The Providence news. (Providence [R.I.]) 1891-1906, 1897-02-03
HELD IN TRUST.
Shares of Rubber Stock
Belong to Asylum.
Late Vicar General McCabe
Acknowledged Trust
So the Appellate Court Decides
Decree Will Be Entered.

in the Appellate Court this morning
there was a hearing on the bill In equity
brought by the trustees of tho Rhode
Island Catholic orphan asylum against
Rev. Matthias MEGA be and Rev. Patrick
FsrrelIy, executors OF the last willard tes-
lament of Very Rev. Michael McCabe,
formerly vicar general of the diocese of
Provic ence. he court decided that the
asylum and o. executors were entitled to
the 206 shares of United States rubber
company stock which was the matter in
dispute. The bill In equity states that in
October, 1887, the late John F. Holt OF
I Q city of Woonsocs ct transferred on tie
books of the Woobst cket rubber company
80 shares OF that compsny's capital stocs.
hs stock was describe1 after the trans
fer as belonging to the treasurer of toe
st. Aloysius orphan asy ylum, Rev. Michael
M Cabe, trssto,.
month or so after this transfer was
msde, In order TO correct mistake, there
was another entry made on the books OF
the company. 1t simply changed the
name Of the asylum from St. Aloysius to
the Rhode Island; the latter being the
legal pane of the charitable orgsnizs-
tion that managed the Institutions ansirs.
10 January 1891 tho WoonsocKet rubber
company Issued ss a dividend eight
additional shares OF stock, aud thss, tie
complsinspts alleged we're held by Rev.
Father McCabe in the same manner ss the
other 80.
(: At the tine Ct the formation of the
Unitc States Rubber Company, or rather
wien the woonsocket Ruoter Company
joined Il at rganizstion, there was trans-
fIrsd to the hev. Michael McCabs, 103
shares OF the preferred stock ard 1t3
shares of the common stock Of the United
States Rubbsr Company. All of these
shares b trcstees oil the orphan asylum
state were given 10 be dece sed an (! held
by lin in trust for he iasiitutiol
named. II is slso alleged that the diyi-
dends from this stock were alwsys until
the death of said respondent's teststor
p i to the trustees Of the asylum. TIE
II ASKS for the appointment Of q new
trustee to whom thestock sh all be trans
ferieI and also for an accounting from
the executors OF the latc Very Rev.
Michael McCabe OF the dividends rec lived
ny them since the death of their testator.
Ihe executors in their answer admit
the holding Of the stock as claimed by
tie trustees of the es lum, and the vaIi-
Gus trnnsfsis made of ii but they ask
.ne court for inttrpcrious in behalf OF
the bei etd ries under the will. They
Q ate that st Il Q time Of the death of.Rt.
Rsv. Thomas r. HenGiisen the deceased
was appointed admi istrstar OF the oio-
rose of provirerce and continued to per-
,rni tie uuti # that office until tie
conservation o. tbs present tishcp of the
diocese and that lie AS administrator re-
tsined, as by The law Of the land and the
can n law Of tue church he claimed he
uaa iEnt to do certain sums OF money
for lis services as such administration.
The pr sent bishop OF Providence repudi-
ated this claim, and in order that there
might be no public dispute over the mat
Ter the deceased took the money he had
ret4ined ana invested ii in stock of the
woonsocket Rubber Company.
The defendants further stated that the
deceased always claimed the stock "a til
own property and they are not swsre
that the DIVIDENDS were by him paid over
to trustees Of the asylum.
Inc court said that it was clear that the
deceased had acknowled ged the trust and
1t not see how a.: other questions
were important. J. l.. rhurston, who
repre- eateh the executors said as hat was
the Vi = Of the court thc executors would
cheorfully comply with il. John Doran
the counsel for the trustees announced
that decree would be entered at another
time.