New-York tribune., 1874-05-08

as 10 have involved him also IN financial ruin.
Proceedings went on, the amounts involved NeIe
enormous the interests affected thereby were immense
and il evident that, should the affairs OF eorxo -
Grnnen Co.. and their successors, and the Oi, Ohor
Trust Company settled through the slow ana peeulh
process OF Bankruptcy Court both ccrporatlons an
hundreds OF others involved with them Woulu oe "'
II was claimed on the part Of the Lake Shore Road
that the socaed stock account was not "a his
count bat tuat Mr.. Cllrks estate Mr. Schell, ana I'M
plaintiff were chargeabo personally herewith LUIS
Finally, for the purposes and reasons express'ui ~
therein, an agreement was mace on , W. i,, irte q
November, 1873 OF which copy Is anneAed' iie ali
Tho effect OF this agreement has been 10 relete ~
parties The bankruptcy proeeednS agn1 t C1mnanV
neils and the recevesshp or the Clion trust
have been discontinued, and the Lake shore u laI nj
stored TO the enjoyment OF us properly, T -S Cotn
securities, which have Oten locked UP ia tlt vi or,e
pauy. Plaintiff has been able TO see the books a4 o %
OF the accounts before almost inaccessbie slu nov Az
from his own knowledge and upon Information SO Cc
rived. plaintiff AYERS and charges: l., 81,
/ That the orders a4esei o. & Anasa e snor@ Road TO
have been given by plaintiff for s2eOJ0l0 OF tne SINK
ing Fund bonds Of the Lake Shore road To sustain .e
said stock account with George u. Grhneit q " & 80
upon which representation the SJObOJJ OF hoc1 w.
c,l'1se 81 p@f ~ lea were not given at all, and
never had any existence but that the orders reISeu
10 by said Committee and by them supposed 10 nave
been given for the purpose stated NeIe, t,e @
hereinbeiore referred to, given fe0. J. biJ, i l.,
~ bondt mon which one million Of money was OBJ
tanned and the day deposited in the Unoh Itst
1873 for Os00)0 OF bonds to redeem an eq al amount
of bonds OF the New-York and Harlem Rurold Com
".
Vanderbilt. and Of which he had demanded return
both Of which issues OF bonds were duly anihorllru
@ompeten authority aud not for the purpose Of being
credited upOn any stock account Whatever. -.
Tie assertions and charges made TO and agalnst
this plaintiff appear to have been made WHOLLY unst
n misapprc ucusiOn OF facts II - believed, Drpu-uJ
about IN some degree by the excitement under when al
parties were then aOorng, but sueA asserlIohs @ i4,
charges were none the less wholly WltAout Io1nu"uoA
That the stock account referred 70 above wa' an ac
count OF the Lake Shore Road, opened Dy MI iirA Li
President0 the Company IOF the COMPANY anu 0-4I
g. That the loan account had been balanced March J.
1873 by the proceeds sales Of he Aforesaid shares or
stock OF the IOle 10 aud lOash 4ltoAi Gy.aI5 - &
check for the balance Of the proceeds OF whch was re-
that Day as Aeie!IDetOic Duy I t.' - ~ 49, yt
held by George B. Gruneu q CO. had nor Deeu Wltn-
drawn the then acting aurer and could uot nave
been Withdrawn oy p1hil VINO nau sl!!Gu M iga a i,
and that subsequent loan o. s3JOOJ, on the Jst fcn
1873. while the plaintiff was absent IN Europe had pee
obtained from George Is. GtAneA % on lic s"AIc
securities, which loan was paid before Octl5 l5ij
s,Ircessor- claimed the right TO hold the securities
deposited with them for loan account as security tnere
been authorized so to DO by Mr. Clark as President Of
lie lake shore road acting FOR that Company. -
II claimed by the Lake shore road tlat u u ROY
liable Tor the said stock account or II liable therefor
su.h account as il appears the books of said firm
cess1rs h Incorrect. and that many OF the cIarses
thsrein made were for transactions unauthorized, aud
~ tEc account George T. GrinnelI Co. and their
cessor. George Bird Grnnel Co.. TOdld appear to be
{
L also claimed b. the Lake Shore Road that the
interest that road n the bonds purp9rns to nave
the uiqat by instrument OF date Oct Il. 1873, was an
absolute ownership Of such bonds zee RON any lio!lg
the plaintiff became legally cutted to sucA bOl-5 ~
Gi0rge b. Grinnen & Co. and their successors at0re-
said on the other hand claim that ne stock account
b0n ged 70 the Lake shore EJ1di tha the items
rect and that the securities deposited with them IN
c'udng the S2,40J0CJ bonds wece properly he'd aud
ana mat the same were lawfully sold by tnem ana tue
Tr9ceeis thereof transferred to- and ID large extent -
q Tho fact that the account called sock account
above referred ~ had been varouslY called DT George
vim lake shore and Michigan Southern Railway COM
panv an account with the slme company uy G,.-tl0i
IN tLe % DaA1t'sS vi19Ilv 10 some extcn. gave
c,ior - me claims OF the Lake Shore road.
Paint further AYERS that II The clam OF Gaorga T.
GrinnGI a Co ana their Successors Aforesaid be true,
men NOT onIy we're the notes obtained from this pl5u-
TN oct IS. 1873: Obtained qnaes , an entire nj mlsappc
C0mDluv. upon the strength or which this plaintiff
signed and delivered sld notes, but tins plgtn abso-
lutey received no consideration NIeer Lor tue sie,
~ f,e b1uds then purpOrtnG 20 have been gned as
q consideration Lor lhe NOT - ~ 49, - IN ont.
Ipdebta aduess anu we've 10 longer the property
oI ~ me cin Of the Lake Shore road "a correct then
s5rye g. triuucll o Co.. and their sii1 successors t
Iltiue 10 account 20 MI scAel, DIT tlatA e.'e !La
ti. n1. az 80 per cent. az least fer the value o me
100 01I of bonds described N lAt t'sl4eul ' t-''
nf c
stoed 10 George y. Grnne CO. Oh the Ist oI tcoru
arv 1873, and itn March, 1873. . . .. -,
PsrtlF further AYERS that the OILY accoun ever hit
~ MIN with George =. Grnuy & Co., was an count
mi Dg ont OF sale for the dement, OF A.i Ni a., l-.
t6Gy bec9mo and were, at the tine or tus tllure OF
george 3. Gguueu a Co.. creditors OF ntOE-; D. HIt-
ludrD1e yr-s cCnuromI-ad upon tne agreement
~ .td CeOrge B. Griuncii Co., aul their sLcce15ols
II ,uo & engnir fr1n the Lake Shore Road
.Is s.r4w tt ID
- - INN os aforesaid. upon the assignment ah tr-
gwen o} @ nm Scisr Isl but that sucu return
fred SAID road making calm ln substance a, AgIsI ~
fore iet IoI.n % s Iifs I'm fne promises nor with
of the AID OF a court Of equity cin the rights OF the seE
era paroles be ascertanel anu auJ I'Ieu anu -I'1'
p5!5 If i. informed and believes that the said NOES
,5ran oct IS. 1873 by the defend int, h,. 9cAeli'
and by the executor aud execltfiA ol Alt - Ct M %
ne bacu surrendered to them r-pecIlFty W tIe A+
s4orG IoI claim as 10 the bonds named 10 the assign
M nj Os.0b.r l5 1873 has been Transferred 70 sai
Io, 90 -, 1,.nTis informed and believe that the SAID
% & a51rc road st holds the sad notes SO gwen Dy
thl- pal tBis painti demands judgment that the
s,cts and circumstances attending th2 tran5icuols
i3,Infc-o .er forth having been GsceTtllntd an tt
herelhOeloc ot and stateI between the parties, lnl
tJ @nrs and interests Of the several parties ucL-l
and aiusted and that the said three notts ~
plaintiff 20 the defendant, me l-tho ts-S and erh
t1ntbern Railway Company, october 49, 45'', Hnu
fbcn be returned and surrendered MP To tnl Pl.iI
o. . 49, ne c,ncried az " t1lout consideration and yoi
Va ,t N n email be asceriained that the SAID stOcA d
rf yVas NOT the account OF the sad Lake iOIc Ou5
~ t- on te 18TH dav OF October, l5,J sdld rOiu va,
not gay indebted to said firm oL G,9Fge n b GnJ 5nnt
a CO.. or their successors az alG'esaI, a. ,i a. fbe
,ri lisDt fo absorb the bonds described III InS
as,Ignment ard release Of said date, tlat an &c Ic
cauut h. tEereupOn stated rs between 7a.t ,r1J
SYTrs rad .tLe said 1rm Of George - bilunI!
A. CO. and their said successors, ana said NJ, 5'e, ,
~. executors OF Mr. Clark and thls Falntui anu lt'
m. niqnf be adiudgcd 10 receive sl,A ahJuAI d' ua
S- tind ie him and that TIE plaintiff have sucu Ilt
tier and other judgment and relief ia the premises as
nav he n accordance with equity an GJol cohse'eA-e'
aud as 10 The court may seem Just ana prppet,,
ANDEpsoS YOUNG " SMITH, Att ys I0r FLallllH'
Ciiy and CouHy'0f NstI0rk S. - IT,. In
.JSSmes Banker, being dlif sworn, says: T1at ne
ulautiI above udmsdf tht. thc loicr1Iuh ~.