The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-24
IN afterwards cneerruuy vacats it upon fuller

VIII afterwards cheerfully vacate 1t upon fuller
hearing
every other corporation in New York might as well
be included in this order OF recevershp.
Mr.. Rapallo--, es and every COZ poraton IN New
ton this corporation is now In. .
Judge Sutnerlaad-Give me your order, gentle
men and will appoint receiver.
loon this announcement the most intense excite
ment and confusion prevailed, the counsel for the
defendants clamorlng for an opportunity 70 be
At length the Court decided to hear what they had
to present whereupon Mr.. Burrill took up Bemonps
pages OF closely printed matter, and proceeded to
read the facts contained therein. lie was repeaieuy
interrupted by the Court with the assurance .nat me
as IL had carefully examined them before granting
the Injunction Notwithstanding which MI. Burrill
some way relevant to the Mcintosh investigation.
One OF his associate counsel at length arrived ana
produced some anidavits which ne pr0ceeueu 10
The affdavit OF O. H. p Archer set forth that he
was well acquainted with the management OF the
traton and that the present had been the most eco
nonical aud advantageous 10 the STOCKHOLDERS gene
rally; that the department OF the comptroller was
managed with great fidelity and accuracy, and tnat
The purchase by Fisk, Gould and others on behalf OF
the Erie Railway Company OF the Weehawken ware
house mad been transaction OF great advantage J"
Nathaniel Dowell deposed that he was familiar
GIN properly at Weehawken, and negotiated the par-
chase with Mr. Drew; that the purchase was a wise
ono for the company at cost Of $3.50 o9o and that
the company had purchased 1t.
Abraham $ Hewitt testified that he was thorough
ly acquainted with the cost Of rails, their manufac
ture and forth; that he advised Could TO buy tine
rolling mill at Trenton for the manufacture OF steel
rails; that no one could doubt the proprety OF the
purchase and that 1t resulted advantaseousy to the
company.
that the aidavts could with difficulty be read aud
change OF base las ordered TO the General Term,
when the gas was lighted and the arguments con-
timed. The large crowd that had thronged the
chambers left the building and not more than TWEEN
ty persons remained until the close sof the discus
sion. These were principally composed OF the coun-
sci in the case and the reporters.
The reading of the aiidayitS being resumed Mr.
Hewitt get forth that he was requested by Mr. Drew
TO go over the road with him ana examine the
diton Of the iron upon the track that he had done
and had found 1t IN very bad condition; that there
was some conversation with regard to the purchase
OF steel rails, ana that deponent suggested to him
the propriety OF purchasing steel-faced rails; that
the Old iron rails could be brought into for that
purpose; that bis suggestion was adopted and had
resulted in saving to the company OF S375 900 on
the lowest price for which these could be imported
Mr. Blanchard freight agent Of the Erie Company
also testified that thescompauy was never in more
prosperous condition or more successfully managed
than under the present regime.
Jusus !. White dep0sed In regard to the transfers
OF Gould to Drew upon the former succeeding 10 the
| latter az ktrcasurer OF the company.
The affidavit OF Mr. Hilton, transfer clerk, set forth
| that he had READ that part Of the complaint
which referred to the closing OF the books OF the
company before the election and that 1t was claimed
| that violation OF the rdlnary custom had been
made He averred thai the books were closed from
the time Of the preceding litigation last spring
from the 18th March, 1863 TO the 18th july 1885, that
during the interval large amount OF stock had
been transferred and had not been entered on the
books and that a large amount OF business had
been done in entering Of such transfer, and that
the books closed thus early for the purpose Of
facilitating the movement.
that there had been no false entries made since
the October election by Gould, Fisk, Lane or others
ana that no alterations had been made since
or Mt any time prior to that period.
Homer Ramsdell, Mr.. Barr general ticket agent;
Hugh Riddel, general superintendent; II. n. Otis,
the company had been successfully ana faithfully
conducted; that no false entries or alterations had
the Joint afdsvit OF Gould, FISK and Lane act forth
that convertible bonds had been issued since the
election OF the new board OF directors, In October
last, and no stock issued except upon the surrender
Of convertible bonds issued prior to the accession of
the new board.
and when any Illegal stock had been issued, whether
before or after the election OF the new Board Of Di
rectors.
The counsel on the Belmont side, however, entirely
ignored the question to the Issue OF stock claim
ing that the convertible bonds had been issued prior
\ TO the election and held in reserve.
| william Beltlen, partner Of James Fisk and Mr..
! Smith, OF the firm Of smith, Gould & Martin, en-.
| tered the room, and after short consultation with
! the opposing counsel lett in apparent haste. These
and subsequent similar proceedings gave rise to the
belief expressed several times during the evening
outside move, similar TO 1.-THE flight into Jcrseyn Of
last year, on the tapis
Mr.. Burri then read an anidavit Of Jay Gould EN-.
bracing probably not less than hundred folios Of
printed matter, and, after lengthy argument con-
ciuded.
Mr.. Picrrepoint then closed the case, and
Judge Sutherland directed that Henry +. Davies,
ex-Presidng Judge OF the Court Of Appeals, he ap-
pointed receiver or all the property Of the Erie Rail-
way Company To furnish bond In 00O, 900 for the
faithful execution Of his trust, and that fast ~
the funds OF the company accumulate In his hands
to the amount Of 100000, they be deposited with
trust company. The detailed terms OF the order
are 10 be settled ON wednesday morning at ten
o'clock.
II now nine O'Clock. and all parties left the
court thoroughly exhausted after an argument and
discussion 81 more than nine hours without recess.