The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-09

the N's.r:sr. nrsnsts Company.
IMMEDIATE SALE OF az srExnsaIps.
erPRR1D COUHv TERN.
Se'ofer en- Judge Davies.
JAN. 7.-Wm 20 -, and oAs, ces DC Aocasory Tran.
" 80 plaintiffs In this cause have acquired
men, sue Of attachment upon four sssanaships
owned by the defendants, the Accessory Transit
o0Apsuy, . foreign corporation large number
Of the oiher defendants have acquired me
lien, by virtue Of similar attachments, and BY
Judgments and executions against the said corporation,
and evee made by virtue thereof by the Hhsr Of ,he
city and county Of New York upon said four steamships
cuted mortgage 70 the defendants Morgan aud Royt
two OF the ahps-the Northern Light and Star Of the
10 bonds Of 600 each, and OF which bonds he defend
ant, Vanderbilt the owner and holder Of lis. On the
9th Of February 1859 the Company executed mortgage
trustees 10 secure the Of "a. bonds Of 900
each, all Of which are nov owned and held by the DO
PENDANT Vanderbilt having advanced to the company the
Of $706l7 81, and further advance being contem
plated, the Transit Company Iold and conveyed to
and future advances, the sala four steamships,
and placed him In possession thereof. That the
Company The further sum Of sSa,2oa o. making the
total amount Of he advances for which becAms 10 hold
the said ship Ss2 49, Subsequent os nSssss nave
tees to bonds which are now hell by the dcen
dant Vanderbilt. The various attachments and liens by
execution upon bese four ships amount 70 about the sum
Of 500 COO The Pomeheus has been sold by the United
States Marshal since the pendency Of tni. motion,
the argument Of the motion commenced the steamship
Daniel ehsier beer removed out Of the jurisdiction
Of this court motion 10 now made Tor the appoint
ment OF receiver take charge Of the property pend
ing this litigation, and TO preserve and make sach dspo
sitiop shall ordered by tee Court The motion
for the appointment Of receiver OF the property OF this
coronation e oppMed by the defendant, Van
derblIt, In bis character Of morsgsgee, ~ be
claims in possession. He IL also aud has been
aimee February 9, 1886, President OF the Company;
but neither he nor any one on behalf Of the company Is
sp,e:estpe me comIsny, Opp0sS, me moon 9G e
possefsion not competent for the Court 10 interfere
With or disturb that Possession, however much the
rights Of the other creditors Of the company may be
jeopaI dsed thereby In this think the counsel for the
defendant Wander bt mistaken His claim 10 only thst
orty-the saHoe rights which each the creditors
have When his debt Ia paid and which IL subject 70 the
Tine Ss
gsgee and sso representing the has united
In him hostile and conhctr interests 1t APPARENT 10
my mind that this property shouid DO placed In indifferent
and impartial hands and the appropriate custodsn is
receiver Of this Ceort who will DO bound equally u
q s and .he special pc interest. Of none under
stand this 10 be familiar and well recognized princi-
pic Of sqsy 1,ssSs,nse The rule governing S::ss
vol l., p e6s "a receiver appointed for the benefit Of
the interested parry who makes the application, ard for
and who may interest In the property proposed
TO be put in the hande Of receiver. Toe i'm mediate
Ss g. ss :: s s so Or 1' s
aid profits on It, from waste, loss or do
s..uc.ioa, 30 tina. there may be. DO some oI hsr
verey over" The preservation Of this property
from waste and destruction, 30 that their crsdors
well % the other parties 10 this action who may have
liens thereon may gather fruits from this litigation,
vital to the rights Of all interested and renders
II, in my opinion, the imperative dusy Of TINS
o IL. ID
not in my Judgment, sufficient to this 10 say
properly and therefore this should
but how he interested? only for the pAymsat Of the
Hens held and owned by hm--rot for the payment and
discharge OF the large amount o. claims represented by
this body Of attachment aud execution cred
tors They appeal 10 this court TO inrpose Its arm for
deaf car to thu, application. ! think receiver
in ,he case is directly authorized by sab. OF sec
appointment Of before Judgment the appl
cation OF either party when he establishes an apparent
rseb = IN he yosesson Of ~ .dvssss party and the
property Ii In danger Of being lost materially injar
or impaired the facts appearing on tho motion 10 tbs
cauae are Sufficient 10 warrant the appointment un.
der the authority thus conferred Sub. 4. o; the
same secii,n authorizes the appointment Of
which has been Dissolved or Il nsolven imminent
dsner OF insolvency. Now, II 70 conceded that these
Of coSIe 10 p 'ps se len. upOn them that he
corpo alton Ia psolgent or In imminent danger OF inso
venoy. these undenisble positions render imperative
the Court appoint q receiver In this The
cycse OF this must depend the sound discretion
OF The Court and when appears ht and reasonable some
IN different person, under approved security, shall take
charge OF the property for be greater safety OF al the
parties concerned Verplanck sgt Gaines, John. On.
b7) scwhtn, as s apparent 10 this case there ere
prsons authorized on behalf si the corporation 70 take
charge Of and concuct the Affairs o. the corpora
ton and preserve aud protect ts propsriy, . 70.
ceive viii be appointed To take charge OF the ELECTS
Of the corporation and preserve them, for the melt
oftbe CT editors sud stockholders generals, Lawrence
sgt Greenwich Ins. Co Paige, 5s7) receiver will
also be appointed prevent the removal of property be-
You'd the jurisdiction of tie Court In every Light in
which have regarded this case, seems TO ms 70 be my
duty TO appoint receiver 70 take charge OF this
am unable 70 that the rights OF any one csa be In
jured by 70, but the contrary thai thoAs or all IN
tertssed in ths property viii tie preserved thaeby the
bin, and the parties interested under mortgages,
csnrot be. Mr.. VAnderbits tscurity tor tho moneys
advanced by him " not IN aoy way impAred.
The rights Of the attachment and execution credi.
discharge OF thee prior liens secured and the com
psny ssips Whist ought especially to desirehe appli
o. It's property 30 the payment OF It's just debu,
and liz fer tina, purpose IN the order Of the
ed for the appointment OF ever, without prejudice TO
the riglts Of tho mortgages, under The several mott
sases 10 secure The Of tue bonds issued by the
company 10 the rights Of the holders thereof 70 the
rights oi Mr. Vanderbilt TN ter the mortgages executed
10 him Let u be provided in the order, that the
cttver have no power W sell or dispose OF the property
any part thereof without special leave Of The Court
JAN. s-This morning the Court MAZE the order ap
pointing Judge Csvlcs receiver, ard directing sale
forthwith Of the four seamshpi OF the Nicaragua Tran
cit Company, namely the Northern Light the star OF
the West, the Promclheus and tbs psoie Webster, al
loving Mr. Vanderbilt 10 bid n such sale 70 the tent or
bis liens the vessels the surplus any 70 be paid 10
the receiver by him deposited In Court Nj. Van
eebh 10 10 have out OF the proceeda $1,000 which he
scyanced on the Prcmttheus.
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