New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-18
THE ,IARIPOsA ESTATE DISPUTE.

slit OF TIE STOCKHOLDERS OF THE MARlPOsA
LAND AND MINING COMPANY AGAINST EUGENE
KELLY.
The old dispute between Eugene Kelly, the
Wallst banker, and the stockholders OF the Marposa
Land and Mining Company las into the superior
Court on actual trial the main issue. Joseph H. Chcaie
made the opening address yesterday before Judge Curtis
in Special Term for the plaintiff Benjamin NJ stilwcl
who appears On his behalf and on behalf OF other
stockholders &c. Associated with Mr. Kelly as DEFEND
ants are Mark Brumagim, John W. BruInaSin ana the
Mariposa Land and Mining Company. The following
nresentaton OF the in the papers OF the plaintiffs
In 1865 the Mariposa Company the owners of the
Marposa estate, tract Of 20 square miles IN allposa
Cnunfv CAL upon which were extensive gold mines ana
the legal title to which was hed " Joan % IA a.
security FOR certain Indebtedness OF fJVoooo. the
Company had other obligations outstanding to the
amount of S30o0Oo0, and some hoatlng debts. AZ
nonev was needed develop the mines IL wa, Arranged
between John w. Brumagm, the hlrlp0sa company ana
the bondholdcrs OF the latter that John W. Brumagm
should convey the estate 70 three trustees VINO "ere
"a well as other funds contributed by the bondholders to
the payment OF It's debts and finally TO make over the
6Tsnces These trustees were John J. McEwen OF san
Francisco Mark BIllam dne tresG n o Sr we Rn
agin and John ~ stewart OF this city or the
Tb. Was ssgned to Kelly and G
rison and credit was opened upon MI key Dooks Ior
check upon Eugene Kelly d Co.. Mr. Brana-
rim next drew the money, bought the securities,
81 Tue srgeIy dealt in in waist and sold In
February fs69 sufficient funds had been realized by the
trustees 10 nav OF this $4,000 claim With jhs money
Mr. Brmagim at Mr.. Kely's request as claimed boughl
900 shares Of stock, converted them into S3oooeO ~
oertincate which he issuedto Kelly TO hold ~ security
instead OF the $4,000 claim. MIR Kelly agreed TO sur
render the assignment OF this claim but dd not
claiming subse queny that the 100000 was only issued
A. collateral as further security for the same debts
Tbe naiutifs claim that the claimed Indebtedness was
no Indebtedness behalf Of the Company OF estate or
the trustees at all: that Mark Brumaglm aud MT Kelly
went rs mariners into speculation in the certificates OF
the ompany which, After bringing inst large proni'
ended in still greater loss, during panic on june y
I.6g; that Mr. Brumagim failing, owed hr Kelly
Tg4 $50 TOR which Mr.. Kelly heid NE $1,000 49,
rerttiicates and he claimed also the slIoooo re-
served claim The plaintiffs claim that TINS sum when
MAS charged to the Company, was yea!y MARI bruAa
inns share OF the loss. and that Marx bIumaSni AS
trustee r. Kelly knowing exactly his poriionl 70 max
MIR Kelly whole violated his trust aud gave air helly
lien upon the property That claim therefore, Is asserted
In so il was decided TO sell the estate for taxes and
the plaintiffs claim that Mr.. Kelly made an absolute CON
tract with John W BruInag1m to purchase the property
advance the money. take the deed IN his own name
and upon receiving IT, immediateiy convey TWO Two
tl'rds of the estate 10 John W. Brnmagim ana
hold TIC other onetrd of IT, only az security ior MS