New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-11

pass upon the question, so that. whatever the law
might be- they should conform 10 1t.
The Court recognized. however. that whatever
restrictions there may be, number OF persons
may enter into an agreement in restraint OF uaIe'
that those persons may unite all their interests
in a corporation and he within the law. In iact'
the laws of all the States provide for corporations
to accomplish Just this purpose.
This decision made necessary reor8aniz 'Uloh
Of the Trust A committee OF the trustees was
appointed to consider the matter, and Kidder,
Peabody * Co we're added to the committee 10
determine plan OF organization: IhS mas
been done, and in July last the preliminary agree.
ment was put forth This was followed Iatcr pS
a plan TO consummate - reorganization 1T III
vited the deposit of certificates WIN the Nenllal
Trust Company. Afterward SUIT was Dc4uh III
brooklyn in the name Of one Duncan cameron
The object of this was to cmbarrdss the teorg1n-
iZatOn. IL made great many charges aSdlns-
every body and was accompanied oy an lhIuncU1h ~
from Judge Pratt, OF Brooklyn. restrain thP ue-
posit Of certificates and with notice OF "a motion
for the appointment of receivers. ne m't ol
was heard and Judge Pratt appointed tne recciI
crs The appointment was mace IN uc sun
brought by Cameron and also III sun whlch .ne
trustees thcn,se YES had brought asking th'I IN
might be relieved from the care OF 'he lruS''
Both suits were III Brooklyn. ~,
All the retinerles and corporations are III DIOoh-
lyn with the exception of the North River Com
pany. That was a New-Iorlt company. In the
trustees
interlocutory Judgment. The encct OF tins was 10
arrest the whole proceedings Judge Pratt, now
ever, modified his injunction SO a. TO permit tie
deposit of certificates Meantime, these certlh-
Gates had been deposited with tho Central Trust
Compony to the amount Of 9s per cent OF the
whole outstanding. Some holders VINO dld not
care TO denOsit their certificates, have united III
the plan / do not know of any hostile certificate
holders unless Cameron and those behind LIN are
opposed to the reorganization. II so, the numDeI
must be very small | take il for granted that
substantially all the ccrticate-hOdcrs Will tnlte
After the deposit Of this large proportion oi
certificates the Central Trust Company Determined
10 apply to Judge Pratt to set aside his proceed,
ing Before this was done. the trustees pressed
Il trial Of the Camcron suit. IL came on before
Judge Cullen. on Thursday last. Camerons law
but over the term We resisted and insisted on
our right for trial, inasmuch as Incidental 10 tAc
ease the complainant had made great many
charges against the trustees They wished for an
investigation and for an opportunity TO show mat
there was nothing in the charges After discus
sion Judge Cullen said that the case must be tired
He set il down for Friday Of ne>t week.
II then became obvious that the Cameron
people did not intend 10 permit trial. Inc
Central Trust Company prepared a petition ana
had it, presented 70 Judge Pratt, and he to-day
heard il and set aside all the proceedings Practl-
caly there WAS opposition. There could he
no fair opposition The Cameron suit was on 200
shares Out OF i92,bSJ, thc iOtdl nunotI ol o'|-
standing shares
The obstacles being out Of the way there is
nothing now ~ prevent the contamination OF the
rpOrgIulLiIlOn. IlN luNblFtN lit fNNAdI-' "A
certificates for stock in the new American Sugar
Refining Company and the payment OF a cash NV
dcnd of per cent. Dividends ~ the rate OF -
u"r cent year had been paid down to october
/ last The LEGAL proceedings compelled the post
roncmcnt Of that dividend ON January !, IN
the ordinary course, another dividend would nave
Lccn payable. The plan of reorganization, there
fore, provided for cash payment OF > per cent.
This will he distributed aS soon rs possible
Upon yacating the rcccivcrshlp the receivers
Of course restored all the property in their hands
,tsifl lao.
tuns aud newspaper statements that something
Was wrong about the accounts. To settle this
tie Central Trust Company began on NcdHe>l2 lay
g lul Investigation An investigation Of the Sa'nc
sort had been previously made ny an accountant
employed by Kidder, Peabody Co.. and ha1 been
quite satisfactory. Yesterday evening the central
trust Company'S ; accountant completed his exam
nation and the Central Trust Company to-day re-
ported Judge Pratt that every dol ar In the hands
of the trustc, : was accounted for
There is not one worl OF truth in the state
mrnt that Cameron or his people were compro-
missed or settled with. The trustees have never
Paid to settle any hostile litigation. Ihey nave
not even paid anY Of CamcrOn'S expenses. lie
asked 70 discontinue his suit, and that the trustees
permitted. .,,
John L. Hill. OF the firm of Lockwood & Hill,
who is counsel for Duncan Cameron. made IN"
following statement: Nr. Cameron has contendcd
from the beginning that rcorrani1atol Of 'me sor'
was the best thing for the certificate holders The
chief thing to be settled was the method hv which
this should bc accomplished. Mr. Cameron h}S
insisted that the method which John +. latspnS
bulutnl ont IN his BrOOkINn lawsuit. u luN'H'l
Sale. of the proIrrjir, and an accounting by the
trl>torS was the only proper mciEod. Nr. Cam
,.rou protested from the beginning tEoi that Ought
io he accomplished. He insisted thai ~ steps
should bc taken until the trustees published a
statement of assets and liabilities. eo that IN"
crrt,dcltc-ho.dris might know what they were
about.
The trustees did publish. on October 30. what
rurpprtcI I, be "a statement This was not sat
i,r.rtorv to Nr Cameron. and re insisted that Il
further statement ought - 10 m7dc IN the natur"
,f an accountnl. llr asked that the prayer OF
Nr Parsnus's complaint De- c'ccCtcd. II WIS ~
tlc interests of rrurlauiIation 10 hc accomplished
.v a judicial SAFE The central Trust Company.
i'm the meantime. under the plan q! r"or-an2ltIon.
hrcI me tie owner ot thc great majority ol lil'
frii,t's s;ock-GN per cent John j. Gleason. VINO
WIS or" of the pcopl" ~ the same interests -
Mr. C1mrrop, informed ur that he had det'rmln''i
20 withdraw opposition II the present pan ol
rcur-IulIatlpu. .
Nppl cation WAS tlcn mode = Nr Cameron
10 Withdraw by people in the intcresi # rcol-
.opi2aticn II would not br proper for me 10
disclose the details of this matter Nr. cameron
,vi, satisfied that under Re "NisiuG clr'uni> ic'N
pee nusht not 10 INSIST on a particular mrth"h ~
concentrations He did not think that u N'ihi
b. ,,.i>r to Oppose This decided prcpondertn'r "t
.,c-tiNc,t. holders lie Therefore instructed M,
when the Central Trust Company male ~ apph-
c,t,on. not r. oppcsr II. The Central llnSt ON
many has filed statement of accounts with JudIc
Pratt. IT, is satisfactory 10 the great majority ol
ccri'clt' holders
OPPOSED TO 4 NEV OiTNEiL TRyW
Chicago. Jan. 10 O>pccaO.- According to dispatch