The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-07-03
.GLEVELAND'S OVERDRAFT I 5.
That Queer Dixon Crucib1e
Incident Still Under
Investigation.
GOVERNOR BEDLE'S ARGUMENT.
He Thinks 0restes Made a Perfect
Appropriation Of the Stock
with His Wife's Consent.

Chancellor McGill listened yester~
day to further argument on the
application of Receiver Young to
sell the $50 shares of the Joseph
Dixon Crucible Company's stock which
were pledged to him for debt of Orestes
Cleveland and which are claimed by Mrs.
Cleveland. In opening the case Governor
Bedle said that in making the argument
lG was very important TO get at the facts.
de called attention to the three certifi
Gates which Mrs. Cleveland claims and
said that they were all dated December
~, 1880, and the decree of insolvency Of
the Dixon Compa ny was January 4, 1881
Cleveland. as attorney of the estate Of
Dixon, transferred LOCO shares to Fowler,
Champion Co., and he executed power
Of attorney to Mr.. Walker. In which he
claimed these 1000 shares as his own
property, but Mr.. Walker never could
obtain possession Of it.
Orestes Cleveland owed the company
large amount of money, which helped to
swamp the company The Governor then
set.forth the facts IN the case, which are
testified to in the evidence already pub
lished. Mr.. Young always claimed the
stock was delivered to him absolutely.
Mr., Cleveland claimed that it was
given to him as collateral The Gov
ernor claimed that no matter how the
stock was given it was given as security
for Cleveland's overdrafts. "As to the
transfer by Mrs Cleveland" he said,
''her testimony was curious and don'G
know how she came to swear to it, He
then read her testimony and pointed out
its Inconsistencies He claimed that she
knew that the stock went into Mr..
Young's hands as security for her hus-
bands debt.
MRS. CLEvELAND's VARIOUS PETITIONS.
The GOVERNOR then read from Mrs.
on the stock. when she says she loaned
her husband her stock to be deposited
with Mr.. Young as collateral for Orestes'
overdrafts, and claimed that that was not
an intelligent view of her side of the case
He next referred to the second petition Of
Mrs. Cleveland, which, though signed
with Mrs. Cleveland's name by another,
was sworn to by Orestes Cleveland. The
point of difference between Mr.. Young !
and Orestes Cleveland was that Mr.,
Young claimed that the transfer was abb
solute and Cleveland claimed that it was
merely for collateral, while no one denies
the delivery.
When Cleveland was on the stand he
would not swear that the word sscolIat- a
eral" was used at the time of the delivery.
II there is anything clear in the case,
the Governor maintained, it was that the !
transfer of the stock to the receiver Was
for the purpose of securing Cleveland Is
debt. Mrs. Cleveland admits this In here
petition and her testimony. AS between
Orestes Cleveland and the receiver there
| can be no controversy. It is settled in
New Jersey, the Governor contendeu,
that a married woman can mortgage and
sell her property to pay the debts of her
husband, and cited numerous authorities
In support of his contention. If the debt
existed and the stock was transferred to
the receiver for that debt, the act was ir-
revokable on the part OF Mrs. Cleveland.
Mrs. Cleveland, the Governor said, was
stockholder in the company, and she
thought it would be to her benefit to have
the debt of her husband to the company
wiped out, and read portion of her petit
tion in which. she says she gave up the
stock at her husbands request in hopes
that by the careful management Of the
receiver the company could eventually be
put upon dividend paying basis again.
The Governor thought that there was as
perfect appropriation of this stock by the
husband, with the wife,s consent, as
could be. He showed how the stock was
never in the name of Mrs. Cleveland
until December, 1880. In 1875 there was
q certificate in the name of Joseph Dixon
for 1900 shares On December 49, 1875,
five years before any stock got in the
name of Mrs. Cleveland, it was trans
ferred by O. Cleveland, attorney of the
estate OF Joseph Dixon, to Fowler, Cramp-
ton & Co. Cleveland says he borrowed it
from his mother-in-law, and loaned it.
| CLEVELAND DID AS HE PLRAsED WITH THE
STOCK
The testimony, tine Governor said,
shows that he did just what he pleased
with it. whether it was regular or not.
The fact is. he got possession of the books
and did what he pleased with the stock.
The Governor then read q power of att
torney dated Agust Is, 1878, In which
Walker is authorized to receive from
Fowler, Champion & Co. the LOCO shares,
ana in which he says the shares in reality
belong to him, Cleveland.
Mr.. Walker did not get the stock, but
in December, 1880, 300 shares of it were
turned over to Mrs. Cleveland and are
the shares she claims now He then
traced the stock from Mrs. Dixonsto Mrs.
Cleveland and said Cleveland did just as
he pleased with it. It didn't make any
difference whose name it stood in.
He claimed that the testimony plainly
showed that the thirty shares did not
come from the Dixon company at all and
! that Mrs. Cleveland mover owned them.
MR.. Sims .'PATHETIcn APPEAL.
Mr.. Sim in behalf of Mrs. Cleveland
said that the main question in the novel
case was. "Did Mrs. Cleveland own the
Stock' in controversy.
He claimed that Mrs. Cleveland was
the owner of the stock, and whether 1t
was pledged by her husband with or
without her consent makes no difference.
He said tt was absolutely wicked to
take this stock and deprive Mrs. Cleve-
land of it when she did not fully realize
the effect of her consent to have the stock
pledged for her husbands debt He
claimed that Mrs. Cleveland's testimony
showed that she did not know WHIST she
was doing when she transferred the stock.
She had full faith in her husband, and
trusted that he would look after her in
terests. Mr.. Grouse, for Mrs. Tillman,
explained her position in the case. Mrs.
| Tillman had Judgment against Mrs.
Cleveland for $4,000, and took an assign
| ment of Mrs Cleveland's interest in the
| $50 shares The Chancellor took his
papers and reserved his decision.
weather Indications.
WASHINGTON. July 8. 1890. Weather
| indications for twenty-four hours. for
Eastern New York. New Jersey and
Eastern Pennsylvania Showers; no de-
cided change in temperature; winds
| shifting to northwesterly; fair weather
on Friday.
Hartnett's Weather Record
July 2. Degs. July Degs.