New-York tribune., 1875-11-13
TIE TRUSTEE IN A DILEMMA.

Bill. FOR RELIEF, IN EQUITY, FILED BY J. NEIL
son NEUTRALITY-SUSPICIOUS. OF CLEws co.
WITH p. u. LOOMS AND +. BUrgRRFiELD co.
j. Nelson Tappan, as trustee OF Henry ClewS
and Theodore 5. Fowler composing the hin 0f Henry
Clews & CO.. barkrupis, has Gyd in the United States
District Court bill in equity against Francis b. Loonis
Frederick Bui:oreld. Francis II. noes Frederick Iay
lor and Peter r. Worra comprising tine firm Of Fredor
lex Butterfcld Co. Tho bill prays that the trustee may
protected in his equtel and dyested " their legal
verblage, makes, among others the following allega-
tiOns:
In November. 1874, Clews & Co. were adjudIcated
baakr1ips aud Tappon appointed trustee of tneir
estate. About Oct 90. 1874. fe1s Co., being insol
vent, or acting in contemplation of Insolvency made to
FRI derrick Taylor an assignment "purpoitmS 10
assign" 10 him III trust all their property,
except that exempt by law from levy and salo
under execution. Tappan then filed bill in the United
states District Court praying that this assignment might
be declared void and such proceedings had In tho
matter that be was appointed receiver OF tile estate
"p,Tported he assigned" From about Feb 10. 1869,
Up TO and including Nov ls 1874, Clews Co acted ~
brokers the defendant Loomis. and between these
dates they bought and sold stocks bOnds. ani ohor
secui tios him. and also loaned him large u
money As .olard raj security for these loans, ANA ~
secure the payment OF commissions aud any Indebted
nass OF LOOMS, he deposited with Clews Co. stocks
bonds and other securities 10 a large amount II was
agreed between Cews co. md Looms that the former
securities deposited by the latter. ana TN, upon The pay
meui the dmOuu. due from him. they should return 10
him other securities II similar kind to those nceiye,
anon final settlement between tbrse parti CicWs
Go should allow and credit Looms with the auH of the
secur the market price at tn0 day winch they
disposed ~. or OF tho day of settlement mikht
be agroCd up0l.
About Sspt. 23. 1873. statement of account
mgI. by CleSs a CO and pied 10y Looms. II .p-
peaIci hy tins a'rOun that no that tiue LOoni- owed
tlpHs 4 CO. -l3T,S66 -, fOr the payment ot when ho
he'd deposited the following sccstcs: 600 >alcs 90 Tie
can tal stock of the Chicago and Alton Railroad Com
pay of par value Of SiOO each, and lot bonds OF
the bar yaiUe uf - 800 each. OF the Iowa aia MINI sofa
Division ui th5 Milwaukee and -. Paul Railway Cuiu
III agreement ntnnCd lLey, for valuable cOuarfa
ton iau,rrr $40 sI3ps said capital stocA ana lO3
or The said EOus t. tue trH Oi Erottck Baticrcd
To-. which nrH now Cialh 90 1c tho ,rJv AMI iaN-
gI own r. and holders OF Ia AI.cF to
transfer Of these shares and bonds Ia Butter
nr A Co., I.loinis began. in the superior Court
fur tl' County of NOWLUndon, tOn' "A hu 40 recover
them from ha; firm ami the sut IL now rsniiDg. "
ty aie deu. C IN this siai, Frederick B-ttcgeid 4 Co.
,i make claim against Tapp8n, trustee, for and on
account oi consideration paid to CloNs q 90 for te
snarts OF aud the bonds specified, and tcy wodd
have aud oufOrcC cliu 10 Idppdn's damage. Alter
,ct ing forth other Transactions snmow af similar
character, the b states thHt 1appan IL wiOot remedy
al common Law. ant prtts that equity Ei5 intervene IN
his behalf a,so asks that LOOmls bp IN inrd fum
pu,srcntinr MS suit IN Coune until he snail
appeaI before this Court 10 answer cOntciDS TIA
uiatt.f47 and th,ncs Sct forth IN the Dill.
Abhott Brot hers solicitors for the plaintiff. The
answer to the bnl has not yet been fed.