The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-24
BoNNER's NEUTRALITY-SUSPICIOUS..

CO.. Osborne Co. have presented "a petition in
she Special Term OF the Court OF Comm Pleas in
bhe matter OF the assignment Of John Bonner and
Arthur l.. Sewell, IN which it is stated that on or
Bbout the 18th OF last September they borrowed
$50 900 OF Bonner Co., for which they deposited as
security certificates Tor 1000 shares OF Chicago and
North western Railway Company common stock; that,
ps they informed and believe. on July 49, 1877
the firm OF W. D. Wheeler & A. d. Thomas
borrowed $4,000 from Bonner Il Co., and the
Grm OF Francis +. Robbins 4 f. b. Robinson on De-
rember 70, 1871 borrowed SIS, 600 IRON the nrm,
for which stock certificates were deposited secur-
ty They further alegc that the 23d OF ovcmber,
1877 Bonner Co. borrowed from the National Shoe
and Leather Bank $4,000, and without the petit.
TONERS knowledge or the Knowledge Of any OF the
other persons mentioned, deposited as security for
such loan a portion OF the certificates so pledged by
tie petitioners; that the bank demanded IRON Bon
nos Go. repayment OF the loan 10 them, which was
refused. whereupon the certificates were SOLD. the
bank realizing Tor those OF the petitioners
aione S3S,3G2 So for those belonging TO
Wheeler n Thomas, sls,637 go ana for the
otners So 275 and applied the TO the satsac
ton OF their loan aud alter iull payment Of loan
has been mace to the bank there remains pos
session tho sum OF SIS ss4 or Whereabouts besides
thousand dollar Wabash bond which salablc IN
The market for about $780, ana belongs to John Bon
ner Co. The petitioners further state that The bank
Is wiling to pay over the surplus TO the petitioners
and the parties named TO be divided as they may
agree and that an rceent has been madc To Tho
mode oil buch DIVISION. But the Dank refuses To
payment without the consent OF the assignee, Mr.
Griswod, and tho latter refuses 10 give his
the transfer without an order OF the Court
They then 20 ON to say that Bonner Co. hypotho-
Gated 600 shares OF the Northwest common stock
belonging TO the petitioners with the Fourth National
Bank, 200 shares with Schaner Brothers aud 100
shares with the Farmers Loan and Trust Com pany
all part security Tor loans made by ;he per-
sons and corporations 20 Bonner * Co. which loans
cxcecGcd 500 600; that the petitioners obliged
10 pay the Fourth National Bank SlISSI part pay
ment OF the loan made Uy the bank to Bonner n Co.
n condition OF obtaining tho return OF the COO
shares, and the shares not returned untii
payment was MADE. The Farmers Loan and Trust
COMPANY and Scbancr Brothers, tney lurtncr state
sold the 800 belonging to the petitioners at
ton for <ll, go which was likewise applied TO the
satisfaction OF their loan 10 Bonner Il Co., the total
amount thus paid by tue Commissioners or collected
out the proceeds OF sales OF the petitioners stock
and applied The benefit OF Bonner Co.. thoy state
ms $65 AGA 80. Tncy deny that the petitioners and
the other parties named arc Wiling 10 repay the
amount oil tho loans made 10 thcm with interest
thereon, upon the Of the certificates 10 them,
and none OF la default upon the loans. They
nllego that the whole amount oil The surplus IN tue
hands Of the National shoe ana Leather Bank belongs
10 the petitioners and other parties Named where
they ask that The assignee oil Bonner co. may
be PEELED TO consent the payment OF such sur
plus, ana may DC instructed that he has no lawful
title to tho same.
Mr. Grswold, his answer to this petition, states
that some OF the general creditors VI Bonner " Co
claim that the referred to IN the pctiCn aud
ali other margins arising from similar transactions an d
from the rcbypothecation by the rm oi the securi-
ti,s originally pledged with II collateral Tor loan
belong the creditors and property TO DO
collected by the assignee for their benefit, ana do not
belong to the owners oil the securities 50 rchypothe-
Gated.
Judge j. +. DAILY, to whom tho petition was pre-
scented. IN "a decision rendered yesterday says:'Ihe
petition Will be referred for proof OF the facts and TO
hear opjcctions by the schedule creditors, TO whom