The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-09-23

1861 the efforts OF the defendants were entirely de-
order to meet the great demand for money, the
available assets either sold or hypothecated.
In transacting this business, Coulter acted as the
agent Of the company. IL was necessary that the
name Of the company should be protected in order
TO save its credit and the loans were accordingly
individual note TO the lender. Daring this period
1t often became necessary to transfer assets
were always used for the benefit OF the company
and were not retained by MIR. Coulter. When it
became apparent that the institution would be COM
PEELED to close its DOORS certain assets were trans
ferred to defendant Barry for the purpose of secur
month or two. These were subsequently handed
over by Mr.. Barry TO the assignee. With this ex.
there had beep no disappearance of valuable assets
up to the date Of the assignment.
In borrowing money for the institution Mr.. Cou-
ter made the best terms he Iconld The rates gene
rally charged were more than legal interest, and
varied according to the state OF the market and the
nature and extent of the transactions The interest
paid was probablyno greater than the regular rate
1he conclusion arrived at by the master is. that
each act charged against defendants must stand by
itself, and they are not continuing" or joined to-
pether SO as to constitute one whoe That directors
are not technical trustees cognizable only in equity
QIartridge vs. Rockwell, r. M. Charleton, 260)
or gratuitous mandates of the corporation. 4 Par
sons Eq., 24c; Maisch VS.. Saving Fund, PHIL 80
Angel & Ames, supra.l But the law. win raise an
implied or resulting trust in favor Of stockholders
when it becomes necessary for the protection of the
rights OF the latter, but these instances are always
each separate act and all prior to six years will be
barred unless there is fraud and conceament.
There is no difficulty in determining the question
of fraud and concealment It appears by the facts
reported that there was no actual fraud whereby the
defendants sought to obtain personal advantage at
the expense Of the corporation one fact is quite
clear-that none OF thesel defendants have ever
made any profit out OF their transactions which was
not common to all the stockholders. Whatever may
be said of the propriety or prudence of their deal
ings with corporate funds, it cannot be denied that
their actions were governed by an honest desire to
make money for the corporation.
The master has been unable to tnd anything in
by this case that can avail to render any Of the de-
PENDANTS liable. III they were guilty OF anything 1t
was too much anxiety TO make money for the com
that the plaintiff has no grounds for recovery, and
his bill must therefore be dismissed with costs.
upon exceptions TO the masters report and finally
decided by the Supreme Court in banc.
SNEAK THIBF ARREsTED.-An individual named
0lin Hntchings sneai ed into the residence of Col
Elisha W. Davis, No. 703 North Sixteenth street,
yesterday afternoon and helped himself to two pho
tograph albums, number of books, and other
articles. Hutchlngs was noticed leaving the pre-
misses by neighbor, who followed him as far as
Eleventh and Noble streets, and there ordered his
arrest On the approach OF policeman the tndi-
vdual dropped the plunder and ran. He was pur-
sued and captured. Alderman Massey committed
him for trial.
HIGHWAY RoBBBRY.-Alderman Cahirl has COM
mitted Charles A. Baker and Thomas Delaney for a
further hearing upon the charge OF highway rob-
berry. The facts Of the case, as testified by the pro-
street, are that on Wednesday, about midnight he
was assaulted by four men in the immediate neigh
borhood Of his house and his watch taken from his
pocket. Mr.. Holse identified the prisoners as being
OF the party who made the assault
Foxs CHESTNUT STREET THEATRE.-This establish
ment is dragging its weary length along, and bids
ness of its construction Messrs. Rush n Son,
architects, we understand, contracted to finish the
JoD by november. Ii tney intend 10 comply with
their contract they must place more hands at work.
EscAprn CoNvIcTs Two noted criminals named
Richard Terhune and James Henderson, have es-
capped from the Trenton, N. J jail, where they were
breaking and passing counterfeit money. reward
OF 5000 is offered for the rearrest of the escaped con-
victs.
ALLEGED IMPosToR.-John Mccormick was taken
into custody at Frankford yesterday upon the
alleged charge of swindling boarding house keep
ers at that place. He had a hearing before Alder
man Stearns, and was held in $500 bail to answer.
BIT BY A DoG-Yesterday Daniel Jewett aged
attacked by dog near his home., The canine bit a
piece out OF his cheek and otherwise injured him.
1.-The dog was killed soon after the occurrence.
SunnFN DpATn.-AUuuJ O'Clock this morning
John McCaaty, aged 35 years. fell dead at Sixteenth
and Federal streets His death is attributed to heart
disease.
PHILADELPHIA STOCK EXCHANGE SALES.
Reported by De Haven Bro, No. 40 Third street.
BETWEEN BOARDS
$1,000 Leh 6s goldL L.. S9HI IL sh Penna r.. SO
$1,000 Eimira IS. 90 10 do. o......... 593s
$4,000 Amer Gold. .1ls3s 10 do. 5s1s
100 100 sn Len Len q ST. SS ss
70 sh Far l. NJ Bk. 20 sh Read. s5wn.
2dys.. 1913 trf. =. 4SH
do.... LIB ! 100 sh Germn Z X. 2SH
$1,000 City IS, N. Is. .1oiI ID sh AR. 2d. l14,1
s1lOO do........ .1O12 200 sh Penna 3D. 59A
sioSo iiaSo Le6 aS 6da 800 sh DaiSe on '' 5s
Cp.. 81
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