, 1884-05-16

New YoRK. May l5.-The Supreme
court has granted an order giving the
Chicago & Atlantic Railway company
leave to prosecute an action against Julian
T. Davis Jointly with other parties as the
company may be advised for the purpose
| of obtaining the relief to which it was en-
titled relating to notes and other securi-
ties heretofore belonging to the railway
company and held to be negotiated or
otherwise disposed of by the firm of Grant
& Ward. The complaint makes Grant &
Ward, st. John, HAY e. Co, j. w. Sc
ligman & Co, Drexel, Morgan & Co., p.
w. Faullandet & Co., Reid & Smith, the
Equitable Life Assurance society, the
United States Orient bank, the Columbia
Bank, the New York, Lake Erie &
Western Railway company and other cor
porations and banks defendants. The
company;alleges that in September, 1888,
it delivered to the Farmers Loan and
Trust company, of this city, and George
j. Bippus, of Huntington, Ind, as
trustees, a mortgage on its road to secure
an issue of coupon bonds of the corpora
| tionSto the amount of So, 600, 600 and
known as secured mortgage bonds. " In
the autumn Of last year negoti atoms
took place between the company and
Grant & Ward for the negotiation for
these bonds. 1t is charged upon the in
formation and belief that Grant & Ward,
in violation of their agreement, have sep
arated and divided these notes and bonds
into parcels, mixing them with other Sc
s%urities. and used the miscellaneous lots
in raising money for their own purposes,
There was a slight run this morning on
the Irish Emigrant Savings bank of
Chambers street. About 200 of the de
positors withdrew their accounts. There
are 1886 depositors. The President
says the bank would gain about SlO,O
by the Withdrawals.
Late this afternoon William II. Swee,
ney, banker, Nassau street, made an as,
signment. The amount involved is not
large but may embarrass the small manu-,
facturers in the neighborhood of Nassau
and Ann streets. The same house sus.
pended about a year ago.
At the annual meeting of the Board o
Fire Underwriters to-day ~thirty-ive com
panies We're represented. President Hold
in his report, said the destruction of prop
erty by fire during the year aggregated
loss of over 800, 900, 900. He though
some legal measures should be adopted t,
compel more caution. The average rat,
Of premium has increased, The repor
Of the committee on incendiarism shows
subscription to the reward fund of $l49,
43l by l2i companies. Nine reward
were paid and ten convictions obtained
There is $50, 544, 653 capital employed il
fire insurance.
Judge Sedgewick, in his decision con
tlnuing the injunction granted in the pro
ccedings taken by Ferdinand Hopkins. a
truttce of the Madison Avenue Congre
) gational church, against james II. Sey
mour, Shepard Knapp, General U. 5
Grant and others as trustees of the church
f the church corporation and Rev. John J
Newman, says that as DR.. Newman wa
neither a member of the church nor on
, of the society, nor permanent pastor, h,
should be enjOined from becoming or act
D ing rs an officer at any meeting of til
l deacons Of the church or the society.
NEW YoRK, May lj.-At a m%eetingC
e the Northern Pacific Railroad compan
to-day Johnston Livingston was elccte,
director in place of Henry L. Johnston
= of Baltimore, deceased. and the board az
proved the map to define the location fC
. fifty miles on Cascade branch from Yal
imnr CitY- Notwithstanding.