The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-14
THE COURTS.
The Villas on Tarrytown Heights Mere
Visionary Fabrics.
A MODERN SARTOR RESARTUS.
An English Draft Proving Heavy Draft on
Poor Mans Savings.
MEMENT0 OF TOM FIELDS.

The speculation OF the Tarrytown Land Company APP
pears been II failure Judging by the suits
pending In the courts One OF these suits brought by
the Attorney General to dissolve the company,
pending IN the Supreme Court, and another one In.
stiiuted by the trustees Of the company Joseph Sc
gman and Andrew v. Stout against William II.
Guon--in which decision gwen yesterday by
Chief Justice Daily. The story briefly is that In No
vembcr, 1875, Guion bought from the company ntecn
OF land at $4,000 acre, payable IN March.
1876 for the purpose OF building thereon. II
being represented 10 him that wealthy class OF
to build the adjoining land In his
answer he says that the company bought tho
lands from Louis Roberts, aiterward manager
OF the company, and other parties. at gross
generalization. He discovers, he alleges, that
there was fraud In the capital stock that their
promises We're unuhlled that the company insolvent
that the land Is heavily mUrtgaged and that II he paid
tho plaintiffs he would have no security against tho
parties holding mortgages The case came up on
demurrer by the plaintiffs this answer Judge DAILY
Yesterday gave his decision. embodied In tho following
The demurrer to the defendants answer should DO
overruled. The three several matters set up the
are available as defenccs. in my judgment in
this action. First, lraudulenty representing to the
defendant that the capital stock OF tho company Of
81 900 900 was all paid in and that IL was tue nten-
ton OF the company TO improve ard greatly adorn the
lands SO as TO attract thither class Of purchasers TO
build elegant residences thereon and thereby greatly
enhance the vnlue OF the fifteen purchased by
the defendant the tact being that the capital
stock was made up OF land valued at
9l,VuU,VOu, tHe aCtuhi Vdluc ol WHICH was ittuo
than one-third OF that amount Second,
that the transfer all the property OF the corporation
to the defendant trustee under the circumstances
and IN the manner described IN the answer
transfer which the corporation had not authority TO
make, as was giving the entire control OF its cor
poraton cHocts TO board OF trustees. Third that "
the defendant paid this amount to the plaintiffs there
would be no security against his liability TO pay It over
again to the owners OF the mortgages as the company
Is wholly nsolvcnt and It's guarantee against said mort
CAGES is now worthless and that defendant Is entitled
to the equitable aid OF tho Court to have the $50 900
applied to the discharge OF the mortgages with which
his property is now encountered. To assign the
reasons TOR the conclusion that l have arrived at
would involve the preparation Of very long opinion
In detailed exposition Of the facts averred and Of the
law as deduciblc IRON the authorities applicable TO
them, which, think, at present would be unproht
able occupation OF time Upon the trial OF the
the facts Will be accurately ascerta,ned all their
Details when the rules and principles by which they