The Livingston enterprise. [volume] (Livingston, Mont.) 1883-1914, 1892-08-06
ACTION ny INTERVENTION
Another suit Arising out of the Asst gn
lnent of the Stebbins Mercantile
Company.

AoLeHldH HAS dpplleu 10 lHe OnlIeu
States circuit court at Helena for leave
to intervene in the suit brought by
Griggs, Cooper Il CO.. and number of
other eastern firms, against Charles H.
Stebbins. Charles Angus and r. Il.
Smith. statutory trustees OF the Carver
Mercantile company the National Park
bank; the Montana Investme Mt com
pany f. Fl. Talcott, c. H. Stebbins and
ANNE G. Stebbins The Gallatin Valley
National bank asks to be allowed to
share in the relief to be generally ac-
corded all the creditors Of the mercan-
tile company. In the application of the
bank it is stated that on Jan. 27, 1891, a
decree was made dissolving the Carver
Mercantile company, and that on Sept.
:. 1880. the company borrowed from the
Bozeman bank 5000, for which $50
shares of the company were given as col
lateral This stock is now alleged to be
worthless because Of the dissolution Of
the company and the misappropriation
OF assets. The bank tenders the certifi
Gates of stock to the court for whatever
they may be worth 1t says that at the
time this debt was contracted the Car
yer Mercantile company possessed S3O,-
GOO worth OF real estate and had store
stocked with $4,000 worth of general
merchandise. At this time Stebbins
held 49S shares of stock in the company,
Charles Angus one share. On Oct. "a,
1880, Stebbins, Angus and Smith orga-
nized the Stebbins Mercantile company,
so it is alleged, for the avowed purpose
of succeeding to the business of the Car
YER Mercantile company, with a capital
stock of $4,000, to be held in the same
proportion as they had held stock in the
Carver company. 1t is charged that
this stock was issued without any con
slderation. The next allegation is that
after the organization of the Stebbins
company the Carver company, by its
trustees, transferred everything to the
so-called Stebbins company, and that
the transfer was nominal one and
without any consideration. and was
made to hinder and delay the creditors
of the Carver Mercantile company. The
bank says that at that time the Carver
company was indebted in sum equal or
greater than its assets, and that no pro
vision was made for paying it's debts by
the Stebbins company.
1t is also alleged that prior to it's dis
solution. Dec. q. 1890, the Carver com
pany conveyed all of its real esate to G.
H. Stebbins, then president and holder
of 1913 shares, and that the alleged con-
sideration Of the transfer was $4,000 +;
and this was never paid. The bank
says that on Jan. "a. 1891, Stebbins and
Charles Angus assigned all notes, book
accounts, etc. of the value OF $4,000. to
the National Park bank, belonging to
the Carver Mercantile company, and col
lected about $4,000, and that the al
legged consideration of this transfer was
an overdraft for s892741. The bank
alleges that the Carver Mercantile com
pany was not indebted to the National
Park bank and that this was part and
and the other bank to convert the assets
of the Carver company to their own
uses. 1t is also alleged that on Jan. 26
1891, the National Park bank became
the holder Of 497 shares of the Stebbins
company and elected d. A. McCaw, its
assistant cashier. president of the com
pany, and another employe named
Hanche a trustee, and that the two, act
ing as trustees, passed resolution au-
thorizing the execution of chattel
mortgage to the bank of all the assets OF
the Stebhins company to secure the pay,
ment Of seven promissory notes aggre
eating s3s.3OS.2O, and that thereupon
the agents of the bank, as trustees OF
the Stebbins company delivered the
mortgage to the bank which also pro
vided for $1,000 attorney fee and con
veyed the entire stock IN trade and
everything belonging to the company
and placed its cashier, J. c. Villas, il
charge. No consideration, it is alleged
passed.. for the shares or notes and that
Stebblns executed the notes to secure
) individual debts. 1t is also alleged thai
, Immediately afterwards Stebbins con
veyed real estate in Livingston to hi
father, Charles M. Stebbins, and tina
there was no consideration. Toole 4
Wallace. IT Helena, and G. S. Hartman
of Bozeman, represent the Gallatin Val
ley National Bank.
To he Restored Ia Citizenship.
Edward L. Hallenback, VINO was triet