Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1876-01-26

A decision has been reached in the quo
irarrdnio case by the Supreme Court Of the
state. Judge Redfeld gave the opinion Of
the court. Our readers will remember that
at the last annual election Of the directors
Of the Central Vermont railroad two differ
ent boards of directors claimed the election.
Before that meeting, Gov. Page had sue
ceeded in securing a majority Of the out
standing stock. His plans TO obtain pos
session Of the road were carefully and skill
fully laid. These plans became known to a
majority Of the directors only the day before
the annual meeting. At a meeting Of a ma
iority Of the directors, held on train NOV.
ing between Bellows Falls and st. Adams
on that day, il was voted TO sell two thou
sand three hundred aud fifty shares of the
stock Of the company, which were an asset OF
the corporation, which it had right to sell,
and when sold were good stock. 'Messrs.
Laugdon and Mills became the purchasers,
and the stock was transferred to them just
before the opening of the annual meeting
The vote on this stock threw the majority
against Governor Page, and the Smith
board was declared elected Gov Page was
Of course, surprised at the unexpected de
feat Of his plans. He declared the issue Of
the two thousand three hundred and fifty
shares illegal and fraudulent, and the cleo
ton OF the Smith board by them wrongful
and invalid. lie instituted proceedings
against the Smith board, whose effect would
be, il successful, to eject it, and give the
charge Of the corporation to his board.
This suit has just come to an end by the
decision Of the Supreme Court, dismisSing
the petition of the reator and sustaining the
election of the Smith board. The court
holds, 6rs, that it would be nexpedient and
unjust to displace corporation that is a re-
ceiyer in execution Of daily duties, and
change its officers, unless there were clear
intrusion of fraud or force in the election.
It holds, sec0rd, that the two thousand three
hundred and fifty shares issued TO Langdon
and Mills on the day of the election, were
the lawful asset of the company, which they
had right to sell It holds, third, that the
sale of the stock, by proof which came from
the REALTORS, was to raise money to meet a
necessity Of the corporation, and was not a
sham or fraud. The sale was actual and
not colorado, absolute and not conditional
The meeting in the car at which the
sale of stock was made is treated as not
held under call or by adjournment, but
simply as a casual mesting Of directors
which was lawful for the transaction of rou
tine business. The court is so kind as to in
dictate to Gov. Page how his legal proceed
ings could have been conducted in nor,
hopeful way for himself, but as he had taker
no steps to compel Langdon and Mills tc
hold the stock they purchased in trust fcl
all the directors, the election of the Smith
board is sustained. The right in this case i,
so obvious on its simple statement, that the
decision of the court will be a surprise tc
no one. And rs we see how near the old
Central corporation came To the verge Of
overthrow at the last election--how barely il
escaped from the hands of those foreign in
terests which are utterly hostile TO its indie
pendence or its success as a means OF
communication between Boston and the
West--we are thankful for the providence
which made the two thousand three hundred
and fifty shares an asset Of the corporation
and for the wisdom which disposed of then
at the very nick of time to save the Contra
Vermont to the management of those t.
whom its welfare is supreme object of de
sire and labor