The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-07-17

question.
Mr. Phelps replied in behalf of the de-
PENDANTS, urging the immediate hearing of
the case and that the old Board of Direct
ors should not thus prevent majority of
the stockholders from proceeding to an
election on Monday next His clients re-
presented d majority of the stock, holding
$4,000 out of 10000 shares. The bylaws
of the corporations provided that the cleo
ton should be held in June, but in April
the present Board CT Directors voted to
postpone it until December. A majority
of the stockholders applied to Mr.. Morris,
the President, to call meetinr for the
election. He called a meeting of the
Directors to consult ON the subject, but
they refused to convene. He then sent
circular asking their assent to calling
meeting, which was not responded to. lie
then called meeting of the stockholders
for an election at Bellows Falls, on the
9th of June, which, in consequence OF
the Injunction served upon one of their
number, was adjourned to the 21st of July.
A postponement was first asked on account
of the absence of Judge Prout Now be-
cause he has not had time to examine the
papers, in the absence of Governor Page in
Europe also that the Directors of the Con
necticut River Railroad desired to break
the extension of the lease, also that the
call was not legal. In this manner post
Al. ho t,,a1 10
almost indefinitely. The bylaw of the
corporation should have q reasonable,
equitable construction, and not subject the
stockholders to delay The hearing should
not be postponed to await the return of
Gov. Page.
Mr.. Davenport seplied that the applica-
ton for continuance was made in good
faith. The statement that an application
had been made to Judge Barrett for,this in
junction and denied, was a misapprehen-
sion on the part of the defendants counsel.
The question was whether the defendants
have had time under the rules of the Court
of Chancery for a proper examination of
the proposition in the case. Time should
be allowed to compare the answer with the
bill and be ready to meet the case.
Mr.. Phelps said that the holders of the
common and preferred stock of the Rutland
railroad had endeavored to effect the OK
tension of the lease made to Messrs. Bur-
chard and Page which expires in 1915, for
twenty years more. If an election Of di-
rectors should take place it did not effect
that question, necessarily.
Judge Prout said that there had been no
fraud on the part of the present board of
directors. One of the reasons for the post
ponement of the election until December
was the fact that Mr.. Morris would be all
sent in June and he made no objection to
the change. Mr. Morris acted at that time
in good faith and he had also committed
himself to it by joining in a petition to the
Court of Chancery in Windham county for
opening decree in reference TO the lease
If anybody is now to he charged with bad
faith it was Mr.. Morris in calling meet
ing of the stockholders under the circum-
stances. Gov. Page had large interest in
this question and had a right to be heard.
He is charged with dishonesty in this mat
ter and yet he had no knowledge of this
meeting until Informed by Il telegram in
Europe. His counsel and all parties are
entitled to his construction of the matter.
No one can interfere with the lease, either
the old or new board therefore no one
can suffer by delay. 1t only makes I'M
pleasant relations between the old and a
new board of directors if one should be
elected. The answer should be filed
that the counsel may have an opportunity
to examine it and make reply.
Judge Wheeler said that the orators
should have under the rules of the Court
of Chancery a fair opportunity to examine
the bill and answer; He did not think it
necessary to await the return of Gov. Page
from Europe, for the purpose of this
hearing. Judge Wheeler suggested that he
would hear the motion to dissolve this in
junction on Thursday (to-day) at o'clock
a. M, at the Rutland County Court House.