The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-07-29
WANTS TO Intervene.
A Bozeman Bank With q Claim
Against a Former Livingston
Company.
tn Collateral Security Is Now
Said to Be Worthless
Stock.
A Scheme Alleged Between Charles IL,
Etebbins aud the National Park Bank
Of Livingston.

bAb1 0PpasGo ~ ~ ~ sb"sSs
circuit court for leave to intervene in the
suit brought BY g. iRos, Cooper Il Co., and
a number OF other eastern f,ms. against
Charles II. Stebbins, Charles Angus and r.
T.. Smith. statute y trustees OF the Carver
Mercantile company; the National Park
bank; the Montana Investment company;
II. H. Talc0tt, g. II. ftebbins and Annie G.
Stebbins. The GRllatin Valley National
bank Rsks to DO allowed to share In tho re-
lief to be generally accorded all the credit
tors Of the mercantile company. In the
application Of tho bank II is stated that on
Jan. n, 1891, = decree was made diasolving
tho Carver Mercantile company, and that
on Sept. 8. 1890. the company borrowed
from the Bozsman bank $4,000. for which
$50 shares of the company were given as
collateral. This stock 10 now alleged TO be
worthless because of the dissolution OF the
company and the Misrepresentation OF as
sets. Tn bank tenders the certificates of
stock to the court for whatever they may
be worth. II says that at the time this
debt was contracted the Carver Mercantile
company possessed $4,000 worth of
real estate and had n store stocked with
100000 worth Of general merchandise. At
this time Stebbins held 49S shares Of stock
in the company. Charles Angus one share.
M r. 7. Smith one share. On Oct. "a,
1880. Stebbins. Angus and Smith organized
the Stebhins Mercantile company. so it ia
alleged, for the avowsd purpose OF sue
cssdinR to the business of the Carver Mer-
camille company, with a capital stock of
$780, 600, to be held in the same proportion
a. they had held stock in the Carver com
pany. II ia charged that this stock waa
issued without any consideration. The
next allegation 10 that after the orRaniza-
ton Of the Stsbbins company the Carver
company, bv its trustees. transferred every
thing to the so-cslled Stobbins company,
and that the transfer was n nominal ont
and without any consideration, and wal
made to hinder and delay the creditors Of
the Carver Mercantile company. The banh
says that u hat time the Carver company
was indebted in a sum equal or greater thar
for paying its debts by the Stebbins COM
pany.
It is also alleged that prior to its dissolu-
ton, Dec. ~, 1880, the Carver company con
veyed all of its real estate to G
H. Stsbbins, then president and holder
of 498 shares, and that the alleget
consideration Of the transfer was $26'oG
and that this was never raid. The banl
says that on Jan. "a, 1891, Stebbins ane
Charles Angus assigned all notes, book &C
counts, etc. Of the value of $4,000. to tn
National Park bank, belonging to the Car
yer Mercantile company, and %collecte;
about $10,0 00, and that the alleged consid
for s {, 927.4l. Thu bank alleges that tn
Carver Mercantile Company was not in
debted TO the National Park bank and tina
this was part and parcel of a scheme be
tween Stebbins and the other bank to CON
vert the assets of the Carver company t.
their own uses. II il also also alleged tina
on Jan. 26, 1891, this National Park banl
Stebbins company and elected D. A.. Nc
Cav, it, assistants cashier. president OF tn
Stebbins company. and another employ
named Hanche a trustee, and that the two
acting 40 trustees, passed a resolution Ru
thorizing the execution Of a chattel mort
gage to the bank of all the assets of tn
btsbbins company to secure the payment o
3oS. 20. and that tbereupon the agent
of the bank. as trustees of tn
Stebbins company delivered the mortRae
to the bank which also provided for a 12,OO
attorney fee and conveyed tho entire stoc'
IN trade and everything belonging to tn
company, and placed its cashier, J. G. Vilas
in charge. No consideration, it 10 alleged
passed for the shares Or notes and tina
Stebbins executed tho notes to secu 9 indi
vidual debts. II 10 also alleged that inme
diately afterwards Stebbins conveyed ,sc
estate in Livingston to his father. Charlie
M. Stebbins. and that there was no con
sidsration. Tools u Wallace, of Helena
sent the Gallatin Valley National bank.