The New York herald., 1878-11-26
THE COURTS.
A Dispute Over Some New
York Mining Stock.
HOW SHE LOVED HIM.
More Punishment for Violating
the Excise Law.

A somewhat curious suit came before Judge Larre-
more yesterday, in the Court Of Common Pleas,
brought by Abner Baon and Henry G. Gardner as
his trustee against John Slsby The complaint states
that Ballon owned 599 shares of the capital stock
Of the Manganese Iron Ore Company Of New York..
Of the par value OF $40 per share The stock ct the
time as alleged was standing in the name OF Sard-
ner as trustee for Ballon, and subsequently came
casually into the hands OF the defendant. who con-
verted it to his The plaintiffs accordingly
bring this suit to recover $4,000 damages The de-
fendant claims that Gardner is insolvent and ire
sporsibe and that Ballon nonresident. and that
neither of them has a valid cause OF action against
him. He therefore made motion to compel the
plaintiffs to file security Tor costs. IN an AFFIDAVIT on
this motion Gardner denies that he is irresponsible,
and AYERS that no insolvept bankruptcy proceed
ings have been taken against him. He says that
the Manganese IRON Ore Company was organized Tor
mining Franlinite and zinc ores and for other pur-
poses with a capital $500 600 which was divided
Into 900 SO each that the defendant to
pether with Henry MARGIN and John Sllsby, Dr. were
then owners OF a majority stock. sole trus
tees and constituted all the officers of the company;
that the defendant subscribed Tor 499So shares of the
capital stock which he agreed to pay for IN cash put
being 1T time the lessee for term of twentyone
years of all the Franklinlta minerals and ores con-
tanned 10 and II of the Elias Ogden estate and
which onehalt of the profits OF the same We're pad
rent he offered to pay up his subscription by the
assignment Of his leasehod interest in the lots lie
possession of the mines and had full and accurate
knowledge of their value The trustees OF the Man
ganese Company after Investigation, liked the value
the defendants leasehofd at S441,eoO and by uf
anirnous vote accepted the assignment and issued
.49.9sG shares OF the stock to him. The capital
stock OF the company subsequently increased
from $500 900 to 81 900 0o1 Arthur f. Allen sunscrib
ing the additional s5co. 900. His subscription was
paid by conveyance in fee of all the Franklinlte and
zinc contained in the two lots mentioned IN ac
cordance with an offer to that effect made by hlm
and after having been favoraby reported by the de
70 MI a
trustees to make report accepted by the company
The number of trustees then increased to hse,
and Gardner, he further states, was made one OF
the trustees, and thst himself and new CO.
sued the Board, and particularly the
defendant, charging him and them with violation
of their duties trustees. and with fraudulent con-
version of the funds of the company TO their own
use. He (Gardner) claims that he has in his
name as trustee for Ballon 1616 shares which he
gave the defendant collateral security for note
bat which the latter refuses to give up and has
converted to his own
Judge Larremore denied the motion TO file security
for costs. holding that something more than mere
allee alton OF irresponsbiLty insolvency must be
sho