New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-17
SUMMING Up BY MR.. REED.
HE DEFENDS BROOKLYN GAS INTERESTS
BEFORE JUSTICE WERNER.

BEFORE JUSTICE WERNER.
Justice Werner presiding in the Extraordinary
Term Of the Supreme Court called by Governor
Roosevelt TO try election cases, adjourned All the
trials of men who have been indicted Tor VIOLATION
Of the election laws yesterday for the purpose
of hearing the summing up Of the case or Logan
against the Brooklyn Gas Syndicate.
Ex-Speaker Reed Of the House of Representa-
tives, ex-Judge Thatcher and ex-Judge Cohen are
counsel for the defendants. William b. horn
blower is counsel for Logan, the plaintiff j. l."
Hill is counsel for E. c. Benedict, separate de-
PENDANT who has some issues in common with the
plaintiff in the case.
Edward p Lyon associate counsel with Mr.
Hornblower, opened for the plaintiff, the arrange
ment being that he should state the plaintiffs side
In regard to the facts. and that Mr. HornDlower
should make the argument.
Logan controlled 1902 shares to 1917 controlled by
all the others in the syndicate thus being able TO
block the consolidation. The entire testimony
leaving out the plaintiffs own, was proof OF the
contention that Logan put this into the pool with
the agreement that It should be used for purposes
OF consolidation only. and not sold WILLIAMSBURG
stock at that time Mr.. Lyon said was worth 400.
and Mr. Benedict. the greatest gas expert in the
country, had told Logan that he would be willing
to pay $50 for all the stock that he could get. The
fact seemed apparent as a matter OF common sense
and the testimony of the defendants themselves
bore II out, that he willing TO put It in with
Rockefeller's and Rogerss stock and take his
chances, the agreement that he was to get out
OF II Just what they did, trusting to their business
capacity and to their honesty to get profit
Whatever Moore and Rogers might have in
tended. Mr. Lyon said. their own testimony showed
that Logan entered the negotiations with the
/. declaration that he not willing TO sell his
] stock.
John L. Hill followed Mr. Lyon. stating the posi-
tion Of h. G. Benedict far as it coincided with
! that OF Logan. He argued that Logan was part
o1f,rx.
| dict. and he proposed to get Benedcts rights
| through Logan. He then went to argue that the
| syndicate agreement legally void In their
lation to Logan they were bound to tell him every
thing in relation to the deal. When they had Logan
sign the syndicate agreement he said. they had
secured enough stock to perfect consolidation with
out him. and so their dealings with him must have
been with the purpose of cheapening his stock. The
presumption Of law was against the syndicate
agreement, and the burden OF proving otherwise
was by all precedent laid upon the defence
| AT the close OF Mr.. HIPS argument ex-Speaker
| Reed arose and began the first summing up he has
| made since he came to New-York to practise.
Mr.. Reed went on 10 argue that Logan had gone
| into the Brooklyn Gas consolidation TO save the
value Of his holdings: knowing that consolidation
three or four said Mr.. Reed, and then he referred
hSd been for the purpose fpSs
eheapening Logans stock This was too bad. Mr.;
great sorrow and his voice trembed why IT
| actually brings tears TO my own voice to think OF
| IT,"
| He continued: Every man connected with these
dealings struggling for his own interests Trade
is always contest. 1t was struggle of human
selhshness on each side. That is legitimate. It is
recognized by law. II is proper and suitable.
| THE plaintiff and his counsel have shown the
| utmost horror OF what they call stock jobbing.
| what the law requires OF men is that they shall
keep within the Revised Statutes. The law requires
that they shall be honest in their transactions.
That is all 1t requires Logan had perfect right
TO buy up and control Of stocks for the purpose
| OF blocking this consolidation and forcing good
| price for getting out OF the way. We en-
| deavoring to consolidate. and he trying to get
| as much out OF us he could.
| Laws do not enforce the highest equity-usIng
Of course. the word I'm the broad OF humanity
They cannot right every shade Of wrong. What we
| endeavor 10 do Is 10 manage In a fair way taking
! into account human infrmities.
| IL should like 10 admit that what Mr. Logan has
said Is true. II could, even for arguments sake.
II Mr.. Logan thinks that this whole consolidation
| should be undono because a mistake was made
| about his little interest why, the only thing can
| say IL that there is really too much ego in Mr.
Logan's cosmos"
| Mr.. Hornbiower replied to Mr. Reed. II was de-
olded 10 adjourn till Tuesday afternoon to hear the
summing up In the case Of Logan against Benedict