The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-22
ACCUSING GEN. e. II. TAYLOR


dan to Regain Possession "' the Col
lateral for the D.. -. Jordan Estate
Allegation of Improper Influence Used.
BosroN. Mass. June 2l-The question
whether Gen. Charles II. Taylor Is legally in
possession OF 375 shares OF the stock OF the
Globe Newspaper Company. or is in possession
" them, as James c. Jordan's lawyer SAYS.
'by the, act Of the executors OF the Eben ID.
Jordan estate in selling without authority
portion Of the assets of the estate to one OF
Iheir number for grossly inadequate price"
Sas in court here again to-day.
James C.. Jordan Ia one Of the heirs under
Eben d. Jordans will and was entitled to the
income Of one fourth of the estate after S25.-
BOO had been deducted for Mr.. Jordans widow.
He IL irving to have the transfer Of the
,tock in question to Gen. Taylor set
aside and to secure its rctransfer to the
executors. together with the dividends that
nave been paid on it since Gen. ylor has had
possession Of it. The original bill was filed
hire. months ago. Gen. Taylor entered de-
murrcr and the case came up on the demur-
rer in the equity session Of the United States
Circuit Court to-day before Judge Colt. Gen.
Taylors counsel to-day admitted many facts
set forth in the plaintiffs bill. but denied that
Ihe appraisers Of the Globe shares. through
whose work. IL is asserted the General got the
stock for lass than half price, were in
terestcd" in the degree set forth by MIR.
Jordan.
There were two questions raised by the de-
murrer, the first being whether tho plaintih
stated n case for equitable relief. and the sec
ond in case he did. whether the relief was
within the jurisdiction Of the court in which
the action was brought. In the brief pre-
sented by Mr. Jordan's counsel, Robert NJ.
Morse Josiah II. Benton. Jr. Marcus
Morton and Charles +. lianlon. 1t was set
forth that the Globe Newspaper Company
had a capital stock Of ] .250 shares. and that OF
these Cen. Taylor owned 21l and Ebon d.
jordan. ST., tho remainder. In October. 1889.
Jordan made voluntary agreement without
consideration by which his executors or admin
istraturs should within three months after his
death sell and transfer TO Gen. Taylor or his
executors or ADMINISTRATORS such number Of
shares owned by Jordan as with the shares shares
am"untto one-haf Of the capital stock OF the
company on these conditions:
the Tine of such sale. own ut least 2iI-i350
OF the whole capital stock OF the corporation as
".'Se1t%oni" ThM, Taylor, hi, executors or ad-
illustrators, il they desired to purchase such
within three months after the death Of Jordan.
"rhird That Taylor, his executors or ad-
minl-trators. should th"r"upnn in writing an
point an appraiser aud should in writ ng mott.
~ the executors Or administrators Of Jordan Of
the sS% and that a upon such n0t"e the
executors or administrators of Jordan should
writing notify Taylor orr his executors or adj
min-traturs OF such appointment and OF the
N!' F%3r,h" That Il the executors ., Jordan
should neglect for twenty Jays after such
70 n9tiiy Tayior;, III Judge Of l,robS,tss for
Suffolk county. il disjnterested. should ap-
eS% or Jordan
and thai, if such Judge should be Interested,
dent Of the Boston Chamber of Commerce. il
disinterested. should appoint disinterestcd
spnreistr Tor the s1scI tb or a admin
nftor written notification of their appointment
who nos should also be 4 sinterested and that i
they did not make, such appointment the third
%oImte 6V IN writing either by the Judge Of Pro-
bate or b. the President of the Chamber Of
."Tiith, That the price to be paid by Taylor
for the shares to be purchased by him should
praisers or by minority Of them in writing.
Sixth That such pnrchase by Taylor should
be completed and the shares should be paid for
10 cash within one yoar after the death Of
Jordon. =, ~, .;,o T.,
cash s as so determined and fxed should be
made concurrsntly with the transfer OF the
In Mr., Jordsn's will. after his DEATH was
found this declaration:
own IN ths s HT socE Of the Gobe Newspa
per COMPANY mnd suggest to the !, tFrusts@s
time OF my death. and as they or my executors
shall not be bound to sell under any agreem snt
made by me in my lifetime, be retained by tn"
trustees as a permanent investment, unless
from change OF circumstances sale thereof
in the opinion Of the trustees Tor tho time be-
ing may become desirable. In which case. of
course. such sale should be made But direct
thai any agreement made hy M in my lifetime
for the sale of any shares in that company be
faithfully carried out"
yoraap and an" my aPP snd & FG HDTf ay
Of CITIZEN them to A be the e1scutHFs of and trustees
and HAVING full 'condence in the integrity OF
all OF them. request that each and every one
tee, be ' exempt from giving any surety > or
sureties on his bond"
INTdan S"d in lSS The pr brisi says That
dan. Marsh & Co. of Boston. in which Jordan.
TaS and d tSess mad H Fs ns SG ord Th
Tayor Of ssnSs snd Of ord hs
purchase Of this large interest at les, than It's
e wa to have the ass
Shsr respseis interested and biased to tayo OF
TAYLOR in tho valuation of the stock OF the
utnrs, and which Taylor desired to acquire
Charles T Gallagher as an appraiser to be one
OF "a board Of three To appraise the Glob.stock
iors counsel and had been for some time lis
fellow executors then appointed f. J. Milton
to lie the second appraiser.
by these two appointments" say the law
yers, "Taylor and his co-executors. Jordan
and Nichols. appointed as appraisers two per.
sons, both of whom were known to be inter
ested and biased In favor OF Taylor In regarc
to the price OF the stock"
The friendly appraisers liked the value OF the
stock at 81. 900 a share. which is alleged to be-
less than half its admitted value at the time
Ahen in ace Of demanding and getting cash
Sar the stock. tho executors accep pied Gen. Tay
Yors promssory note for S375.OhO in full pay
ment As to the value OF tho stock the brio
For the thirteen, DAYS then remainng alto
said transfer in the year 1925. Taylor re-
ceved dividends OF $4,000, on said share,
thus transferred 70 him, In 1895 he re
In 1898. $3.50. 400. and for the three months o
1S!tIto tina time of the filing of the bill he re
ceived 81 800 making Il total OF dividends
mupn the shares thus appraised Al $4,000 o
S4'iH,4OO. or moro than two-thirds Of the ap
praised value Of the shares themselves.
Primary facts in these transactions arr
that the executors Of the Jordan estate trans
ierred to Taylor, one Of their number, 70
S376,OOO, stock belonging to the estatGFwortl
at luast 500 600, and which, II they had "a