, 1879-05-27
THE COURTS.
Winding Up an Unsuccessful Meat.
Preserving Company.
A Row About tho National Stock.
Acknowledgements and
New Suits.

tsAEt LIE VWu UGllH1l AIltl OtlIET BEhfG-
holders Of the Chicago Mcat.rrcscrv1ng Com
psny to wind up tl.e Affairs Of that corporation.
Tie Company wns organized somo time ago.
with capital Of 10000. The lxtures and ma
chtncry Of tho Company arc valued at $15,100
hnl tic unfinished stock on baud Ia worth e9,-
0o0, besides which there are aomc outstanding
ACCOUNTS. The busfncss since January last has
been conducted at constant loss, and for tho
last four weeks the Company has stopped
manufacturing It's capital Invested 10 wholly
insufficient 10 cnablo Il 10 70 on With
profit, nn1 tho Stockholders decline
to mako sny further advances.
The Company owes William C. Ashvelt, its
Vicc-Prcs[dcut about 900. Which Is secured
by notes and chattel mortgage On all It's prop
erty. Some Of the nutcs arc past due. nnd
AshHcl1 threatens to iorcclose. The COMPANY
cannot pay the mortgage, anJ Is without credit,
so It can only get temporary accommodations
on the individual security Of its officers. Owing
10 these causes II Will lie ruinous to the stock
holders to have the Company 70 on. Its cur
rent monthly expenses are nbout $1.5t0, and
when the rest OF TIC stock on hand ts sold
there will he no funds to meet these
sx.ss 1 we Its Will s9n.tan
soh'o suits pending against the Company
for tntrugcmcnts Of patents which make
It's credit stlt worse. and there Is no h0pe that
Y wfl ever be ahlc to recover. At a meeting Of
adopted Giving the President Of The Company
authority to sell It's stock and fixtures at the
best prices possible, giving notice first to ul the
ssoekhollcrs To collect its accounts and pay its
Moro eifcctually done under the authority OF
Court. and ha claims that II the assets he sold
soon the dsbts could be paid, inclutifng the
,nortRage, ,and still baye i balance to
II IL aIs s9soro 'ssE ssE. s. s .t0sfhSts ses9st
muy be apponted, anl The Con2any's affairs
wound up under the direction Of the Court. An
;appl'catlea was at once tnadc to Judge WiI'-
ia.'ls. and George NJ. bogue va sppotnscd Re-
Walsh and II. N. Hibbard as eurcties.
THE NATIONAL sToCg-rANos COMPANY.
Judge williams Is engaged in hearing the casc
Of Orvile II. Ioocy VI. Charles Robinson and
John u. Sherman % recover possession OF a GER
t!ieate for 1000 shares Of stock, Iii
plaluaot sets ont that The Company was
organized in 1863 for tho purpose OF providing
yards tor cattle aud similar purposes. In 1870
II was authorized BY the Now JeEsey Legislature
to borrow not eyer q cog, quo, uin! give mort:
nt Wecbawiicn, mud thr Erie Railroad earc the
land on condition Of rncciyisg 4 majority OF the
atock,- and Tint the 6toc8-Ynrds Company
Should use It's best cndcavors to influence the
stock was to BE- divided up smong Western stlp-
pcrB, 50 to !ntcrest them IN itB success n1ll
yet their bua!ncss. Complainant received l,0o0
shares, anl Robinson and Sherman each like
In March, 1871, Bhcrman anA ltoIinson suggested
that, rs there were others whose goodwill
ought to DO concllfated, they, should eaci,
contribute Au shares OF tllefr stock to
ties. Toboy ngrccd, and surrendered h!a eertiii.
cate for 900 silnres on the understanding tint
be Was TO have another certificate for 800 shares
glrcn him instead. This, howcrcr, has never
been d9ue, md he a'ad blll to compel ?obln.
certificate, claiming that le waa much interested
In tlIG Company, and that, thongl, the stock had
1tt1c market value, could oe made very protit-
able II tho Company were well managed.
Robinson died an answer charging that Tobcy
only held his stock as trustee for David Alier-
ton, tl.,l had no real Interest In It. lie admit
ted that !lc tnade tho representations chnrged In
order to induce Tobey to Eave up hs, certificate,
Gaek @ % aTni Wien s be rot 'f It. lie dencd i int s' he
bold any stock in trust for Sherman, but alleges
ho purchased Shcrtnan'e shares anu carried tllcm
=, "nt!l July, 1870 wlcn he transferred them to
WED ,s ia e a "n to the he COMPANY @ The 'I pope s9
was sui 1ect ton mortgage for $15o,o0O. The
Erlc Road lrld tho Company's bonds to the
amount of $GG0, ,000, secured By mortgage, and
tl,cre were ether debts to the amount Of over
nst i,s SUNG some i'G line in 1sT9 tio infringement
OF tho road changed hant!s anil the new officers,
claiming tho Stock ards Company was illegally
10 giyo It their shipments Of live stock. The
Treasurer OF the Company was found about thi.
tta.e to have cnbezz!cd about sgo, ,0oo, and thcsc
two circumstances brought 1nntters to a csisfE.
Eric Roal to sct aside tho contract between II
md thc Stock-Yarls Company, md virtually to
be allowed to swallow tue latter, Robinson
called upon his co-stoekhofders to contest tho
suit, bat thy desl!nea, Tobe1' 10 particular, d.
and Ro1insou then eol1 out MI his stock
to the Eric Roaa for s50, 600. This was paid not
80 much because tho road recognized the validity
Of tlss stock, but bccauac Robinson hai paid
largely for It. nnl had also rendered valuable
services TO tue Company for which he ought to
10 rccompenscd. In conclusion, Robinson de-
ucd that he had been guilty OF fruu1, Of that
he had Entsmanagcd tic atinsrs OF thu Company
OF which he haa been President.
The bearing Of the suit will probably occupy
several days.
HARDING ". 01DDINus
Judge BludgcGt yesterday morning decided
tho cuse Of George ". Harding vs.. Il. ". Gid.
dlnga, b!I! g forccloso mortgage for 81 600
Eight osJss aso p y Mrsn Goao1,
John brown, ard j. w. GtddIngs to foreclosa
prtor mortgages OIL p0rttons Of the same prop
erty.. The proceedings Wcre further complicated
by adycrsp c.aima Of l.orn Giddlngs md Miller,
who ind bought a quartcs-sectlon Of II. W
0lllings, aud tlle easu waa thus made very
Intricate. 4 decree was rendered In
favot of llar.iilE, nEd a!so IN favor Of !lo com.
p!atnanls in, the cross-hls. Mr. Harding ap-
pearcd for himself, ]. J. Glenn for Hannah Par
sons, j. q. Morgan for john Brown, Atunrt &:
Phelps for Miller aul Giddlngs, unl Miller and
Frost for o&Arr defendants.
ITEMS,
Tomorrow will be llle last day to place cases
on thu June cnlcuaar, a1ul this will be tho last
calolll2r beforc thu summer VACATION.
Judge Moore Is confined to hia house with
pleurtsy, asNt will not be III court for SONS
days.
1hs Appellate Court will probably have opin-
Ions this afternoon.
UNITED sTATEs COURTS.
blars!,all A. Lewis commenced suit yester-
dry agatust Hamilton d. Hogue and Gobrae II.
l1ogllU to rtcoyut $9,O00.
Thomas NJ. jones' hogan suit in trcsoass
agaIaat Rusacll NJ. bradley, claiming t5,0o0
|lamaEe1s
BANKRUPTCY. |
Discharges were Issued to I. ", Hctnemann,
Robert AurInnun, Gilbert Olson, Calvin W.