The evening world., 1894-08-27
he HOLDS $L,25o,OOO.
Napoleon I" Ives's Alleged Part
ners Want an Accounting.
Securities Belonging to a Syndicate
Said to Be Withheld,
stockholders Drew Funds Whenever
They Pleased, Apparently.

The members of syndicate formed by
March. 1852, are in jolly row. affecting
the disposition Of $4,000 worth Of Sc
curities.
The trouble is all because the methods
employed by Ives survive him. The
syndicate was organized to buy, control,
reorganize and market corporations
and corporate securities.
This morning Lawyer Edward M.
Grout, representing Charles l.. Phillips,
a member of the syndicate, asked JUS
tice Gaynor, in the Supreme Court,
Brooklyn, for a receiver for the syndi-
cate and for other relief. 1t was stated
that the case had been removed to the
Federal courts. Justice Gaynor did not
understand exactly how this could be.
and adjourned argument until to-mor-
row.
Phillips names as defendants to the
action the other members Of the syndi-
cate. They are: Mills w. Barse,
s0rF Ses ~ s s'nkeF william IL the C. sSSSs
Charles H. Graham, George w. Saul
and Henry d. Morehead.
After the syndicate was formed the
Ohio Southern Railroad Company was
the first corporation Il got control of.
Mr.. Phillips, in his affidavit, says that
each of the parties forming the syndi-
cate had a joint interest, and for the
and financial credit or sums Of money.
They were entitled to an equal share
of the profits.
Barse was not originally a member of
to join, and did SO. The syndicate con-
tinued to handle, beside the Ohio South
ern Railroad Company, the ei'arney &
Smith Car Manufacturing Company, the
In tltlN pnvNil In Nm ftra
Fay-Eagan Company and the Cleveland,
Akron and Columbus Railroad Com
pany.
The profits were never divided. each
member of the syndicate drawing drafts
on the profits as they desired. These
drafts covered more than the advances
made by the several members Of the
axle assets eonsstInS css f o nas secr
ties. The accounts have never been set
tied, and the interests of the several
members of the syndicate have not been
fixed.
On April II. 1894. Henry S. Ives died
His. Will was duly probated in New
York. Letters testamentary were is
sued to George w, % stptker, the executor
Graham were jointly In possession Of
stock. valued at about $,20,O0O. These
ment of the m mem Of all i" The at syn.
dicates. On April "a, 1894, Barse. In
breach OF agreement, got possession of
most of the securities On the excuse that
he wished to check them off. He re-
fused to return them.
Phillips alleges that Barse instigat ed
striker TO say that he. as executor Of
1ves's estate, was solely entitled to all
the property OF the syndicate. 1t Is also
ella med that Saul and Morehead have a
legal claim on the syndicate property.
II Is asked that the syndicate be dis
solved and an accounting be had. That
the rights Of the members of the syndi-
cate be fixed; also that II be adjudged
Ives's estate, receive only their ind-
vidual interests as members of the syn
dictate.
1t Is further asked that Barse be
prevented from disposing Of the securi-
ties now In his possession: that re-
ceiver be appointed. and that the debts
of the syndicate be paid from the as
sets,