The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-26

THE MARIPOSA COMPANY.
Suits CONNIE need In the Marine Court
An Injunction Restraining Their Pro-
gress Obtained-DI0tiOn to Dissolve 1t
Argued Yesterday.
SUPREME CoURT-CHAMBERS. 81
Before Judge Ingraham
Ocr 25-Ed0avd D,s0dale and Another o. Hueaed
W. r. Hoyt Implicated NTH Others This is suit grow
ing of the famous Marposa litigation. The plaintiffs,
holders of eleven thousand shares of the stock Of the
Marposa Company bring the action for the benefit Of
themselves and all other stockholders who shall come in
and contribute. The equity set up in the complaint
thisThat the President Of the company together with
the defendants Opdyke and Bramha. formed plan
for depressing the stock Of the company in the market
with view Of buying 1t in. That in June,
1854, the trustees and officers of the company pre-
pared and executed two thousand bonds Of the COM
pany Of thousand dollars EACH and distributed
ST. COG 900 of them among themselves and Others
at rate OF fifty cents on the dollar and $3.50 900
rate of thirty FIVE the dollar That this dis
trbution opdyke and Hoy rustees received 5000 900
each. Bramhall, (trustec, and Gilbert his sonln-law
$1,000 900 each Kctchum trusteel to his firm, 5000 o00
Henry Field and Cyrus w. Field, brothers Of the
sci of the company $4,000 EACH and the rest of the
81 100000 was distributed among the friends and ac-
quaintances of tho trustees and officers. That the
balance Of $3.50 900 not issued at all that the
company received consideration beyond ifty cents
the dollar for any bond that was issued, and
that it notorious among dealers in securities
that the company never received more than nifty
cents on the dollar on any Of these bonds That one
Of the objects of the trustees and officers In this issue Of
bonds 10 effect fraudulent issue OF stock Of the
company, and a resolution was adopted to pay OF such
stock he desired IT. that under this $740 600 OF the
bonds were taken up and cancelled and 81, 0l0 600
are now outstanding that certain % Sc. the hon de-
and Of the April interest coupons have com
menced suits by short summons in the Marine
eight such suits That those defendants not the real
Of the bonds and coupons and have made this
distribution to bring them within the summary jurisdic
ton Of the Marine Court That there Is good defence to
these actions to wit that the parties suing not ba
e holders for value but took them with full knowledge
OF the circumstances OF their ISSUE and paid more
than fty cents the dollar for them That the trus
do not intend TO defend such actions but will allow
Judgments though advised by Of their own counsel
that the company has good defence. That Opdyke,
Hoy and Bramha fathess to their trust and the other
trustee cannot control them that besides being large
holders Of these bonds they are spectators in It's stock
and have combined to depress it in the Market that for
that purpose they desire these judgments TO be obtained
and that by the return Of the executions thereon unsas
cated in the Market that II this be permitted great and
ireparabe injury will be done 70 the company and its
stockholders That the bonds issued to Hoy, Opdyke,
Bnmhall Gilbert, and Ketchum, Son Co., are still hold
by them, and with the bonds held by the
other defendants should 30 delivered up and cancelled
The answer Of the defendant JOINS issue on the aega
tions OF tho complaint In respect to the issue Of the
bonds and the actings and dongs Of the defendants
other tbnn himself II declares on information and
belief 'hat all the bonds disposed Of by the said
pany its officers sold in good faith TO the public
generally and at the best price that couid be obtained
therefor" II denies any connection with the other de-
PENDANTS or any plan purpose except to collect the
coupons which this defendant has sued on In the most
commencement Of his actions in the Marine Court he
the actual and bna fde and holder for value
and without notice OF any defence thereto OF the several
coupons sued on There Is no direct denial OF the
issue Of the bonds at nfty cents or less on the
dollar no Affirmative averment that the defendant Hoyt
paid fifty cents the dollar for any bond cou
pon no denial of his knowledge or notice that the
original issue Of the bonds ct M cents on the
dollar or less The defendant Hoyt does not claim TO be
the owner holder OF bonds does he aver that
he became the owner or holder Of any coupon before II
became Due
ton restraining Mr. Hoyt from proceeding with his ac-
tons in the Marine Court and yesterday this subject came
up for argument motion made by Mr. John q. vose
Hoyts counsel TO dissolve the injunction The counsel
engaged in the argument Evarts for plaintiff and
vose for defendant Mr.. Evars took the ground that
the suits commenced in the Marine Court opposed
10 the judicial establishment contrary TO the general
pra ce and with sinister design. He also submitted
Fire-The bonds issued by the Mariposa Company in
the hands Of the parties originally taking them could
have been enforced at the best only for the
ceved by the company and interest.
Sc nd-The stockholders or creditors Of corporation
mot themselves involved In the ty OF nterposng
as the contracting sy n. defense Of usury 70 con-
honest conduct Of the trustees and officers OF the corpo
ration a. much when the contract sought 10 be aside
Ii usurous and 10 tho extent a. they Possessed
such right before the statute OF 1850
Thud-Thc answer OF defendant Hoyt places him In
better position than the original takers OF the bonds
occupied II he purchased at or below the rate charged
In the complaint and not denied In the answer however,
honest ignorant OF the origin and issue Of the bonds
he may have BEEN the extent VI his protection Is the
amount Of his money laid out in the purchase But
having purchased with the knowledge charged 10 the
complaint and admitted In answer on every principle
applicable TO assignments Of chooses IN action the de-
endant has better right than the Arst taker OF the
bonds
For these reasons Mr. Evarts contcnded that the in
junction should be held until the hearing
The Judge took the papers and reserved his decision