The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-02-26

appointed BY the chair to consider and re-
port to this meeting, whether any mOdifi-
cation shou be made In any respect, in
The terms of the paper submit, d by the
directors to the stockholders for ratfica-
ton said committee TO have authority to
communicate with the Stockholders of the
Central Vermont railroad company 1T they
deem 1t expedent TO do 20.
Jacob Edwards asked how the originss.
and present proposition differ.
Mr.. Brooks said the first went into ef-
feet Immediately and the second submits it
for confrmatiuI tn q court of chancery.
Hon. John A. Goodwin of Lowell said
know not the binding force OF these
contracts, IS do the lawyers, for | am not
a lawyer but it seems to me we ought to
avoid this court of cbancery. Some of us
have little faith in the decisions and pro-
ceedings of the courts in Vermont. It's
qucsl ion with me whetb,r the obligation
bet ween man and man in Vermont ia not
more obligatory than the decision of
Vermont court of chancery, we have been
accustomed to deal with the individual citi-
zens of Vermont-so have other sections Of
the country, and have learned to respect
them and TO place confidence in their per-
sonal obligations. II the soiled ermine of
the judiciary of Vermont is becoming as
loathsome to the people of the state as it is
to the people OF other states, let us have as
little Us possible to do with the court of
chancery IN Vermont. We respect the in
divdual honesty of It's citizens, but have
little confidence in the decisions of its
courts.
Mr.. !. w. Hickok sad the board were
advised by counsel that az they were deal
ing with the receivers of a court of cham
Gerry, this modification unless confirmed by
such court woull be good for nothing.
Gov. Page said that this poiut OF sub
mission to court Of chancery was insisted
upon by Senator Elmunds for the reason
that without IL the receivers and managers
would be relieved of responsibility. If the
stockholders wished to be placed in that
position he could not for one consent to 1t.
Daniel Roberts, esq, of Burlington,
biltu DINIJ thDldiuti tuO tlICCt vi
the submission of the modification of
the lease TO the court clSScery, remarking
that it could delay, the completion of the
matter but n short period, as it could all
be accomplished in the space of twenty
days.
Mr.. Brooks resolution was then again
read and on being put to vote was lost
by large majority
Gov. Page, before putting the motion in.
reply to the question OF NT. " i lam Mix
Ter, said he submt;o this modification by
the direction of the b nrd, but did not
recommend it. If adopted the resp ,nsi
blity must rest upon the stockholders. If
he could have his o~n way he would make
no settlement except through the courts,
but they required the support of the stock
holders. The stockholders have not come
up and sustained him in providing for the
floating debt, which has been source of
embarrassment. If they had we could fight
it ou. r. had b EN- charged wtn fraud in
the execution of the lease, but he had no
fear of this If eyer an honest contract acas
made Nis scas one. If the stockholders ac-
cept this modification 1t closes a litigation
that might, possibly, extend over a series
of years. If it is rejected they will be
obliged to provide for the floating debt
This is for them to consider There will
be time in the future when your relations
may be different. You must bide your
time, which will surely come.
Mason Everett offered the following
resolution
ReS0lred. That we hereby approve of the
terms of settlement with the Central Yer
mont railroad company receivers and man.
| ayers of the Vermont Central and Vermont
aud Canada railroads, as set forth in the
form of contract here presented and the
board of directors by their president or
other agent by them appointed, are hereby
authorized to execute said contract in be-
half of this corporation, upon a compliance
on the part of the Central Vermont rail
| road company, receivers and managers
with the terms thereof and all other stipula-
| tions on their part u he done and perform
| ed as contained in a certain memorandum
of agreement made February ~, 1876.
After brief discussion the question on
the adoption of the resolution, it was adopt
ed, with only one dissenting vote.
| Thereupon on motion of B. B. Smalley
the meeting adjourned.
| CENTRAL VERMONT MEETING.
The meeting of the stockholders of the
Central Vermont railroad company was
held at the parlors of Towns hotel, Hon.
John Gregory Smith presiding. Hon.
of the lease, the same proposition sub
United 10 the stock holders OF the Rutland
railroad company was presented and for
mally accepted by vote, after which the
meeting adjourned