The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1876-02-03
JUDGE REED VICTORIOUS!
He Cleans out the old Puritanioal
Skinfints-Aud carries his Point.

The case of George Reed VS.. Gardner
Colby, President of the Wisconsin Cen
trail Railroad Company, has occupied
the attention of Judge Dyer, in the q.
S. Court, for over week, The jury
yesterday brought in {. verdict for the
plaintiff in the sum Of $32, 900 stock,
valued at 80 cents on the dollar. The
facts in the case as brought out IL the
court, the undisputed facts, are as fol-
lows
In the year 1870 Gardner Colby, of
Boston, subscribed $4,000 to the pre-
ferred stock Of the Wisconsin Central
Railroad Company for the benefit of
Geo. Reed. subsequently, under an
agreement, Reed gave G. L. Colby
So, eco Of this stock. Early III 1871
Reed wrote Gardner Colby letter,
agreeing to give him all the stock COM
ing to him in excess of $40, 900, pro-
vided it shouid become necessary for
him (Tr. Colby to subscribe and pay
in 500, coo more, and provided he
should pay it in. Mr.. Colby did sub
scribe and did pay in 500, 900 more.
About the same time Reed borrowed of
Colby $4,000, and gave him $4,000 of
stock as collateral. For three years
and more this stock remained Ill the
hands of Gardner Colby without being
called tor by Reed.
In 1875, while on visit to Boston,
Reed says, (and his statement is not
coutradicted,) that he had a conversation
with Colby in his office. He said to
Mr.. Colby: 81 would like that $40, 600
of stock - To which MIR. Colby replied,
''Isn't that little too much2" ''No, i"
said Reed, ''that is what claim. Colby
then asked him how they should arrange
in regard to the lean Of s., eco and the
IS, 900 stock which he held as collateral !;
and after little more conversation they
parted. In May last Reed met Colby at
the office Of the Company III Milwaukee,
at the annual meeting of the stock
holders. AS they met Judge Reed said,
''Mr. Colby, have you brought that
stock 90 70 which Mr. Colby replied,
"No." Nothing more was said.
This is i'll substance all the evidence
which bears on this case, and concern
ing these facts there is 10 dispute.
Judge Reed claims that the convers-
atoms testified to, constitute on his
part & demand for his stock, and on
Mr.. Colby's part a refusal to deliver it,
and therefore lie has brought suit against
Colby to compel him to pay the face
value of the stock in money.
Jr. Colby says Reed has never de-
manded the stock in any manner which
indicated that he expected an immedi-
ate anwer. That whenever he asked
due him, as in his complaint he de-
mands $45, Geo. That he, Mr.. Colby,
never refused to give Reed his stock,
and, in fact, has always been ready to
give him what was due him.
\ great deal Of testimony has been
brought into the case in relation to the
value of the stock, and, among other
things, Reed brought in pamphlet
which, lie claimed, valued the property
very differently from the valuations
testified to by the officers OF the com
pany. On examination, it appeared
that this pamphlet was suppressed by
the company and never issued; that one
copy was loaned Reed, on his promise
that he would not show it to any one
and on the cover were written these
words, ''Ihis pamphlet is not for cir
culation." This Reed admitted. and
also testified that, short time Since,
he used this pamphlet in court in q case
against the company, depositing it as
evidence. (The cover on which the en-
dorsement was written was torn off, It
was a case Of demurrer and no officer
Of the company was present to object
10 it. This evidence of bad faith placed
Reed in a bad light before all who We're
presnt.
Before the jury retired. the defendant
asked the court to compel the plaintiff
to take certificates for $50, 900 of stock,
which he then offered. Upon this the
court reserved its decision.
The jury, after short consultation,
found from the evidence that there was
demand and there was a refusal that
the defendant was entitled to all the
offsets he fet up, and the amount of
stock due the plaintiff was only $780,
600. They found the value of the
stock to be 80 cents on the dollar-or
50, 500. From this the defendant can
deduct his money claim against the
plaintiff FOR 50, 7C0, leaving the amount
OF the verdict Sc, 500.
The immediate cause of this suit ap-
pears to be that Reed at the last cleo
ton OF officers was left Off of the Board
of Directors. Up to that time he seems
to have been on good terms with Mr..
Colby. But at the close of that meeting
ne drew Mr.. Colby out Of the room, and
said to him, "Yon are n scoundrel and
lying old hypocrite ; you have put my
hide on the fence and L viii pat yours
there" and within an hour the papers
iii this suit We're served on Mr.. Colby.
The summons served on Mr.. Colby
in this case was Cor a money demand of
$500, 900. Considering the time, and
labor and breath, and money spent upon
it, it has fizSled ont to nothing. The
mountain has laboEed and brought forth
q mouse.
The offer of the stock made by the
defendant IS still before the court, and
the ease may yet result in no judgment
for money all ALL Wisconsin.