The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-01-06
A BANKERS BANKRUPTCY.

For some years prior to 1873 Erastus r. Mead had
boon carrying the business OF banker and broker
at the corner OF Third avenue and Twenty fourth
street On the 26th OF Nay 1873 he stopped payment
with debts existing against him exceeding $500 900.
Proceedings were entered against him In bankruptcy,
and Samuel H Vandewater appointed receiver Of his
estate therein. Much testimony taken in the
bankruptcy proceedings before Mr.. Henry Wilder Al
len Register in Bankruptcy in relation to the insol
vents disposition Of property before his failure Upon
the testimony thus taken q suit has now been com
menced by the trustee, Mr. vandewater, through his
attorney nr Horatio T. AvcriIl in the United States
District Court In this district 10 set aside certain
veyances and mortgages whereby over 500 600 worth OF
real estate is claimed 10 have been rauduently con-
veyed away by Mead just prior TO his bankruptcy
This property Is situated In Westcheser county, the
complaint or petition alleges but the property in ques
tion conveyed by Erastus Y. Mead the insolvent
to his brother George W. Mead by deed the consdera
ton for which purported be SIS 600 given three
notes and which deed was recorded on the 18th OF
March, 1873; that on about the oath day Of Deem
ber 1873, George W. Mead executed pretended mort
gage the Same premises TO Edward b Brady 70 SO.
payment OF the OF 81, 000 payable In Decem
ber ISIS; that about the Atm OF February 1875 George
W. Mead executed pretended deed Of his interest In
the same property, FOR consideration OF 81 TO Cana
Iiel c. Benedict and Martin r. Mead. All these
veyances, the complaint charges were made without
any consideration therefor ana In pursuance OF
spracy between all the parties thereto with intent to
cheat hinder delay and deraud the creditors Of Eras
tus r. Mead, and were made with full knowledge by all
the parties hereto that the said conveyance from the
SAID EraStuS Mead 10 the S2lu GeOrge w. Mead was
made at time when he the said Erastus +. Mead
insolvent-was made in contemplation Of such inso
vency and with view 10 prevent the property from
coming 10 any assignee in bankruptcy TO prevent tho
same from being distributed under the act Of bank
ruptcy then in force and TO defeat its object operation
and effect Upon these grounds plaintiff asks that the
conveyances in question be set aside and that until the
termination Of the SUIT all the parties charged with
participation In the alleged conspiracy DO restrained by
injunction from disposng OF the interest acquired
thereby by them respectively The real party In whose
interest these proceedings have been taken by the
trustee appears be Mr. Leonard Ellis, a depostor
with Erastus +. Mead, Ellis having been the only
who fled specifications In opposition to the
discharge OF the bankrupt, though the
all the creditors Thus far oil the trustee In the pro-
ceedings has been able to realize Is but about 500
worth OF Mead s'property Another suit OF similar
character has also been commenced by the same trus
tee TO impeach the title OF Martin r. Mead. brother Of
Erasus to pair OF horses and carriage transferred by
the bankrupt amer proceedings were commenced
to recover from Robsr J. Wright brother-in-law Of
the bankrupt, certain properly in Brooklyn, situated
Greene avenue and alleged TO have been also raudu-
lenty acquired by him through tho bankrupt at fore
closure sale A fourth suit has been commenced
against II. A. Peck Co., OF the partners OF which
arm Is brother-in-law Of the bankrupt, to recover
him in May 1879, and drawn out just prior
to his failure and after knowledge by them OF
the bankrupts insolvency thus acquiring fraudulent
preference In the suit TO set aside the convcyancy OF
the Westcheser property the complaint sets forth
suspicious fact that although the deed to his brother
from the bankrupt dated nearly three months pre-
vousy II not acknowledged until the day OF his
failure and recorded the second day thereafter.
The complaints IN all the very volumnous,
but the foregoing the substance OF them and the es
timony which they are based, as already taken by
Mr. Aver than 500 foos, all OF which
counsel for plantn claims in his paper tends TO show
thai Erastus y. Mead was more generous 10 his rela
tives than just to his creditors This cannot fail
to become one OF the causes esore under tile Bankrupt