New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-01-27

further, that Re meniios 81 to them tne M mes OF
seFerai peisons Tho acre kno m 10 them. whom he
alleged haa taken stock ia ms Con any su)se-
qugniiy 10 the pa,ing m OF .ne auOaafs f0r which
the comnlabsrtshad subscribed Several meetings OF
Inc sockhoioefs were held. out no Information
re alive Ia the affairs of ne Company could be as
cerainec Dy mem The stockholders then appoint
&c COMMITTEE Of their NUMBER 10 lIyes'iks,e the
matter WREN as tls alleged, II appe AIRED that IN the
isil OF Is4s Mr. Townsend became partner win
Alhtr w. hetcalf 10 the business of manufacturlng
faucets az Nos 63 ard IS Center St under Lhe arm
OF w. Netcalf & Co.. and that this firm suisse
quentv opened an account with the BOwsry INK
that io"nseIc kept the bank book OF the rm IN MS
possession ah1 that Metcan ores checks m the
name OF tbe nm. which were paid az the Bank
wnetner any funds were on deposit or Otherwise,
which pay nents, II Is alleged we're made BY dlrec-
non OF lowntend, who was then President Of the
Bank, ana That IN consequence OF oyer-draft, Me-
calf 90 became indebted TO the Bank n the sun
OF about $4,000 Il Is further alleged that at the
tine Townsend made the representations referred
to, the New York Steam Faucet Company were
deeply involved and completely insovent.
We append copies Of two afidavlts, now on file in
Court.
Abial Miles, Of the firm Of William B. & A. Miles,
OF No 81 Chrysile St, New York being sworn, says
that they were In the year lsi9 stockholders IN the
BoweTy Bank, of which Daniel w. Townsend was
President that near the first OF October, lSi9 depo
nent " as IN me Bank making 4 deposit, when said
Townsend called deponent into a back room OF the
Bank. and asked witness to take some stock IN a
Steam Faucet Manufacturing Company depOneRt
sald, We have no meney :" he replied - That
was or TO consequence, as we viii discount for
you to the amount of the stock you will take y
witness still declined taking any stock Of said
Company on the 18th day of October, Town
send c6me 10 witnesses place OF business, ana
renewed his application for deponent and his part
ner to take stock in said Company, and, as an in
dpcement for them to take such stock, he Town
send said the company was doing large business,
that they could not supply ali the orders upon
them, that 1t would pay Is per cent by the next
July and that in year or two II would pay at least
IS per cent per annum Said he had taken stock to
tae amount Of IS coo, which he would not do were
u not money-masing business. Townsend urged
and his partner to take stock to the amount
of $4,000; that they could pay $500 IN cash, and
give notes pay able $500 each month until the s2O0O
were paid that Townsend had the notes eptTed
and opponent paid to said Townsend 5000 IN cash
aud executed notes for the amount Of ! 500, dated
the LIST OF October and paysbe IN sums OF 5000 each
MOI IN, making IN the whole S2,OOO ana gave shid
cash ard notes TO said Townsend That he request
ed witness to go 10 the place OF business OF the said
New York and CToion Steam Faucet Company, In
Centres, that depOneDt went there In company
With Townsend that he introduced Opponent TO A.
w Metcslf as President Of the said Company. tie
ard Townsend showed witness all through the build
Ing where good deal OF business was gong on, with
quantity OF stock and machinery &c. lie SAID tnis
belongs to the Company, except the engine. wit
ness eVInced some surprise at being informed that
the engine did not belong to the Company, when
said Townsend replied that that would soon come
INTO their possession. or words to that elect.
This during the latter part of October or hrst
of November That depOnent supposed. from
the representations and acts OF said Town
send that the said association or company was pros
ecutng lucrative and profitable business; thstit
was free from debt, and what opponent advanced
" as or would be profitable investment. Ina, SAID
Tow send and Metcaf carefully and as deponent
charges, ffaucuentIy concealed from the kno Wedge
OF ponent the fact of the existence of two mort
cages to TIE amount unitedly. of sixty FIVE thou
and dollars then existing upon the property oil the
said ASSOCIATION, and also OF other large deb-s
and responsibilities for which they were liable
In consequence Of which, deponent and his part
ner have sustained great losses, 20 the amount
Of at least fourteen hundred dollars, and, as
he fears, made responsible for other Liabilities
to large amount That he IS satlshef, and
is shle to prove that at the time that he was
induced 10 subscribe for said stock by the mlsrepre
citations of said Townsend the said association or
company was utterly insovent, and the stock WORTH
lees and that aid Townsend and Metcaif kne the
SAINT so 10 be, and that the notes and money so adj
yaIcsd by 6eponent and his partner, was applied to
the pay meDt OF debts previously contracted oy SAID
Townsend and Metcalf, and not used and applied to
The or benefit Of said Company aud that SAID
notes and money were obtained from deponent solely
upon the false and fraudulent representations of said
Townsend and Metcalf. Tie therefore asks for pro-
cess to compel them to answer said charge.
Waitom H. Buikiy being sworn, says that IN the
all Of lS47 he commenced and was employed as
BOOK. Keeper by A. w. Metcalf, at Nos 81 and 6S
Centre ct that Metcalf had previously benin part
nership with William Reed that said partnership
had then been dissolved, and the concern nsolyent
to the amount OF at least twenty - thirty thousand
dollars that during the fall of lS4S, Daniel w.
CAME into partnership with said Metcalf,
and sad T0wnsend advanced capital for the con-
cern forty Thousand dollars, set forth below that
at said time there was an existing mortgage against
the concern OF Metcalf, TO secure the payment OF
twenty-five thousand dollar to David ". Marvin on
which Townsend was informed thai the SiO,0OJ oe-
fore meutisned as advanced by Townsend. was pro
cured by checks drawn by Albert w. Metcalf on
the BOweIy Bank, to the amount OF little over
twenty thousand dollars, and by checks drawn 0y
A. w. Metcalf CO., on said Bo.ery Bank, 70 tho
amount OF about thlrtse thousand dollars. and ABOUT
NJ ne thousand dollars which Townsend drew for on
the said Bowery Bank making sum total of over
forty thousand dollars; thai IN consequence OF the
above over crafts, Committee OF the Dire tors OF
he Bo yery Bank called az Metcalfs place OF busl
ness and eQured payment or security for the forty
thousand collars over-dra'ts OF netcalf heicah
& Co, and w Townsend. II resulted IN Met
calf executing and delivering TO the SAID Bank
mortssee on the establishment III Centre 81, en-
braclng all the stock, machinery and property
belonging to the concern. To secure tne payment
OF forty thousand dollars to thf SAID BANK; Ihat
the SAID morris eye was executed and delivered to the
BoweTy Bank in the spring OF leiy that at the time
of the delivery Of THE s,d mOHgage.t dsasreedpy
IL officers Of SAID Bank to discount business paper
for SAID Metcalf from time TO ilme ana 70 deducs
from the amount discounted, and 10 De retained oy
the Rank ten per cent which vas 70 be applied 10
the pa,uent aud liquidation OF the said mortgage
Thai about twenty three thousand doiiaIs Oh paper
"a discounted tor the b"o tou Pos
cart yeservec by the Bank thstthe said twenythree
thousand collars so discounted by the Bowery Bank
AS aforesaid. was accommodation paper, and WAS,
v hen II InatuTed dlshonored, leaving an amount
cre 70 said Bank from 4. w. Metcalf Co of over
sG1 eco which said SUN. together with the amour!
~ he mortgage executed TO said Marvin. were due
nI owing on Inc frst day OF October 1919 that, on
TIE 81 OF October 1919 and previous to that
..,, concern of A. w Meicalf & Co, VAS utterly
sol,ert ,Td that the debts and liabilities of said
roncfln AT that time, exceeded the value VI All the
nroDeJy ebis due Sc, belonging 20 the SAID con-
cern At least SO coo, and that us insolvency WAS
6nny kroun by said Metcalf and Townsend AZ the
ine Of organizing the New-YoIk CIo'oo and steam
Faucet snuiocuIlng Co and at me time OF pro-
cr,,Ds SUBSCRIPTIONS 20 the stock thereof that no
sWr,uent VAS made, within Opponents kno Wedge,
for suy sale BY Metcal purchases by said Compa-
nv ~ SAID Ne tcalf Metcaf Co OF MS or ther
&c Cd will OF the concern for $4,000, or ior any
other sum previous to the first OF November lsi'
1he, the officers of said assoclaon we're appointed
a, ,riyate me citing unkDO an by the stockholders
- 20, mentioned or entered on the minutes oil the
Company
I'D kafA