New-York tribune., 1879-01-30
LOCAL MISCELLANY.
DISSOLUTION OF BELDEN & co.


,rocr r T. DAILY REMOVES THE TWO RECEIVERS
.vn .ppo,NTS IN THEIR STEAD WILLIAM J.BEsT.
In the suit brought by Washington +. Con-
,o- one ot the firm of Beden e. Co.. TO wind up the
o,irs NJ The frm-thcrc being only quarrel between
the members OF the firm and no creOitors 10 oe Von'
su,ted-Mr Connor and Henry Belden jr., were ap-
,oin,ed iont receivers Within TWO davs they dincred
and new application made 10 Judge J.f Day lor
some further action the natter. Judge DAILY has de-
,ided the matter by removing both and appointing VII
liam j. Best receiver Of the assets OF the hr III MS
opinion, filed yesterday. Judge DAILY says
The copartnershp was formed on March To- 10 q
for the purpose OF dealing in gold. stocks, o"hds ""
other securities. On January g. 1879. TINS actoh ""S
begun by ConnOr TO obtain dissolution OF the partner
shin and accounting and receiver of the hrm asseS
unon the ground principally that the Bedens ntehoeu
IN effect transfer of the firms secur ties, 10 ehy
Relden ir against the will OF the planth ana oi "o"'
and that the firm transactions are not drcctV eheic
upon the firm books and that the copartnershp money!
have been drawn out aud placed beyond the cont'oI
of the coparinerslup The above charges were demeu
under oath by the defendants. and william and Henry
Rcldcn in their afdavs, expressly stated that the
firm owned no securities; that thcV ou !"
strictly commercial business; that the securities nei1
nv them belonged 10 and were nelu pS CuS'Vic ~
rho im that all securities which had come ihlo lho
hands of Henry Bldcn. ir, were purchased w"u ou "
o"d mat MI the firms tran sactiOns had been cocGE
entered up0n its books. Charles d. BeIdeh, Who n.u
siatements In his own affidavit On January ~,
all the c0partuers signed snnua lop D! MIcn ~ az ~
ment shouli he entered diss0lVlng the nrn anu h'-
poiung Henry Belden. IT, ana IN pan'I .o1u"i ~ IN
cevers without fees giving me recevess yer % Of ~ the
the books and assets, providing for the uuIo uI,i fr
assets i'm the Fourth National Bank 40 proNulng lo
isots ,n,tncU' m of rcierce etc. This arranCemen
mat the icants bel eveda satisfactory solution
of all the questions whlth dlNlueu inth ~, ~ -
he attained nv constituting the parties to the sun loh
RECEIVERS OF he subject o. contention ne rIsn nG m
rave beep antIciUaed. Mr.. Connor ana Mr Bt,He, W.
vested with Official authority anI aet,nE ront as as to
ibe curt not step nearrr TO an agreeent ~ "
Inc ownership OF the securities taken up Nv W ' ;h %
10 the amount 0t the htln fVeIl, w M az W o %
larity of the bookkeeping hr BeldenS convictions on
ali these points remaining unchanged, ne denoSheu
under the stipulation what he deemed OF heIeVtu 10 ne
the copaTtuersp assets. and therefore on January 10
1879 Mr C0npOr applies 10 the cont Tor an oruer re-
moving Mr. Bedrn or for an 0rJer requiring nm - :" nc nc
posit the moneys securities ana other assets oi ,u m
late firm now in his possession or uhder MS conio'' "
accordance with the JUDGMENT. ,,, .,
the allegation of the complaint and answer ana OF am
davits upon thc ORIGINAL motion for a receiver Upon
before Mr. Wheeler the referee chosen by all parties to
this action. the issues between the eoparners would DC
ton refrain from EXPRESSING an opinion unon those
issues bat not mani est that thc once, o. ,1 % aSCeV
Prsp-aS the office ~ receiver H unde stood ana sIouu
be- he carried out M throwing upon
Mr. Beiden ana MI Connor in JOINT administration. ITS
part is impossible because they uc hopeiessN uNucu
as 10 the necessity OF taking certain measures respect
Ing the securities In dispute. Continual Applications 10
the Court and incessan disputes ana NeXatloh on u
ing subjects, are to he anticipated because o. me
Interference OF personal interests of an official
character Under ordinary circumstances the parues
would be relieved from the consequences OF spull
tons by which they adjusted th"ir lItgatons MhPre
such litigation, however. involves the appointment OF
receiver control of the Court over its officer ana he
administration of hIs trust are not taken away; ana
where the arrangement made between the parties i9r
the execution of such trust ia one which is pacuc3ly
pOwcTless carry the objects OF the TtcelNeshp
and secure proper performance OF Its duties there
should be hesitation about substituting an eecNe i0
Ineffective agency regard II proper III view OF me
impOssibty of the JOINT action OF two receiVrIs,iO
direct that tbcy be removed aud slnge receiver nu-
erent between all the parties to the dispute he $n.
pOintpd in place Of Them name MI william D. Best
for the Office account OF the excellent reputation ne
has acoured for ability aud in administering
such trusts No costs Of this notion TO ether party
AInfinn tn dennsit hOnks. granted without COal9