Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1874-12-25

IHE VERMONT CENTRAL AND yEaNoSr ANu
CANADA.

IHE vlR1JNr CENTRAL AND VERMONT AND
CANADA.
twill he reu ombcred that about . year
ago the Receivers Of the Vermont Central
fled abstracts o. their accounts for seven
Year, previous. Objections To the correct
ness thereof were fled by the Vermont and
Canada and some Of the Vermont Central
first mortgage bondholders and the chan
celi0r was asked 10 appointa master to hear
/ the evidence. The matter remained with
out action until Tuesday. when the parties
/ appeared before Chancellor Royce to have
/ the appointment made The Receivers were
/ represented by B. F. Fif,ld the Vermont
and Canada end the first mortgage bond
/ holders hy E. :. S1wlcs and \. G.. Sa!-
| ford.
Mr. Fheid made b, nomination for ma
! ter
Nessrs. Stafford and sow,es suggested that
/ the order should require the master to re-
/ port the testimony If requested by either
/ party. Nr. Stafford nominated for master
/ the Hon. Robert 5. Hale. OF Elizabeth
town y. y.
Mr.. field and GOV. Smith both opposed
the motion to have the testimony reported :,
on the ground that these accounts covered
"a long period, were very large, and such
course wouli make: he hearing intermina-
/ be
Mr.. field requested the Chancellor 10
order that the ohiccJing bond holders WHO
are non-re,ldents be- each required To lille a
bond in the sum of $1,000 a. security for
costs. but the Chancellor intimated that nc
would not make such an order. This end
ed the hearing and the Chancellor reserved
his decision and appointment.
PETITION TO YACATE TIE LEASE CT tbs Rrr-
LAND RAILROAD.
! petition was brought Tue>iay to thc
Franklin County Court Of Chancc7y, ri
the next April term, by \. o. Stafford, at
torney. and solicitor, representing ssh
600 Of first mortgage bonds Of the Vermont
Central asking to have the order OF Janu-
airy ;, ls7I,approving Of the Rutland lease
set aside and yaca ted, for the following rea
sons
l. That the II anage7s Of the Rutlan,
T. K. Co. induce. the receivers to under
take the contract b. means of false repre-
sensations.
,. That the receivers, who applied 70
the order, understood that the lease w0ul'
not be remunerative, but represented +
the court to the contrary.
3. Because the original decree OF tn
Supreme Court in 1861, under which TIN
Vermont Central property has been manag
, ed, remanded the property to the custody Q
the Court Of Cha qcery, and that the Cour
. of Chancery have NOT in any manner rati
fed or approved III c lease.
2 4. Because the leasing OF the Rutlan
: railroad by that company was beyond th8i
capacity, they not being authorized 20 leas
the property by their charter, and the sam
rot being witt in the provision of sectio
' - OF chapter IS Of the general statutes
, which only 1thorizes one railroad compa
ny to lease TO another railroad company
and does not authorize a lease 70 receiver
or to individuals
5 5. That the receivers did not have Il
capacity TO lake the lease, for the same re;
son and for other reasons inherent to tt
limited M ture of every receivership.
g. Becs use said lease is void in las
/ to all of the roads which were then uad
I lease to the Rutland Railroad Company
:. b. cause the Rutland lease has 81
Gisastr Gus to the trust estate and has a
t sorbei mo, money for the rent than IL
;. Who'll trust estate has earned since the r
ce iy ers took possession of that propert
During % months preceding the hrst ds
n of last July, there accrued as rent und
the lease more than $500 900 above Il
earning of the entire trust estate.
The petition further states that tho
e stockholders of the Rutland Railroad Coz
/ pony who own controlling interest. . sc
A. ing that the lease aforesaid was depletiI
y the property, to their advantage, and
u continue the same, purchased he Receirer
( sand cause, about the first of February la
F and thereupon controlled and still do co
20 troll the same"
u II further sets forth that the Central VI
mont Railroad Company, which Is the c,
in poration acting as Receiver, has not fl
i, its accounts Of the administration of
=" property, as it should have done last Ju
fo' and asks that the directors be ordered
IN. file the same Immediately.
mt The petition concludes with prayer
:, an Injunction to restrain the further vi
- men. of rent, or that the funds due may
paid TO the clerk of the court to await
2 final determination of this cause.