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

aud with the intent TO delay defraud and
binder the creditors Of the SAID Trust company
the officers OF which permitting, knowing OF hc-
quesolng ~, aidlnR. abettng aud carrying INFO eject
making aud completing said transfers on behalf OF SAID
Union Trust Company, having reasonable cause 10 De
heVe that such distractions would result 10 the lnsO
venoy Of said Trust Company, aud that the money
bonds aud stocks transferred were transferred Tor
the purpose of enabling one or more OF SAID oers o.
teopardze the solvency Of the said Union
Trust Company mint hly, that the said Union trust
company mas concealed OF aueu ana auet,ou ,no Wi
ceament and removal OF its property In order To avoid
ITS beng taken on legal process, and whleh sara
ment and removal have been made within tue last W
days and has been accomplished by of the Office
OF SAID corporation, who has now let aud apseonaed
from the said district and is without the jurisdic
ton of the United States aud your petitioner iurther
allegesat the said conceament and removal were wen
known 10 other OH ers OF tho said Company, VINO were
also cOgni2ant aud pryy 10 the ASCENDING oil sara
officer
Wherefore your petitioner prays that the said unlon
Trust Company OF New-YOrk may be declared "A bank
rupt and that warrant may be issued to take posses
sion OF much OF Its estate as now IL subject 10 thc
order OF your honorable Court and IN accordance with
the provisions OF act entitled An act to establish
uniform system Of bankruptcy throughout the United
states and the several acts amCndatoly nefe3 .nae
order having by direction OF this honorable Court been
made and entered requiring the said Union Trust Com
pany 10 appear and show cause at a Court OF Bank
Tuptcy to he holden at time 10 be specified III
the order provided by the act OF Congress and The
several amendments thereto aforesaid the honorable
Court may by its injunction restrain the said Edward
Il. Wesley and amy and all officers OF said Union Trust
Company from making any payment, transfer or de-
erty of the said Union Trust Company of New York. and
aod owing to the sad Union Trust Company until
the return day Of the said order 70 show Sa4 poe
AUDLEY ". GAzzAN, attorney for petitioner, No 229
T,itoG S,dts Of America Southe,7, District Of Yeio-
York L. William H. Siney OF the City OF BrOokIyn IN
tine County of Kings and state OF NeWYOrk do hereby
going petition named and that the statements therein
contained subscribed by me are true as lar as tue same
stated the knowledge OF the petitioner, and that
these matters which stated therein on information
and belief true according TO the hest OF my know-
f.Ilra ffaftV natl nd lnlt X.
Sworn to before me and subscribed II my presence
this 27tl day OF October, 1873
TIE RECEIVERS STATEMENT
In consequence OF the contradictory rumors and
statements relative TO the efforts 60 effect settlement
Of the Union Trust COmpany's loan the Lake Shore
Railroad Company, an agent of the Associated Press
called yesterday. upon b. Wesley. receiver of the
Trust Company. who authorized bin to say that the
transaction had been definitely closed that on satur-
day he obtained permission from Judge Fancher 10 ac-
cept the Lake Shore Company's notes secured
by Commodore Vanderbilt with Harlem Rail-
road stock at so ; aud that he-Mr. Wesley-now has
the notes in his possession. Mr. Wesley states as
within his own knowledge, that when Commodore
Vanderbilt into the Presidency OF the
Lake shore Company, after the death OF Horace +.
Clark lie found this debt the Trust Company, amount
ing on the Path of ss39979 80, debt Of
which he had previously known nothing. aud III the
contraction OF which he had personal share that this
loan made by the Trust Company at per cent, at
time when money very cheap and lending at 1905
per cent, and that, although Commodore Vanderbilt
personally responsible for dollar OF It, he had
order take OF the Lake Shore interest the
one hand and help the Union Trust Company out of
its difficulties on other-put up his personal securi-
ties az collateral for the Railroad Companys notes,
which are drawn the following and very striu-
gent form:
ooufl aft ia 10 and ne ref IruQ of ha
collateral security described below the Lake Shore aud
Michioau southern Railway Company promises 10 nav
10 its own order dollars for value received, at the
Office OF the Treasurer of said Company, In the City OF
NewYork with interest at the rate OF seven per cent
per annuiD, having deposited herewith collateral
security with authority TO the holder thercof 10 sell
such security at the Brokers Board or at public pr
vate otherwise at the option Of such holder
the nOn-perormance OF this PROMISE without demand Of
aymenI notice OF the time place OF sale, which
hereby expressly waived and upon such sale the holder
hereof may purchase the whole or any part OF
such securities, discharged from any right OF redemp
ton retaining claim for any deficiency against the said
Company and any surplus arising from such sale to be
paid 10 said Company shares OF $50 each Of the
ita stock of the New York and Harlem Railroad COli-
pany The said Company the right to pay the
amount named herein at any time upon giving the
holder hereof ten days previous notice in writing of IT'S
intention 80 TO do the interest hereon to cease, and the
collateral security herein described be returned upon
payment being made at the expiration OF such uouee.
Sigued) TIE LAKE SHORE AND MICHIGAN
SOUTHERN RAILWAY COMPANY.
STATEMENT OF THE CoMPASY's COUNSEL
The following statement relative 20 the affair
also made by the counsel OF the Union Trust Company
On oct "a the Lake Shore road owed the Union Trust
Company s,s09,99 49, which debt adjusted by an
order OF the Supreme Court made and entereaOct Is,
and secured good security TO the full amount, and
with promissory Of the Lake Shore Company In
sums ranging from $4,000 and upwards all bearing In
terest at seven per cent per aunum The in
process OF negotiation and realization, and the
men was made that the receiver had assurances
that the notes would probably be retired in 80 days
also that than onehaf Of the subscriptions needed
to double the capital Of the Union Trust Company had
been promised and finally that the Company will prob
ably be reorganized and reopened in a short time.
WESLEY EXPLAINS THE ovERDRAFTs.
L %. Wesley, receiver OF the Union Trust Company
was found his desk In the Company's office yesterday
afternoon by TRIBUNE reporter, when the following
conversation ensued:
O. Mr.. Wesley, you furnish with the details Of
the resumption Of the Trust Company A. They are
not ready yet proceeding with them.
O. when will yon be able TO give the details A. That
cannot say.
@ Can you then give the details OF Commodore Van
derbilts settlement with the Company A. That was
closed Saturday the Commodore gives us notes OF
the Lake Shore Company secured by him with Harlem
stock at 60 and hold them receiver OF the Union
Trust Company. TIE Commodore was not President
OF the Lake Shore when the loan made and, l
suppose he personally responsible for IT, but he
undertaken settle this way TO help Lake Shore
along / suppose and to help Union Trust along too
O. the necessary orders obtained the Court
for the negotiation of these notes A. Yes. Judge
Fancher granted the order Saturday. The railroads
notes drawn up very strngently, and have no
spprehend any loss whatever the operation
which TO have excited the public unnecessarily
O. There is another affair Mr.. Wesley, which exctes
some attention. 1t said that the time OF failure
Of the Union Trust Company there large number
OF overdrafts by trustees and other gentlemen con
nected with the institution.
Mr.. Wesley at called to his aid Mr.. Thompson,