The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-30

Company. &c, have bought castings to a very largo
amount OF the foundry Company =. the same rates
allowed.
The Bondhoide-s Committee whose duty Il was 10
pass upon the accounts Of the receiver1
aud managers have attended to this duty sem-ann
ally and their examinations have been As full ana
complete they deemed necessary. The committee
hal tree access to the books and vouchers and made
their examinations IN their own way and uninnuenced
They frequently gave advice and made suggestions 70
the receivers and managers and we're usually con.
suited On matters OF Importance.
The requested by counsel for the bond
holders that IA expert be employed 10 examine tho
books and vouchers. The clerks IN the departments
aud Messrs Merrill. Williams and Wilbur, who were
familiar with the same, but not thon In tho employ Of
the trusts. and all agreed above suspicion ~ 10
iner integrity and competency. being at the command
OF counsel, the masters did this necessary.
The and managers offered every facility Tor
investigation that could DO offered, and all partiea
made OK mination OF books and papers touching the
accounting as fully and completely as they desired,
adjournments being made from time TO time TO acli.
tate investigation
The masters lind that the custom observed BY the
trust the issuing OF FREQ passes Is the same 10
common throughout New England
The masters say 1--WE lind that the trustees and
managers have acted In good faith in the management
the affairs OF the trust and with ordinary aud
prudence" 1.-The several parties In interest assumed
to control the management and development Of the
property they thought BEST using the Court only
the urherance OF their plans and Wishes thus making
the Court nominally the guardian OF the property,
guardians The bondnoders acted through r,u their
committee authorized by the Court, whose acts the
bondholdcrs unders TODD legal and binding upon
them, while the Vermont and Canada Company acted
through their directors The more important dis
Durscments made by tho trustees aud managers
which made tho subject OF objection In this &C
counting. were known TO ana acquesced In al the
time they made by SAID directors and
miltcc, or lcgtiinately grew out OF transac
iions which they authorized and approved" "rha
trustees and managers were often In consultation with
the authorities OF the Vermont and Canada Company
and the Committee OF BondhoIders and the dvisory
Committee relation TO the management OF tho affairs
OF the trust and the limo OF policy be pursued dur
"a mr. AVail oh
tween them.
Gan ,ne AFFAIRS OF the trust and tho management Of
the trust property have been open for the In.
specon and criticism OF parties Interested thercn
well those pertaining TO The books and papers OF
Trust to the acts of the trustees ana managers,
to the Secret Service Fund
to. No objection has been made TO the allowance
OF the accounts OF tho trustees anu managers by the
Auditing Committee. heretofore detailed, until
this investigation, or until the objection niod in
Court.
.Evcr since the took the Sullivan Road tho
Vermont and Canada directors ana tho Committee OF
Bonaholdcrs have known that tho Iesseos claimed
have leased and running the road In their
right and for their own benefit and at their risk,
that committee and directors have claimed
any interest the road or It's earnings profits but
they and all other parties In interest, have always
treated the same rs belonging 10 said lcssees and have
made objection thereto. The accounts OF the man.
ayers nave been approved by saa Advisory Committee
upon the theory tnat sal road and t profits losses
belonged 10 tho lessecs and not to tho trust.
"ln operating the sullivan road there four
Ave items paid by tho trust which belonged the los
sees Of that ROAD to pay and which were not charged
over TO the essces, or II charged ALL charged
out Of Their proper place. that could not DO ascer
tanned whether the cssces had accounted 10 the
trust. These items have charged to tho ossees Of
the sullivan road
1--WE ind tho business OF the I'm many respects
necessarily complicated aud requiring great minutis)
to have been done under complete system and with
great accuracy, and although
In OF details, they very slight compared
viii great amount of business transacted
.We have allowed all the accounts the receivers
and managers subject to the opinion Of the Court
tho facts reported"
The above report. II VIII be seen, completely vindi.
Gates the receivers and managers from the charges Of
| fraud and msmanagcnent which have been mad0
against them constantly and bitterly during the
past five years. SETS out In strong and clear coors the
real status OF the trust property and the steps that
have been TAKEN with the concurrence and advice Of
all parties interest," for It's management and do.
velopmcnt and shows plainly tho utter falsity and
groundessness OF those vic ISLANDERS upon the ver.
mont courts which havo been SO freely circulated No
part OF the programme OF this railroad war. Mr..
Edwards who has performed most OF the arduous
labor Of preparing this report Is OF the ablcst and
most high minded gentlemen OF the legal profession IN
Vermont, and this document Ia worthy OF his mind
and character The Board of Masters are all men ol
marked ability and unqucsoned proby and integrity,
thoroughly known anu universally honored through.
out Vermont Such document rs this bearing thor
signatures Will DO accepted by all fair minded men,
this State ut least conclusive OF the facts and mat
tiers therein treated.