New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-25
UNION TRUST COMPANY MEASURES.


UNION TRUST COMPANY MEASURES
| THE INJUNCTION MODIFIED so AS TO PERMIT REG
| Is1EEING OF CERTIFICATES OF STOCK.
| f. Is. Wesley, the receiver of the Union
Trust Company. stated yesterday to reporter OF Tg
TRIBUNE that he hoped to have the report or the assets
and liabilities OF the cOnpany ready before midnight.
The force or examiners and clerks worked throughout
the preceding night He and the Examining Committee
were anxious 10 have the report In readiness for the
public as soon possible The defaicatiou OF O. T. Carl
ton the missing secretary he thought would amoum TO
about 100000 The greater part OF the securities had
been examined and he thought that tho defalcaton
could not exceed the named. II announced at
late hour last night that the examination OF the
rites was completed and that the defalcation would
not exceed 100000
Wheeler II. Peckham OF the firm Of Miller, 9touten-
burgh Peckham applied TO Judge Faneher in Supreme
Court. Chambers, yesterday. for ORDER modifying
the injunction heretofore granted in the suit OF Angus
tus W. Kelly against the Union Trust Company, re-
strainng the latter from the exercise OF its corporate
privileges There opposition to the petition,
and Judge Fancher granted the notion The petition
follows:
The petition Of the Union Trust Company OF New
YORK, Dy Miller, stOughtenburgh Peckham their
attorneys, respectfully show to this court
That on Sept 90 1879 in the above entitled action Ed
ward b. Wesley appointed the the Union
Trust Company Of New-York; that sad day he en-.
effects OF the said CORPORATION and is now In possession
thereof that he has made and flied with the Clerk OF
the CITY and County OF New York the security required
TO be made and filed by said order appointing him.
which security approved by the Judge OF this Court
aud IN al respects has cOnfOrmed 10 the requirements or
the SAID orders that m aud by the sand order the de-
PENDANT, the Union Trust Company of New-York, was
eJoned from exercising OF its corporate rights.
privileges and franchises; that one OF the powers and
privileges OF the said corporation conferred upon It by
tue IOut SUBDIVISION OF the second seet0n OF the act
incorporating it, known chapter 3i6 of the laws OF
1901 was the power and authority to act agent Tor
the purpose Of issuing, registering countersign
ing certificates Of stocks, bonds other evidences
OF debt OF any corporation. association municipality,
State, or public authority on such terms as may be
agreed upon. That in pursuance Of such power con-
ferred upon by said act OF Incorporation the said Com
pany agreed to act and for long time prior TO the APP
pOintment Of the Edward b. Wesley as such re-
pOrations associations, municipalities state and public
authorities on terms agreed upon That by reason of the
Injunction OF this Court aforesaid the SAID corporation
has ceased TO act such agent to the great nconve
nence and injury Of the persons and corporations whose
ment OF their business operations, and TO the great n
convenience injury, and embarrassment OF persons de-
string the issuance registering cOuntersgung OF the
aforesaid certificates bonds or other evidences OF deDt
in legitimate business operations in consequence OF bust
ness operations heretofore had and carried on.
Wherefore this petitioner prays that the injunction
order heretofore mde and entered in the above entitled
action on Sept 20, B. may be modified so that the said
Company NAV continue TO exercise the power and
authority conferred upon them by the said fourth sub
division of the second section of their act OF ncorpora
ton aud continue tissue register, counter
srn the certificates OF stock bonds or other OF
debt Of any corporation, association municipality, state
puOlc authority with whom. prior to sept. 20 the
said corporation may have agreed upon terms for the
rendering such services have agreed to render
any OF services. And your petitioner will
pray, &c. AUGUSTUS SCHELL VICE President
The following is Judge Flncher's order:
On reading and fling the petition OF the Union Trust
Company O NewEork, and on reading ana Hing que
notice OF the application for the order had on admission
Of the service thereto signed by james hcSamee, at
torney for Augustus W. Kelly. ir., and Dawes WORK,
attorneys for Edward b. Wesley, receiver Of the Union
Trust Company Of York. and after hearing Mr..
Beekman. of counsel for the Union Trust Company OF
Newfork II Is hereby ordered that the ofder
be modified prayed tor IN the said petition and t1at
the prayer OF said petitioner he granted aud THAI the
said Union Trust Company OF Nrw-York may continue
30 act as agent for the purpose OF ISSUING regoteng
other evidences OF debt OF any corporation assocaon
municipality State. or public authority with whom
and with whom the said Trust Company MAJ have
agreed to render such services prior 10 Sept 90 1879
until the further order Of this Court.
A SPECIAL DEPOSIT RETURNED.
Almost simultaneously with the petition for the modi-
hcation Of the injunction the Union Trust Com
pany came application 10 Judge Fancher on behalf OF
the Albany City Bank for order directing b. Wesley,
the RECEIVER Of the Trust Company 10 pay $4,000 over
to the Bank. II is claimed that this sum was special
deposit by the Albany Bank in the Union Trust Com
pauy not subject tho rules governing ITS ordinary
deposits 1t was stated that loan Of $4,000 was made
by the Albany City Bank through the Union Trust
Company TO Grinnell Co.. the Union Trust Company
receiving security therefor. Subsequently the City
Bank directed the Trust Company 10 call in the loan,
and deposit s25 900 TO the credit OF the Albany City Bank
in the Manhattan Bank, and the other $4,000 with
the Union Trust Company to the credit Of the
CITY Bank Before this had been done the
doors OF the Trust Company were closed and
the money was retained by the Company. 1t
was stated that the not disposed to make
any opposition to the transfer Of the whole amount TO
the CITY Bank but only required that he should be d.
rected aud protected by judicial decision as 10 MS
duties In relation 10 the matter
Judge Faneher said that he had no doubt OF his duty
TO order that the OOO directed be deposited in the
Manhattan Bank should be paid over Immediately 10 the
Albany City Bank As to the other $4,000 II would de-
mend npon whether tho Company had actually closed its
business the time the whole fund was collected. III
being suggested that entry OF anv portion OF the
amOnnt was found on the books of the Trust Company
and therefore could not be regarded as part OF the
assets Judge Fancher said that IL that was so he would
order the whole be transferred 20 the City Bank
and deferred his decision while messenger was sent 10
the Union Trust Company to inquire as 10 the iact
Undermined HOUSES,