The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-11-13
HENRY CLEWS & co.

In the case of Henry Clews 4 Co., lac bankers in
this city, Mr. J. Nelson Tappan, trustee Of Henry Cews
and Theodore s. Fowler composing that firm now In
bankruptcy, has filed bill in the United States Circuit
Court in Equity, Judge Johnson presiding The bill Is
against Francis Loomis and also against Frederick
Butterled, Frank II. lntoes, Frederick Taylor and
Peter b. Worrall, members Of the frm OF T. Butter
field Co., praying that he Tappan, as trustee may DO
protected in equity, &c, as he has remedy in
mon law against certain OF the said LOOMS and the
said firm OF Butterheld Co. Among other things 1t Is
alleged IN the bill that In November, 1874 Ccws h Co.
were adiudged bankrupts and Tappan appointed trustee
Of their estate Some time IN October, 1874, Cews
Co. being then nsovent acting in contcm platoon of
insolvency mado to Frederick Taylor what purported
10 be an assignment TO him In all Of their prop.
erty except that which exempted by law from SELF
ure and sale under execution. Tappan then filed bill
before Judge Blatchford in the United States District
Court praying that the called assignment be set aside
and declared void. On that bill and the proceed
ing thereafter held Tappan was made receiver
80 assigned. The bill alleges further
that from February TO- 1869, to November IS, 1874,
Clews n Co. acted as brokers for Looms, and bought
and sold stocks bends, &C. for him, and also loaned
him large amounts Of money from time to time col
lateral securities Tho coaterals, which were deposited
by LOOMS, IL was agreed should be disposed Of by
Clews h Co whenever they desired TO do so, and that
when the day OF settlement was liked, and upon pay
ment by LOOMS OF the amounts loaned TO MIN by
Clcws Co, the latter firm should return securities
representing the same stocks and bonds, but
iot necessarily tho identical certificates de-
hnal settlement Cews 4 Co. should credit Looms with
The value OF the said securities at the market value on
The day Of their sale the day Of settlement, as
should be agreed. About September 20, 1878, state
ment OF account was made by Clews Co., which was
accepted by Loomis which II appears that that
date Loomls indebted to Clews Go. in the sum OF
sl37 1853 ~ and for the payment OF which sum he had
deposited with them tho following Eecurtcs.-000
shares of the stock OF the Chicago and Alton Railroad
Company OF tho par value OF $780, and 104 bonds Of the
Iowa and Minnesota division Of the Milwaukee and ST
Paul Railroad Company Of the par value OF 600 each
The bill alleges also that while Clews Co held these
securities, they did, for valuable consideration,
transfer shares of the said stock and 03 Of the said
bonds to the Arm OF Butterfled & Co, and that tho
latter firm now claims them as its lawful property.
After that transfer LOOMS commenced suit in the Su
perior Court of the county Of New London,
Connecticut, TO them from Butterneld n
Co, and that suit Is now pending. IL is
alleged further that II LOOMS gains the suit Butter
field Co. will make claim against Mr.. Tappan as trus.
tee for damages account of the consideration paid
Clews Co. for tho stocks and bonds specified The
bill enumerates several other transactions after the
style Of that given above IL prays further, that
Loomis shall DO enoined nom carrying on the SUIT
mentioned until he shall have appeared In the court
here In to the matters set forth in this bill No
answer has been made yet