New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-11-14
capital stock sesO OOO bonds, 5000 600 estimated
| amount OF uns led claims, $4,000.
SOME EFFECTS or The INTEREST LAW.

LFGACfES CUT DOWN by THE OPERATION OF The
AcT-oNE LAWYER AGAINST TWENTY.
A nice question, springing, not out OF the
construction Of the new per cent crest law pu from
LIS indirect effects. passed upon by JUSTICE Law
renee IN a decision rendered in the supreme court,
Special Term, yesterday
Commodore Jonn Hodges Graham, OF the United
states Navy died March, 1878. leaving Will made
three wears previously He left annuity Of 800 for
hfe TO Mrs Helen T. Alden, and another OF like amount
TO James Burrill To secure the payment OF these
puuities the test directed that In each instance
$4,000 his estate should be invested IN bond and
mortgage property this city at cent ter the
death OF Mrs. Alden the principal set aside for her use
was to 20 the American Bible Society and the romes-
Missions.
At Mr.. Burrl's desth the other principal was to be
given to b., Luke's Home aud Hosp tai Newbnrg ana
the American Tract Society. The VIII also contained
directions that $50 900 should be invested az cent
used by the OF the Parochial Fund OF the
Protestant Episcopal Church OF the Diocese OF New
York for the benefit ot those Episcopal ministers
whose salaries inadequate to their support The
xccutors were instructed to divide the $21OO OF IN
come from l. fund toto seven different shares ana 10
give each $500 portion to minister whose salary ala
not exceed $500.
The new interest law went into effect soon AFTER inc
Will was admitted to probate The executors then came
INTO court TO have the will construed OF course at
per cent interest the full amount OF the aDnutes named
could not he reaz from tie funds set apart for the
purpose and the principal question was whether the
executors should set aside the principal sum>
named and distribute the decreased annuities ars-
ing at 6 per cent these sums, or whether
another sum should added from the fuhds
OF the estate to keep the annuities up TO the amount
ds grated by the testator There was also the sosld
larry question az to whether. II another sum were added
TO the requests the that rcsidusry lega-
tees should $4,000 at the death of Mira Alden
and Mr. Burri or the larger Still third question
was as to whether the bequest To the Parocdl Fund
was void for uncertainty and vaguenesS
Justice Lawrence holds that this last bequest
ia not so vague as TO invdlidate IL, Upon IN '
other questions he says that he snpposts Una
,ha the OF interest in this State might pe eIIced
10 6 Der cent He adds " To my mud he fair, PLAIN
Ina executors 10 invest the $4,000 for acl OF
the persons named, in the manner Indicated oy bl
Annually receive the sum of 500 He Glf not cOntcm
plate on the onc hand that the value OF money
other tbat II would be increased. But ne gave to
each the lawful annual increment OF ,Slo'ooo
invested ny his executors as he han ulrecteu, a.,
MY Conclusion is that the eXec 0s are 10 invest o te
orncf OF Mrs. Alden and MI Bnrrl!l the sum o.
eEeh and c %"T re the Of ne Wi, IN
favor Mrs Alden and Mr. Burril are equally npplca-
moi he TO enable the trustees to raise an i
come 81, 100 per annum me trustees WIZ receive
the $4,000 and invest II for the purposes Oh lhe
trnst n the manner directed by estatoT, Obtaining
thcrefrom the best rate of interest IN their power
linn NJ Knox represented the executors, and about
twenty lawyers appeared for the other parties 10 the
SUIT . c.t....ho. ,,i.tn-
and Leand,r s. Ksley TO Morgan j. Bnen was hled IN
me curt OF Common Pleas yestel dSy. Ihr haDniies
are $500 765 SO nominal assets, S6o9ooo 90 real as
The ecIe5u,c IN e. ass gnment of Georg ami Robert
Fielding to r 20 rt W. Frldng was also h,l-n' LdDli
sets, Sl2,346 50.