Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-12-18

standing supply bills, notes pays6is
etc. We have no other resources viii
which TO meet the obligations of tba
road. The Central Vermont has maid -: =
about million dollars, which has ~
applied TO the reduction Of the debt =.
have also all the moneys of the ros5
after the payment of the operating ~
penses. We have maturing on tbs a.
January about $4,000 interest on -.
bonds of the trust which have been :.
sued under the authority of the conn
Q.-By the Court. How much Of ths
balance in the hands of the lower roar.
belongs properly to the receivers and
managers.
Al think something over s4000n
T. w. Park testified as follows
am director of the Central Vernon.
Railroad company and am member ~
the executive committee.
Mr. Fifeld.-State in your own ,-s~
the practical operation of the LOCKING ~.
of the funds of this receivership.
Mr.. Park.-The effect of il will.
If the Chancellor does not relieve "a. -
stop the operations Of the roads in orr
possession as receivers, so far as fbs
through business over the roads Is cor-
cerned. After our company took ms
session of the roads under the order If
the court, we advanced from time a.
time funds to pay the liabilities Of ,.a
old receivers to the amount Of ab9nf q
million dollars in cash. We Were r..
quired by order of the court 70 pay fba
floating debt against the old rectiger.
which amounted TO about 81 100 ON
{, - Il
money loaned by the Central Vernon,
railroad company as receivers and with
the earnings of the roads, considerable
over a million dollars, and beside tba,
we have paid interest on the receiver.
bonds, authorized by the Chancellg-
over $500, coo. If the earnings Of fl-
road can be tied up by attachment ms
foreign state we shall be left without
funds with which 10 paw current ey-
penses, TO pay the receivers debts. 4.
paw the interest on the receivers bond.
and TO pay connecting roads bar.
charges in freights delivered 90 Us. and
if we cannot rely upon receiving Tie
earnings of the roads in our charge. liz
Central Vermont railroad company viii
not be likely 10 make further adrslc-.
to the receivers, and think that the re-
suits would be that we should De con-
PEELED to apply TO the Chancellor fa,
leave to sell the trust property 10 1s.
advances already made by Us, and other
trust debts, and we would ask - be- IT..
lieved of the trust. The receivers has.
no resources except the earnings IF fa
road, and such such sums as the Cent?,
Vermont company may loan tla4
There is interest due January Isl 0l l--
ceivers' bonds SO, 900, and ii this a
tachment holds the funds bcl01Eu-t3
Us. we have no means with which 10
pay that interest, and the credit Of tie
trust would be seriously impaired.
CrOss-eXamined by Mr.. Satf0r4-le-
say YOU are one Of the executive l.r.
mittee. Who are the others:
A.-GOv. Smith, s. /. n Esr.0a
Worthington c. Smith, Geo. H. Brow
and VIM. Butler Duncan.
Q.-How did the Central ker4ol.
lend this money?
Al advanced 100000 about t4.
time of the organization Of our COMPANY.
to enable the old receivers % pay o1
some pressing liabilities. The hala..
was advanced from time TO time as X
was called in from our stOckhOll-rE. IT,.
as required to meet the neccssitj-- Of l.e
trust, and during the late panic Z 5r.
rowed for the receivers, on my enan--.-
ment, $50. 600, in addition 10 The -g.-
advanced by our company.
O.-What security does the l-..~..
Vermont hold for its advances
Ave hold some of the receivers
bonds authorized TO be issued 10y ,L-
Chancellor, some notes of the receivers.
and for a large portion Of the amount Me
hold no security.
Q.-This executive committee Thai.
YOU have mentioned does al the bGsi0zs-
does it?
A.-No. sir the business Of the trl--
has been done as ordered by the b0arlo.
directors, and also by the executive conf
mittee.
We have had many meeting ot The a.-
rectors and many meetings Of the eZecg-
tive committee, in which the business RI
the trust has been fully discussed. a1l
we have all endesvored to do on- best
for the interests of the trust cOnhlel Z.
u.s.
Odd not the interest that you paid
and are to pay include the interest II l11
bonds you hold as security?
Alt did not. We have onlyprovll--
for the interest on the bonds which be-.
been negotiated by the old receivers pn.
viously to our appointment. The bond
that we hold are a portion of SSJ)oo9
of bonds that have been authorized ty
the court to be issued, but which tA-
old receivers had been unable to neE0-
tiate.
Q.-Were not the $4,000 bypa,l-
Gated
A.-They had been hypothetical lg
the old receivers to secure portions %
the floating debt, and as we paid oil t-r
floating debt, we took up a portion 1.
these bonds and hold them now.
Here Mr.. Park desired TO make an eA-
PLANTATION. He said in answering o. 90
what the Central Vermont had for tle
money they advanced t. the receivers
he should have said that all the MONEY
was secured by a lien on the trust prop
erty according TO the order OF the corr
appointing receivers.
After arguments bv counsel tae tLal-
cellor announced that he would render
his decision at two o'clock p M e1t1F-
day.
Fancy Horse stock TOR Eutiana.