New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-13
IN FAVOR OF w. Z. D. STOKES.
DECISION AGAINST HIS BROTHER
THE SUPREME COURT SAYS THAT AN ACCOUNT
ING SHOULD BE GIVEN OF MONEYS

ING SHOULD BE GIVEN OF MONEYS
NOW IN VAULTS.
Justices Van Brunt Daniels and Brady OF the
General Term Of the supreme Court, yesterday hahueu
down an important decision in the case OF W. T. y.
stokes against his brother. Arson Phelps STOKES ana
Others A. executors of Isaac y. Phelps. TO compei
an accounting for oneffth of James Stokess interest
in the former banking firm OF Phelps, Stokes g. 90.
The decision announces that the plaintiff Is en-
titled 70 an accounting. and that he may bring III al
those who are interested In the surplus oi .io
property after the payment OF the debts IN orueF
that there may be complete determination Oh INC
rights of all the parties and the fact that by Inc
assignment he never became partner IN ho way
depriyes him Of this right
The following statement OF facts III Ie easo n'"'
be given: s
james Stokes father Of the plaintiff. at an advanced
age formed partnership in the banking business WIN
his oldest son, Arson Phelps Stokes, and Isaac ~
pbaIns Frederic ? Olcott, who Subsequently ad
mi,ted to the Arm did Of the responsible work Oh
the firm after first year OF It's existence IL was
provided by the copartnershp articles that Arson was
to have onehan Of all the profits the other hAn oek
divided between his father and Mr.. Phelps In this way
Anson who furnished comparatively little cepta OF "oiA
received the largest share Of the PROFITS Of the urn
Mr. stokes went into this adventure not only loF u'
teneut OF his Oldest Anson whom he hso previously
IN the important and prosperous business house
OF Phelps Dodgt but also for the benent oil MS young
est SON. plaintiff OF whom he was speeisuS lou' ~
aptitude ne nau sfS"So0' Wa
udence From stokes had prohhseo MS 30"
William that he would give him onenfth OF MS own 'h'e'
est in the nrm Phelps Stokes Co., tose'hrr ~
such profits thereon ana at inc eeu VI
each year a. long M Stokes lived, the hi'h OF MS
nrouts a. they we're BY the him. were actuay
maid N william BY checks OF the trn Ansoh' LOT the
same periods share OF the profile received ao0u' ~
times as much a. his William anu twice as uch DC
his father. ., 100,
.,i,, even on account OF Wiulom's CAi>puted share
Of profits has he n paid to him. William IS no" thirty
eight years OF age. - a :. ho
The business OF Phelps, Stokes Co. proved !" Do
most successful -,
The history OF the firm was marked by a series OF
attempts on MI sokss part advance his youngest son
into the firm and the part OF Arson anu MS ia'''
in.law to defeat Mr.. Stokess wishes IN 'hAO Nsdu'
January 1880 Mr. Olcott Was admitted as partner I"
the business and William. this plaintiff was lett out
Later in the same year for the considerations dleseu
in the complaint Stokes executed IN favor OF MS son
william lorna written assignment OF the one ului'1u
fifth part of the firm assets together
WIKI the profits already accrued thereon. "Fl''e'
/ assignment, covering the one-hfth OF Mr.. Stokes
| profits, had already been given 10 "llilaH anu
Mr. stoke, expressed regret at having shown 1t I"
Ausn who evidently made objection 10 IT, The two pa9es
40 walst New-York Jan. p 1880.
MY Dear Without making you partner IN tno
house Of Phelps, stokes " Co.. hereby give you u'7
p'0H'' '' '''' % '' JAMES STOKES"
.For value received hereby assign and transfer to
INV SON William i. Dodge Stokes, one undivided MN
plrt being FIVE shales OF my interest In the hFm Of
Phelps, stokes Co.. together with all profits accrued
| thereon since January l, 1879.
DATED New.YOrk City, Nov. IS, 1850
"wtness: BY George L Mars. November 49, 1850
"Th., in no Wise TO be considered an Advancement
| November 20, 1880. janis 0AOhN'
The defendants set up no claim that undue IN
fueuce was used to the above paper OF lhA'
the a,.ignor was IN any way incompetent Ah'oh
Phelps stokes who has the largest interest 10 Tue in
~ any surviving partner declares that the assign
ment given his brother covers merely one-hita Oh theI
fathers interest In the profits OF the firm enc tna'
his brother has therefore the remedy Of suing to recover
such profits from their fathers estate, Arson Oehe
one II the executors.
" F. d. Stokes SAYS that the document covers one
fifth OF his fathers Interest In the assets r Oh 'g a
sci, forth that the present action j. properly
against the surviving partners. aud the representative
- Tho defendant, demurred to the complaint, declar
t M 'a' InSge a. renee ovcrrulcd demurrer anC
gave Judgment ion ". f. d. stokes for al the rue rue
Led for, The defendants received leave TO answer
''i delivering the opnta yesterday Justice Van
Urint aid that from an examination OF the authore'
ri,J az The appellauts IL appeared that they MAN
tined hat because the plaintiff by reason OF his as
Ia Grn, therefore he had right TO maintain the
present action. - ....,o-.ior e+otad
3, Va distinctly held the OF Mentsh v ~" hlt
t maj The assignee Of rhe interest OF partner
entitled b an account Of the dealings OF te URN HT t
IT,, other members, and 10 share 70 the extent 81
~. ruent In the surplus OF the property OF th
am The Justice then added that u therHlors
srcmed on principle and authority that the pId'i''
VA, entitled TO account - ,.,,.- ,o,.o hoar
One hundred and eighty thousand dollars nave oeeE
- d.no.it With the United states Trust Company lol
~" Zinc awaiting the decision In the present. case
%"~pg been deposited by tho defunct hrn Oh fheips
stokes Il Co.
,,,.o.. ohoccas bargains OF various sorts and