, 1874-03-05
THE COURTS,
Suits by the Pullman Palace
Car Company.
Condition Of the Lumbermon's In
suranoe Company,
The Legality Of Options under Con-
sidCratl0n.
Bankruptcy Matters and Judg-
nents,

bankruptcy Matters and Judg.
| ments.
| ANOTHER RECRUIT.
Tho pn1lmnn Palace Car Company yesterday
filed two bills In tho Circuit Court, ono against
2. n. Cleary and II. D. Miller, tho other againBt
J. K. @. Forrest, tho City 0lork, and George
| Won Hollon City Collector.
| Tho lattor bill statos that the Pullman Palace
| Car Company was organized In 1867, with
capital Of 100000, and liberty to incroaso tho
ehn1c. 1ta business is to manufacture cortnin
class Of cars and furnish them to railroad com.
| panics, tho complainant only receiving COM
pensation for furnishing s1oeping or dining nc
| oommodations, and nothing for tho carriage of
tho passengers. Tho cars aro lot to tho railroad
companies for torn Of years, they to keep tho
cars In good running order, furnish fuel and
lights, etc., and to havo tho general police man-
agcmont Of tho car, while tho complainant fur
nishod tho employees Oh tho oars, and
kept tho interior in good order. Tho
capital stock lhs beon incroasod to
$4,000, 900, Tor which amount bonds have boon
| issued. In May last, complanants property
| consisted Of cara and patent rights to tho same,
| which wero In use by tho various contracts
with thc humorous railroad companies. In ad.
| dtion thereto, 1t Ind thrce condemned cars,
| worth 94,350, and somo of1co furniture and
stores, worth $00, ,807.83, ,-making 800, ,2i7.s3 as
It's total taxablo property. It had been decided by
tho court, In h suit brought In 1879, that this
Company was not taxable on the cars leaBod to
the various railroad companies under their po-
culiar contracts, but that tho Companies were
responsible. The total cost Of all tho complain
anita cars uacd in tho State of Illinois was s454,-
7a57o. It ls claimod that tho cars used out Of
tie State are tnxod in tho otlor stateB.
In May or juno, 1878, tho Vicc-Presidont
! OF tho Company Ind conversation with tho
City Assessor for South Chicago, whou
ho was told that tho Companys property
was worth about 905, ,247.83, tho samo It was the
year previous. No atatoment, therefore, was
over made OF asked. In November, 1878, how
| ovor, tho complainant WAS aatoniBhotl to learn
TINT its property was rated at 1000 900. before
eyon tho State Board had Ind m opportunity to
sons complainant notice Of its duty in regard to
| returns, but the Company denics having received
| the sa1ne. a statement Was loft with Alr. Pull
man personally, but 1t is claimed tint complain
| Complainant alleges that tho CITY has no right
to assess capital stock or franchises for q city
tax that tho taxes on the stock and other aaactH
wero not made separately; that the State Board
MAh tAo uIllJ U0uY tllAt C0ulQ ta4 ChEtal Bt1Ck !;
that tho city assessment is entirely void; that
tho Common Council have neycr eleo.od to
certify to tho County Clcrk the amounts
required to DO raised by taxation or
to collect the city taxoB in the way provided
for III tho Goneral Rovenuc law, wherefore it de-
aires an injunction.
In tho bill against the county officers, tue
complainant alleges that 1t made return Of
395, ,2A7.89 to tho County ASSESSOR, which was
their customary raise Of 6s per cont, and also
estimated tho oapital stock at 90, 100, 600. Tic
same obiootions are urged to these proceedings
| OF tho Board TINT have beon so often mado and
published, and need not be again reiterated. An
! injunction 10 oach case was asked, and granted
by Judge McAlllBter, Of tho Supreme Court.
TIE sTATE INSURANCE COMPANY.
robert StoYon1on, ono of tho stockholders in
tho "Statc," filed an answer yesterday to tho
| rule TO show cnuHc why an assessment Of 40 per
cent should not DO ,mado on certain stock in that
| Company. He Htatos TINT tho bylaws under
which tho stock partly paid for WAS tal1en up in
January, 187l, wero validi that be, by surrender
paid, and tahing now paid-up stock for TINT
amount, was fully released from all liability on
tue old stock. Moreover, the chango to full paid
stock was well known to all, and if any had had
known. As M additional argument he alleges
that only one-third Of tho policios under which
logBoB wore sustained, woru issued prior to tho
change IN January, 1871, and that 1t would be
inoqnitablo to asEeas tho holders Of old
stock on any more. than tho possible
deficiency TINT may exist after aIl tho prosont
asaota have boon divided. aud thon only to tho
porsonH holding policies before Tho said Burren-
der IN comparison with all others. Tho whole
deficiency is only S413, ,203.01 which may bo ro-
8l57 .01932. II 10 per cont wore collected from
tho old stock it would realizo, after making lib
oral deductions, 51o9, 0So-grcatly in oxccas Of
what is needed. Again, it dues not appear wllat
be needed to pav al claims; aud, lnsty, 1t is not
shown what snmB can or ought to 10 collected
from new certificates issued in exchange for slr-
rendered certificates.
| ANOTHER OMNIBUS SUIT.
Tho Great Western Union Telegraph Company
filed bill yesterday In the United Btatos Cir
cult Court, to restrain The collection of $4,000
assessed on their capital stock, making tho Col
leotora Of thirty-one counties, through Which
Legged are in oil respects Himllar to tho bill 1llod
by tho Hamo Company in tho Circuit Court
about six weeks ago against tho Collector OF
Cook County.
| TIE Law or OPTIONS.
Tho suit Of CulboltBo Blair l. Co. against J.
B. Lyon j. Co. il slowly progressing. Ycstorday
wns occupied wholly III technical objections and
the discussion Of Inv points. Iu tho mention Of
t ysssis stating 0fFal a v'f o mqse e
gality Of ''put" contracts was involved.
1ho question In ths case III as to tho
legality Of options" 1t aeotus TINT the plain
tifn had sold J. 2. Lyon = Co. 55o00 bushels Of
NJ. 2 wheat, BcllelH option, for August, 1872
at prices ranging from $l.27}4 to 3l.G015. Thu
market prlco falIing. q call WAS made for mnr-
gin which was not paid, and tho wheat was sold
out undor tho rules of tho Board Of Trade. The
suit IL to recover tho difference between tho con.
tract price and tllat for which 1t was actstally
Hold, and OF course involves tho legality of an
| 'toption.' Tile caHo naturally excitea much in
toroBt among nenbels Of the board Of Trade, aB
the business Of the Board ii partly made
up Of 'puts" aud "options,' aud the
lcgality Of both these peculiar spo-
clos Of contracts aro now IN question,
the question aa to "puts" having boon lately
brought up boforo Judge Dlodget on tho qucs-
tion Of the admiasibility OF largo number Of
claims IT that character against tho bankrupt
firm OF Chandler, Pomeroy i Co.
| DnEAoH OF TRUST.
Ann Peters flied T. bill against her husband,
William Peters, and T4olnaB L. Parker. She
stateB that. her husband, having $4,000 to ill.,
vest, by adyico Of Parker invested it In llH witea