New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-28
THE Union TRUST COMPANY.

AN EFFORT TO THROW INTO BANKRUPIC1-IHE III
cEIvERs EXPLANATION OF TIE oVEIDkAfIs-AN
OFFICIAL STATEMENT.
About noon yesterday Audley w. GGzzam'
attorney for william r. Siney OF Brooklyn presented
petiuon to Judge Blatchford sitting IN the l. 9 Dso'
Conrt praying that the Union Trust Company OF new
York NAV be adiudged bankrupt; that. pending the
necessary proceedings thereto the Court may take POS
session OF the Trust Companys present estate and that
an Injunction may issue to restrain Edward b. wesley
The receiver and the officers Of the Company from
making any payment transfer, or deposit OF any OF te
Company's property, and from compromising and com
pouudiug any OF the claims due 10 the company
The claim Of William r. suey the petitioner appears
10 be based upon balance Of S43oi 81 due on ms pass
book The pass book. 10 is understood, was lett le"
DAYS since al the Office Of the Trust Company for settle
nent and was obtained by Mr.. Siney yesterday morn
ing The grounds OF the petition being acts OF Dahk
tuptcy alleged 10 have been committed by the trust
COMPANY may be summed I'D as the delivery OF Jus
property over the receiver Edward b. Wesley Tor Tie
purpose giving preference to certain creditors the
transfer OF large sums Of money 10 Augustus
scheu the assignment Of large por-
ton or its estate, exceeding IN value 100000
10 the Lake Shore and Michigan Southern Railroad
Company the transfers OF money to one OF more OF It's
officers that they may speculate herewith aud hnaiy
the oonceament Of its property-these several acts
being done with the intent defraud the petitioner and
other ana in preference Of certain other nd
dividuas Judge Batchford immediately entered upon
the consideration Of the petition ana two accompany
ing dispositions substantiatng the allegations IN
II, in Chambers, and later IN the day granted
an order 20 show cause, returnabe on
tho 1T OF November, service 10 be made
on the President Of the Trust Company within five days
OF the return day Late last evening 1t is understood
that service was effected Mr. rockingham at his
residence IN Brooklyn. BY the PROMPT service OF the
papers n delay OF several months avered, for If
they been served yesterday another order and
another return day wOuld have been necessary TO he
made The following is the petition:
THE PETITION.
To he hon. SAMUEL BLATCHFORD Judge Of ne Dis
oi court Of tie United states for e southern Dtstri
Of heo York. The petition OF william H. slhey Iesdlng
the CITY OF Brooklyn, County OF Kings, and state Of
EewYork, respectfully shows that your pStuongI at
the several times OF the mourning by the Union Trust
COMPANY OF New-York, corporation created ~ an act
April 49, 1864 entitled an act 10 Incorporate the Union
Trust Company OF NewYork hereinafter named Of the
iGdeb edness 10 your petitioner hereinafter set forth
was a resident Of said Brooklyn as aforesaid
That yOur petitioner Is a creditor OF the said Union
months next immediately preceding inc ZOth DAY OF
September 1873 and for the greater portion OF the SIX
months next immediately preceding the gaze OF tee
fling OF this Petition was dong business ~ the city
aud County Of New-YOrk and state OF Ncw-York and
fo9Sa R # Sfy Sk ss ssta t1f s a1 mon
Trust Company Of New-YOrz, in accordance WITH the
provisions OF The Of Congress entitled An act TO
establish uniform system OF bankruptcy throughout
the United States" approved March 2 1867 ana the
several acts Of Congress %mendatory thereof
Union Trust Company of NewYork owes debts
10 an amount exceeding inc sum OF SOs tnat your
petitioners demand exceeds the amount Oh S46O, ana
that the nature OF your petitioners demand against the
laid Union Trust Company OF New-f9rk Is as Ioo%s
hOney deposited with said Union trust Company OF
New-YOrk by your petitioner, and interest accrued
thereon 20 the amount OF si,904 ST. being balance Of
tSO4 Oh with uncompqted interest on uneonputea Da-
ances from the SOh day OF June, 1872 And your pett
uOner further represents that within the six calendar
months next Immediately preceding 'ne oate OF tne
filing Of this petition, the said Union Trust company
Of New-York did commit aets OF panpcy %I.nih
the meaning OF sad ACT anu thS seVe'd
amendments thereto, TO wit: Firstly at the city OF
New-YOrk and within said district, TO wit: In that
the 2Oh day Of September 1873, the said Union Trust
fraudulenty stopped payment; secondly, that or
about Sept a. 1873 being nsolvent II did make trans
Wesley OF the City OF NewYOrk with intent thereby 10
give preference TO one or more Of It's creditors winch
ass gnnent In fraud Of the said act and with
the Intent with disposition made Of the property
Of the said Union Trust Company OF New-York,
act. thirdly in that II has eo1eealed and removed
and assigned and disposed Of rs PROPERTY and assets to
avoid the being attached taken sequesered on
legal process aud especially 10 prevent the same being
administered for the benefit OF its creditors accord
ing to the provisions Of al act OF Congress entitled An
act TO establish uniform system Of bankruptcy
throughout the United States" approved March 1861
fOurthly that on about July ], 1873, aud between
June l. 1919 aud Sept. 20, 1879 the said Union Trust
money 70 sbI win t6e intent 70 desy defraud
5S snS m eTpSos ly that on about Sept IT,
ls7s II did make one or more transfers assignments,
and gifts Of its estate property rights and credits
within the United States ana elsewhere, with
intent 70 delay defraud and hinder its creditors winch
SAID assignment assignments gifts and transfers were
made 70 various and divers parties persons ana corpora
tons, the names Of whom are now unknown 10 your
petitioner but your petitioner alleges that he Will make
Aae same t0ly kDOWn. and will produce proper PROOF
thereof Oh the trial OF this VI bankruptcy II the same
shall be contesteo sixthy that on Sept 2O 1873. the
Union Trust Company beng insOvent did procure and
suffer It's property To he taken legal with
intent thereby TO give preference 10 more OF It's
creditors and with the further by such
OF It's property 10 defeat ana delay the operation
Gi the s@ia acI ss bd that on or about
with intent 10 delay, defraud and hinder ITS creditors
did transfer large portion OF It's estate property and
70 the Lake Shore and Michigan Southern Railroad
COMPANY, foreign corporation the exact amount and
value OF which Is unknown by your petitioner but he
alleges the same to exceed amount and value OF
10000 aud your petitioner further alleges that ar the
time OF the said the said Union Trust ompau nv
was acting custodian aud trustee for your petitioner
aud many other persons, and notwithstanding such
liability said creditors did make such transfer for
The benefit ana emolnment OF persons and parties
other than your peuuoheI ana the other real
Of said Trust Company, ana which transfer
Was made 10 said Lake Shore and Michigan Southern
Railroad Company for an Inadequate and insufficient
confederation aud although designated termed q
the consideration socacd security received by
I trust Cempany on the occasion occasions said
transfer was OF insufficient and inadequate nature
a. leave Tor doubt III the minds on The Officers
OF sad Truss Company negotiating such transfer as 70
the fraud 80 being perpetaed sald transfer having In
Tact greatly impaired the capital OF the said Union Trust
COmpaDy many OF the officers OF the said Trust Com
psny having been at the time of the said transfer
also officers aud agents OF the SAID LAKE
khore aud Michigan Southern Railroad Company
siRbthy, that between May 1879 and the GATE OF
che hing Of this petition, the Union Trust Company
old sundFy aud divers transfers OF moneys stock
10 OF its officers and persons hold
Log positions position az officers OF oincef OF shlo
Ouion Trust COMPANY which said transfer and transfers
VIZ 80 made 10 said persons OF person MOI A. OuoLs VI
~ officer nor as agent VI SAID Trust Com