Evening journal., 1892-01-05

THE HYDRAULIC PRESSURE OF
NEW YORK LAW.

Erliet,, johnson & Co., Recover s2s,so
in = suit against the Grand Rapids
Hydraulic Company OF Grand Rapids,
s1leh.-nuIck Work of q New York
Court
Elliott. johnson & Co., the Marks
street brokers, have been interested
the extea of 500 900 in case that has
been before the Superior Court OF New
York for the last month. 1t came up for
trial and was ended yesterday. 1t was
in the suit Of Eve banking houses against
the Grand Rapids Hydraulic Company
of Grand Rapids, Mich, a pirate cor
poration which supplies that city with
water. The amount involved was
$4,000.
a rule was issued by the Superior
Court Of that state appointing Elk United
States District Attorney Alexander B.
Cooper Of this city, commissioner to take
the dispositions of Delawarsans who were
interested. He sat in this capacity here
last Thursday. Court Stenographer E.
9. Bardesty and Stenographer Charles
@. 6uyer reported the dispositions
The defendants were represented by
NJ r. Grow, a leading New York lawyer.
Rapids Hydraulic Company Lawyer
Reed, q junior member OF the law firm Of
Norwood & Coggeshall OF New York,
which firm represents the plaintiffs, con-
Quoted the examination in their behalf
The only two witnesses examined were
Fl. p. Scott and A r. Elliott. members
of the firm Of Elliott, Johnson & CO., OF
this city. Their dispositions were taken,
Transcribed and sent on to New York on
Friday The matter leaked out here, and
there was a rumor on the streets that the
home firm hal lost $2l, 600 on bad in
vsstment
We Did Not Lose Anything.
A. F. Ellitt was very much surprised
this morning when an EVENING JOURNAL
reporter called at his place of business
and asked for true facts In the case
After some hesitation he said
.'such a report is false. We have not
lost anything We were fully guaran-
teed by another house in our venture.
Yeu see this Grand Rapids Hydraulic
Company wanted to enlarge It's plant
We loaned them $40, 500 on Sal, 900
SIX per cent bonds There were four
other banking houses interested
with us, each of the four
letting them have $50, 900 each. These
banking houses were located in New
York, Boston, Portland, Ne. and Pbie
delpaia. The company failed to meet it's
obligations. The bond-holders on this
collateral were suing to foreclose and
Mr.. Crow, for the company, was fight
ing for stay of foreclosure. We. as
loaners OF money, were interested in the
proceeding to foreclose, and for that rea-
son our testimony was taken.
We were victorious, as this letter
from Carlisle Norwood, Jr, Of the law
6rm Of Norwood & sCoggeshall, which we
received this morning, will show"
he handed the letter to the porter
Il was dated January 4, and read as fol
lows
DEAR SRs: The suits against the
Grand Rapids Hydraulic Company were
tried to-day The verdicts entered on
the promissory notes. granting S119, 600
Mr.. Crow vas present In court, assisted
by six lawyers None Of the testimony
which was taken By the commission wal
admitted in evidence
NOW, you see from that said Mr.
Elliott, I've recovered Sl19, 600; Of that
anennt we get 20 per cent. or sea, 500
don't SIS where the loss comes to us
They must pay the money or we take the
plant"