The Birmingham age-herald., 1903-04-05
REYNOLDS SEEKS
 DANGEROUS PATH Old Litigations ThreShed to Ge'
 Huntington Millions LED M0RSHEAD TO DEFEAT Surrogate Thomas Decision Shows the New LItisants Are Not Creditors
 of the Estate-Argument
 Yet to Be Heard.
LED M0RSHEAD TO DEFEAT

Some months ago one William Morshead, claiming to be the owner of one hundred shares of the stock of the Central PaeiS fic Railroad company, made an applica- ton to the surrogate of New York county to require Charles H. Tweed, Isaac D. Gates and Mrs. Arabella Huntington, ex- ecutors of the estate of the late Colls P. Huntington, to file an inventory. The matter was argued before Surrogate Thomas and dismissed. Surrogate Thomas hands down an elaborate opinion effective ly disposlng of Morsheads campaign against the estate of the great trans continental railroad builder.
 Now comes one G. Emily Reynolds, by her attorney, William W. Mumford, also 1 claiming to be a stockholder In the Gen. tral Pacific Railroad company, and peti- tions the surrogate of New York county to require the late Collis P Huntlngton's s l executors to file an inventory of the estate. The argument is yet to be heard.
 These periodic attacks on the Hunting ton estate serve in the main but one purpose. They recall to the mind memory of men who did much to promote the commercial empire of the United States and who in making fortunes for them selves erected the structure upon which | thousands of millions of dollars have been added to the national wealth. A number l of litigations have arisen in connection with old Central Pacific matters, and these suits have been threshed over and over again until they have been worn l threadbare.
 It appears that G. Emily Reynolds, in spite of the decision of Surrogate Thomas dismissing the application of William Morshead, claims to be a creditor Of the Huntington estate on similar grounds. I see that Surrogate Thomas in the Mors- head decision, sad "The petitioner (Morshead) has made demand on the board of directors of the Central Pacific Railroad company to bring suit against the estate of the testator CIIuntington) for an accounting and for decree that the executors of said estate pay over to the Central Pacific Railroad company such sum as shall be found due on said accounting No such action having been brought by the company, the petitioner has commenced action for the same relief which is now pending in the Supreme court. If all these facts are true and if they are sufficiently stated, and if the action of the Supreme court shall end in decree awarding the relief the petitioner seeks, the petitioner is not and will not become a creditor of the estate of the testator. The creditor is the Central Paci- fife Railroad company" This alone would seem to dispose of the alleged claim for any inventory by c. Emily Reynolds.
 Mir. l. D. Gates, one of the executors. states that from 1875 to the time of MT Huntington's death he was intimately ac- quainted with all of that fnanciers busi- ness matters, and that Mir Huntingdon was at no time and in no way indebted to G. Emily Reynolds, and that she is in nowise creditor of his estate. He fur thermore stated that at the time of Mr. Huntington's death Huntington was not in possession of any moneys or property belonging to- or which should of right be paid to, the stockholders of the Central Pacific Railroad company, and the stock holders of the said company were not creditors of Huntington to any amount whatever.
 With reference to the allegations in the Reynolds suit MT. Gates states that whatever profits accrued to the construc- ton companies were only reasonable. in view of the risks assumed, and that it is matter of record that all contracts and all acts and proceedings hereunder be- tween the construction companies and the Central Pacific Railroad company were fully ratified, approved and con firmed by the stockholders of the Central Pacific without a dissenting voice; that
 
 such contracts and the acts and proceed ings hereunder were given the widest publicity in connection with the proceed fngs and report of the commission ap- pointed by President Cleveland under the act of March B. 1887, to investigate the affairs of such railroads as had received aid from the United States government The report was submitted to congress by President Cleveland on January IT, 1SSS
 It is interesting to note in connection with the investigations and report of the commission which were widely published In 1887 and 1888. and had become matter of common knowledge to the public gen erally. that three years later G. Emily stock in the Central Pacific.
 reference to the annual report of the Southern Pacific company for the year ended June 30 1902. shows that the capi- tai stock of the Central Pacific Railroad company amounts in ;he aggregate to about 672765 shares. The Southern Pa cific company has acquired upwards of 6I1,5O0 shares of this stock, most of which Vas acquired in connection with the Gen. tral Pacific readjustment in 1SS9 The whole amount of the capital stock of the Central Pacific not acquired by the Southern Pacific company Is less than 800 shares The shares that so mysteriously disappeared during the long period of time are now beginning to appear fes- tooned with litigation which reminds one of the missing claimants to old English estates. and the cropping up of these claimants in connection with Central Pa cific history will fin all probability have results of principal interest to the law yers pecuniarily interested In bringing about the agitation.