The morning call., 1894-04-24
WON'T TAKE COIN.
Why Mrs. Watson Is to
Appear in Court.
A STRANGE REQUEST MADE.
Sloane & Co. Forcing Her to
Take a Large Sum.
A STRANGE REQUEST MADE.
HER LATE HUSBANDS INTEREST.
The Widow Refused to Accept What
They Claim Was Charles Wat
sons Share i'm the Firm.

A suit of considerable interest and wide
reaching scope was commenced yesterday
in the Superior Court. It concerns the
well-known firm of w. & j. Sloane & Co..
furniture dealers, and disclosed some of
the inside workings of the firm.
The title of the suit is: John Sloane,
Henry T. Sloane. Walter w. Law and
George d. Cooper. surviving members Of
w. & j. Sloane & Co., plaintiffs. VS.. Caro-
line E. Watson (as executrix of the last
will and testament of Charles L. Watson,
deceased). Caroline B. Watson, Douglas S.
Watson and Arthur B. Watson, defend
ants"
On January 1, 1883. and for some time
previously. John. William, Thomas and
Henry Sloane. Walter Low, Charles Wat
son and George Cooper were partners in
the firm of Sloane & Co. This partnership
was dissolved by the death of Thomas
Sloane June II. 1890. Next day the sur
viving partners formed a new firm and
continued the business until December 81,
1892, without change, when the partner
ship was dissolved by mutual consent. On
January l. 1893. John and Henry Sloane.
W. w. Law, Charles Watson and George
Cooper became c0-partnerS. The Sioanes
were then residents of New York, Law
lived in Yonkers and Watson and Cooper
in San Francisco. The capital Of this last
firm was S750,000. of which John Sloane
held 100000, Henry Sloane 100000, Wal
ter W. Law $150.000. G. l.. WATSON $4,000
and G. d. Cooper $4,000. Accord G to
agreement there should be o reduction or
withdrawal of capital by any of The MEN,
bers without the ma jority's assent in writ
ing. The profits were respectively IT, Is,
10, SO aud 10 per cent. Watson receiving
the largest portion in lieu of his services
as manager. But at the same time losses
and expenses should be deducted in like
proportion.
Watson died on October II. 1898, leaving
a widow and two children, who are named
as defendants in this suit. Mrs. Watson
was named as his eXecutriX. 1t appears
she wishes to hold her husbands interest
in the finn. but the present owners are
quite as anxious that she shall take her
self away with her money and rellnqulsh
all claims on the concern. This disputed
question is the cause Of the suit at law.
The surviving partners take their stand
upon article 9 OF the copartnershIp agree
ment, which they stoutly maintain is their
reason for going to law against the widow
and orphans of their old partner. Articl'
states that in case of death Of any part
ner his interest in the merchandise and
property shall be taken by his executor;
that the surviving partners shall cause an
actual valuation to be ascertained, and
that payment shall be made within twelve
months from the time the value Is so ascer
tanned, with interest at per cent This
shall be in full satisfaction OF the de-
| ceased partners Interests, and no claim or
allowance shall be made by or to the rep
| rssentatives of any deceased partner for
the guod will of the business.
The surviving partners did make an es-
| innate of WatsOn's interest in the bu mess
and found it amounted to S103,7 31 55.
Then due notice was given Mrs. Watson
and the plaintiffs allege they made re-
| peated offers to pay her this sum with in
terest at 6 per cent per annum from De-
cember 81, 1898 This was done in accord
ance with article 9. But Mrs. Watson re-
| fused To acc elt the offer.
! The plaintiffs consequently ask the court
| to perpetuaily enjoin Mrs. Watson from
| setting up any right or claim OR title 10 the
| business and property.
| 1t is also prayed that the court will issue
| an order forcing Mrs. Watson to accepr
| the $103, 73l 80 with interest at per cent
from December 81, 1898, in full payment OF
| Charles Watson's interest in the merchan-
| disc and other property OF the company.
| Also that Mrs. Watson be compelled TO
give the plaintiffs a proper assign ment OF
| said interest.
| AS Watson's name is appended to some
conveyances of real estate which was
| given the firm for debts the name OF his
executrix is required before transfers can
| be made. With regard to this tangle the
| courts assistance is desired that the de-
| PENDANTS be decreed to convey the legal
title thereto, free of all membranes.
| and that the County Clerk be appointed a
commissioner for that purpose to execute
| the conveyance.