New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-02


r. make for an Injunction and receiver They
assented to nothing but waived notSe Inc learned
nudge Instructed only by the bill, with no notice that
nroceedngs had been had In State Court with no par
tcipaton in anv of the proceedings and attending to
his own judicial duties maze S1it o He found that Jay
Gould had been placed In the POSITION vi "ders ~ he
company. BY making him amena9e 70 the Court TO take
hold Of such property az he might have III MS s Of
Mr. Gould had been elected by the unanimous ond the
the stockholders he hadcustOdy OF the iunus, 1
Court held him in bond OF 100000 for the laiIniui
performance OF his duty. and he was anehaeg ~ un
authority OF the Court not only by removal Dut ~ or
shment n he violated his trust BY what right then or
upon what ground do counsel dare 10 MAKE sum IN
cisms upon the conduct of learned judge, wle All oH
is done is to increase and strengthen the security WHICH
they say Is so fralll ,..,or 60 I'm,
Mr. Noah Davis said that there was no intention 10 I'M
pute improper motives TO any one. $50 ~, -, .o
Mr. Stoughton resumingl-Then, will the counsel DC
kind enough to tell me what they mean Dy % was the
Receiver appointed In the State court 10 take n sup
posed GEO. but Of all the other properly OF ts
poratiOn upon the bond OF 100000 merely the ente
property pass by that order into the possession OF
Judge Davies The Court has heard II stated Py H e
counsel who presented his views on Denan Oh inc W.
cever, that il ia matter OF necessity that receiver
must be appointed here That is entirely true the case
stated by the bill is which authorized TINS or any
other court appoint receiver and Is entirely true
that will be appointed II there IS any tng
stated in the BILL under which Mr. Belmont claims 70
come In showing that there is any fund upon when inc
complainant Mr. Belmont have lien, or out OF whlcD
serve what / have to say on that subject
until some other matters are disposed oI,
receiver and In determining the qualifications OF re,
cever my learned brother DAVIS need not have INVOKED
any authority will go further, and say that "hen q
Court az Faulty undertakes take into its hands funu
TO be itigaed and distributed &C the emu OF tne coU
yersy IL should put into hands pure aud respOnsOo
ITS II should not permit htgaon peo d enc
with view who shall grasp the fund, ana tne
profits consequent upon dealing 70 ve eS
OF justice, and in accordance WIN us IcTS
should appoint man receiver where the trust Is
passive one that neither side claiming s Sa u Snv Of
Court of Equity when IL CONES to the appointment Oh
receiver and never Will be heard IN oort u t b
TO urge upon the Court any man. unless ne sa hsee0 @
requirements have stated We nave mere put Ior"aiu
as ground upon which Mr. Gould Is sought 10 ,S Se
petition OF Mr.. Belmont, on which he seeks 70 ell
feet this removal: There Is morning WIN" Mhnt
ia stated in his complaint in the state
Court aud to the evidence annexed to that ang
these he puts forward the ground for the removal OF
MIR Gould III II shall turn out, as think u WILL Wheh
we come to look these charges that Mr. Could man
agement the affairs OF this Company does not
In point OF intelligence, honesty ana uc
cency with the previous management OF the COMPANY,
IL may be that shall fall to present such man as ts
Curt would auproye as a receiver. not u II does
for aopear for the Erie Railway Company lcafe ior
no man and for no mans man.
Mr. songton here called the attention Of the Court to
folio eight OF the bill in the State Court as the f9hhuao
of the charges against Mr. Gould WINCH nc SS d Mr. m
OF the most extraordinary, and as Woud DC SLOW" y,
the most unfounded character were maue. wno9 S
positive allegation. For the purpose OF FOSTERING lna
bi we have the aidays OF two men, Daniel Drew aha
Frank Work. The latter gentleman was evSU, -, he
So ip ~ y tesiinony lie led the socaed Vanderbilt
in March last upon TINS r oO.Pan IyS Receiyer
OF this Company and lie procured the Attorney
to bring an action agnst 80 % bout of tie stock
In Wast as il it at footDall ahI Mheh ia.
had been sceompsned we mn Interests Of the Company
compromising the case for ti29OO suppementat W '.as
SIS 600 aud $4,000 for the Receiver ana SopelnIs 9
comp1ny 10 buy from Vanderbilt $OoOOOO OF stock anu
ending the bargain which resulted IN MS NOfk gethg
$4,000 Thus ended that war only to De renewed wen
snable occasion should arrive. II appears, ana mas
not been conradcted that Jay Gould and MI tske oot
protested against mat arranSemen', su IL aso VINO
was the other witness calledi Danlel Drew. NV ~
hel At the time OF this VhIeTnht war , T tb Con-,
OF this Company. He and Eldrdge controlled the Cot
many and with Work controlled the sstuelhengs
And what do find Drew doingi WITHIN tne
last few days telling jay Gould, the Presldcnl
~ the COMPANY that suit was about 70
to brought by parties who we're determihed 10 mA1
another raid on the company that he had been asked
for ms affidavit but that he didn't feel disposed TO make
it II they would issue 80 shares OF sI1JA ana h
rces NJ mis- complaint; they are the who assail
Gnuid. the men WHO have been in the previous
direction of this company, ana VINO maue IL tho ~
word OF the community Ihs - the colnPl,n' TRt
was remarkable scene, and tue attention Oh tue court
would he called TO II because u was INTENDED 70 use
non the court the proposition that Judge Davies Is DO
RECEIVER that no receiver exists aud the court eoul he
act Independent OF all embarassments upon that sueel
Nben IN the Suecia OF the~Suprene court or thls
St,tr the motion OF Belmont made, ~ was put on
te calendar and found Itself dcgradedby being put az te
shortly alter ny some lhcus ~ O'4-
transferred 10 the head, ana the eOunsei Ior
found that they must go into the motion MIN MIN
ont evidence and without preparation. Inc ueleni-
ants struggled 10 late hour 10 eeI an
when nc o'clock at night the order was aue thht Ho
entire property Of OF the greatest corporations ~ Tue
world this great highway trodden ~ us nuhulSIS VI
locomotives and thousands OF cars sWaiinB Win us
oncrotive passed into the hands Of Receiver VINO was
told by the order to nay the expenses OF m
This was judicial achievement never performed pcoie,
aud which, Il IS to be hoped VIII h9I DC resu'S S as
worthy OF subsequent performance MT stoushton mere
quoted several authorities IN support OF ms argument,
among Others one showing that Court 1i E'luy, 80
such has no power 10 supervise the couuCt Oh VVi'
noatons after which he reviewed briefly the relative
merits of Mr. Gould aud Judge Davies as 20 Their nlness
for the position OF receiver, concluding WIN Ie'e" Vi
all the testimony bearing upon the case
,RcrMpNr OF Mr.. DAVID DUDLEY FIELD
Mr. ID ID Field then rose aud said After the elaborate
and able argument ol ns II remained Tor him
his task comparatively easy. ~ S ., ~, t1
only 20 gather up the scattered threads OF Ihe
Out Of the Of aiidayls ana ~ iy
be possible 20 take out the mateial paLs nnu Jay t
before the Court for his Honors c0nsideraton On lne
23d OF November week ago yesSuay n
made In this ease by Judge OF this Court though eter9
s of stated term Of the Court appointing MT Jay uouu
receiver aud directing tho Erie Railroad company 10
transfer 10 him such receiver so mueh VI le uus
cash and securities Of the corporation as Wouu suffice
rnav rho nlaintlG and those similarly situated, the
moneys they had originally paid out IN the purchase o.
Indefinite than the order 50 MADE ahu e pIyea - ~
HIS honor would observe that th0 doe
IL specify the amount OF money or S seSunni
ties 1t is that jay Gould esd re a,e Erie Raj
road Company the extent prayed Tor III tue nth para
graph Of The BILL Such was the Language VI .nc VnJ
and then came the inquiry What was the prayer III m
Gfth paragraph of the bW That during the penuehc!
Of this action receiver 10 the defendant may DO ap
ponted That IA allthat during the pendency OF WI
ease a receiver may be apponted-n9t one WORD OF wia
he Is TO he appointed receiver ofand that the
tbe Erie Company may be ordered by an interoouo
order 10 any such receiver sufficient amount OF money
cash or securities TO enable SUCH receiver 10 repay
the nlnnH and all Others the full amount 81 none
paid by them the purchase OF any such STOCK. nov
IN the hrst place, who we're they III whose pena
in the first paragraph of the prayer OF tue Oil
The angage was very remarkable, ana counsel ieau an
commented upon It, In the first place. VINO are the PEI
sops and wat Is tho stock thus mentioned Ihs cast M
been argued as II was the issue OF the sOoOU wot.
OF stock Counsel here read the NTH paragraph VI VI
him reeIting the issue OF the S2OOO0 worth Of convert
bile bonds to Henry NJ. Smith, the conversion 10y smh
iIt1 knhsenuent BY Snlh