Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-07-30
The Nermnnt Central Hearing,
me Vermont central Hearing.
EXaAfNATION OF ACCOUNTS COMMENCED Z
SPECIAL MASTERS.

| TRANSLATION OF ACCOUNTS COMMENCED 81
SPECIAL MASTERS.
I The bearing in regard to the accounts @
the receivers and managers of the Vernon
Central RAILROAD, from December, 1865. +,
June 1873, commenced at St. Adams, or
Wednesday, before ez-Gov Paul Dillingham;
o! Waterbury, Hon. John l.. Edwards. o
| Newport, and Hon. d. c. Denison, OF Roy
alton, special masters appointed By Chan.
ceilor Royce for the purpose 1t Will h
4 remembered that the decree under which
the rsceiver,hio was created required the
managers To- file their accounts in cour,
>cmi-auru@l!y, and also provided that the
I frs, mortgage boniholie-s should annually
( elect an auditing and advisory committee
| Durias the seven years named the mana
gers Neglected to file their accounts in
court, but hal them passed By the au diting
committee, who certified the fact On their
book. \ scar ago the Chaucellor was pc
tltiooed by the bondholders and by the
Vermont IL Canada for an order TO compel
/ the production Of the accounts in court.
| The crlc- was granted AID after some delay
summaries Of the accounts were filed and
tbe master, above named were appointed.
1t TINS hearing tie receivers are represent
ell BY Hen Luke P. Poland, b F. Flfeld
and Hon. Levi Underwood On the
other side. Hon c. W. Willard appears
fJf fie Vermont 4 Canada Col. a.
/. Walker. Of RE;lani. for William
S,aier. b5ndholder of Boston. C. y.
Davenport, OF Brattleboro, and A. G.
Stafford, e 81. Adams for various bond
holders. MI Stafford and Z. s Slules, Of
-. Adams. als) appear Tor the Vermont 4
Canada. The forenoon session was occu-
pied in discussion 1t was claimed On the
part OF the receivers that IL passage Of the
accounts by the bondholders' committee
estoped the bordhoidors from Directing to
the accounts. To this it was replied that
the failure to file the accounts in court now
gave them that right. and. besides, not on
" had the committee failed to be annually
elected. but they had become interested ad-
verse 10 their trust. Ii was also claimed on
the part OF the receivers that the masters
Should take the casn account and examine il
item by item; that the accounts of the
trust VITA the various departments of the
road were Of no consequence to the court
that the cash account showed all that had |
been received and expended, and there was |
a voucher Tor every item, and when that |
had bCea examined. the work of the masters |
would BE- done. On the other side it was
not disputed tha, the books had prob
ally been well kept, bat it was
claimed that the accounts covered opera
tons ;hat should be inquired into.
They therefore desired leave to employ an
expert 10 aid 10 the examination Of the
books. and meanwhile would proceed with
l hearing upon such points OF the manage
neni as the leases Of other roads by the
managers, their interest in car companies,
oundry contracts. etc. The masters ap-
pointed an official stenographer, with III
truc;0ns 10 lay before them each morning
printed report of the previous days pro-
eedlngS. and settled down to solid work,
which Is liable To last for some DAYS or per
aps weeks The first question raised by the
representatives. of the mortgage bonds was
: to the validity of the several DEGREES of
be court increasing the capital of the Yer
lont Canada from 81 ,3l5, 500 to 50 ,OO0,-
90. as against the first and second mort
ages also as to the validity of the decree
lcrea~inl. the frs: mortgage TO $1,000
90, as against the second mortgage, and !
$50 to tac priority and validity of the
iulpment loans. The receivers informed
le counsel that the books and rec ords of I.
C trust wcTc open and ready for inspec-
on. y portion Of the counsel spent the
eatei part 4 the day examining the &C !
UNITS. Z
MIR. j. II. Ainms, Of Montreal, has been /
pointed As -.enograpbcr for the account n
q il