IN releasing the present Pc
cei7ers from tae.- trust obligations ult-
they had =e-lei -lei- accounts.
Hon. /. X. Har3 or Burlington. appear
cd gr BI- Brooks. President Of the Yer
n.-, Cauada.and moved ilr delay.ou the
.--al tda- -.ey had not sufficient noticed
-a. nandaueg .f rai- petition 10 make such
preaa-ltiln-a- CHE. desired o. meet it. de
b.. advised llr Books -ha- the Cnance.-
Ior voul5 probably grant an adjournment,
and NJ Brooks was clnse4 ueu-lv notpre--
EN- lie thought they could nos safely g
ou now g. discus the grave questions winch
rne contemplate action involves and trust
Cd the corr would grant reasonable delay
N- Fineil sad thar Ar. Brooks and Mr..
Hard received notice IN ample time O. make
Ill urena-1tlln M Brooks ought g. have
known wha- -e wanted q d. he had
notice " The peudency of the charter Il the
Legislature. was consulted ab0E- i ana
treev asseute1 O. Il. lie know a- much
about il a. we d.. hence be need DO t-l-1
for nreuarati0u If tne management l-
changed. ir d0es n0t affect -he rights % tlc
VI. and Cana4l Ther VIII have the same
remedies against the succeSslrs VI tlese re-
ceiverS tha- they have acaIns- the receivers
rhemsal Ives. and besides the mar-e- remains
IN the hands 0i the Cont vino can remove
his gpulluIeeS az VIII Inc :. 81 L1ua1l
and the n0udlll1er- have NOT raised
dollar g. help thcl. and OF the other hand
their factions opposition has en- barrlssed
the Manager This motion j. oi piece
win al their clnduct- Nobody rights
vii he ureiulieel nv the change. but Oh
The contrary The interests of AL Glasses %
the creditors vii be enhanced. anu be
thought they had suffered long enough. In
conclusion. ht called or COZ. smith o.
state sons 0f the bushes reasons W. there
should be 10 delay
tlT- smith said thaI since lhe Trustees
and Managers found themselves emDa-ras-e-
they had been doing al rhev cl-ll O. sell
their bonds bu- The bonds have been uCc-el
III Boston until there Is no sale for them.
and tne manarers were reduced o. the
necessity 0i relying Oh 1ne income o- the
ROAD. The winter was severe and the mar
I'm above running expense small. v Ill
some Of The creditors rhev made 1u arrange
meur for AZ extension ana win other tnev
arranged 70 make payments il Insta-lmGut-.
Whine the expenses were cur down o. tne
minimum Under tins new charIer we
have found O way OF relieving the EN-
Darrassneut. The President Of the 1t. *
Canada. 70 ny surprise bur greatly O. ny
qualification. became sunscrI1e- g. The
stock qi the new company and cane 81 me
and expressed MS delight win the arrange
ment ana gave me the assurance t1a- we
the petition is granted the relief q the
creditor comes At once. and I1 fact the
new company have already advanced O. the
Trustees 500 600 O meet pressing lHllli-
te-- " nlle the property j. IL tLl- trans
L0u state We IND I- impossible O. adopt any
plan I0r tlG 1uture. Al nesting ul tho
directors II New York last week We found
0urselVe- confronted wiz tll necessity u
putting down new iron. putting cu more
cars and purchasing 0ur cQai-Whlcl j.
daily growing hlEheI-bur were unable O.
decide anything III after TINS hearing ana So
mad To adjourn over unit next week
Meanwhile business j. waltIu-. Oulr Ve--
terday NJ Hobart had AZ Application fI-
300 cars. Dut we were unable u furnish them.
In the Governor 5 opinion the contemplated +
change of management w0uld make d. dil-
ference with the rights of the \ drm0l- d
Canada. Il changes nothing bur the SIN
Die person.. Of the management and al The .
funded obi ari0ns VIII be a. vel protected +
anca4 the floating debt better provided joy
tnan is possible under the present Trust
Nj. Phelps SAID lnat nothing j. proposed .
here u day bit simply % change one set Of
0incers Of ruls court Tor another No night .
OF any creditor can be preudiced thereby i I
the new managers are Just a. competent and I
Just a responsible Inc new. with one ez-
cepral- c0mprehends the old and mas de-
slrable reinforcement Now. Wnv should F.
there be any delay lie did not understand .
tnat the y erm0nt and Canadd were going /
u oppose the change. Dut Simply that tnev
want more time II which q determine what /
they VII d.. This ought nor o be allowed 1
because u ls nos q question solely between /
them ana these manager all the credit
Or. OF whatever clas-. are involved The
enterprise Is paralvzed for The time beng
The Trustees are IL. u be sure. but they ex-
pect 10 bee out. ana 81 they DON fee ike
making PROVISIONS f1- the future an1 wiki
impaired credit thsv cannot do H. There j.
nothing new II the petition Ii is perfectly
vel understood having been long discussed
II the public prints ana Otherwise and ez-
pected a. matter Of course
Nj. Hard in answer 70 NJ. phe.n-. would
say rhar the Vermont and Canada h expect
o. oppose the change. There are grave
questions under Jne charter which nave not
been settled by the Legislature We need
time % consider them. Possibly tha pro-
posed new mana cement may be un0hiectia1-
able and possibly g change may not pre-
udlce our rights. but these assumptions H.
1oiVe some Of The questions which We de-
sire mare time O. discus Al the affairs Of
Az as az III q AlAA @-lA4ls EIIENLlfe
las grown ~ mere which is wholly without
precedent. for the Court of Chancerv to I'm
-ailroads Il Is desirable thar the manage
ncn1 should be taken ont Of the hands Of
ne court a. soon as possible and he had not
and neither mad Mr Brooks when
he - bScribed Tor stock and gave the assur-
ReeS o. Gov. smith. which the governor
las related, that this new company was
-uInE u apply 70 run the road a. receivers
here was nothing II the charter 10 suggest
nat company ike this. with stock sub
crlbed and books closed. would do any
uch thing. and il there mad been. II
-oulGn Z have amounted q ANYTHING for
he Legislature cannot appoint Receivers.
Inc chancellor OnTlate1 the necessity for
lrtner argument. by announcing that he
aoHld grant the motion for delay. lie
lggestec the desirahili-v Of their agreeing z
pom an early das. and after consultation Z
ne hearing WIS appointed for Thursday
be 1871 INST. AT g q. IL.
BY agreement. also. the petition of the =
erm0nt and Canada i0r leave T. bring I.
1T against the Trustees T. recover. the .
rear OF rent. vii be- heard after this :
nesti0n Is decided q
IHE NAIwOETH IRAGEDY-SOWE FAvrlv o
ID ] L.