Evening journal., 1905-05-08
IS DISBARRED
FROM COURT OF CHANCERY
ccontInued From First Page-)

J lUUW UUUlll ! vi UilillhULHl
CONTINUED From First Page.)
trustees from the fact that their being
solicitors Of this court gives them the
stamp OF trust wOrthiness. and marks
them as persons in whom confidence
may. without hesitation. be reposed.
/ cannot therefore allow this gentle
man, who has shown his unhtness for
the office he holds to remain in a
situation TO do injury to others, who
might be induced to trust him, and
therefore. though there is this extern
luating circumstance in his favor, that
the fund does not wholly belong to
other persons. / must strike him off the
rolls OF the court
shall not set forth at length the
terms Of the trust as expressed in the
viii of Joseph Teas, under which Mr.
/ Honecker was appointed trustee by
1.-The Chancellor. but only state that the
property OF the testator was to be held
lby the trusce during the Lifetime of
his three daughters and the survivors
lof them; the income Of the estate to
he paid to the benehciaries for life
land that after the death of the sur
lvivor of his daughters. which occurred
lin the year 1904. the whole Of the BEN
lencial interest OF the said trust estate
belonged TO and WAS absolutely vested
lin his four grandchildren: that Us 20
lsay. Mrs. T.. II. Bramble. the only child
Iof the tesntor's daughter, Clara. the
petitioner upon whose application the
lappolnment of a master was made TO
lexamine and pass upon the trutee's ac-
counts. and three children of his
daughter. Ellen j. Stotsenberg the
children taking their parents share
etc
The will also provided that the trus-
tee with the concurrence of majority
lof his daughters at the time living
should have the power TO sell. dispose
of or exchange any of the property.
land to invest the same. thes ubstituted
, securities to stand In the place OF the
loriginals. etc. and from time to time
TO change any securities or Invest
ments, If IN his Judgment the interests
of the estate could be better subserved
by so doing.
The securities and property which
: constituted the estate Of Joseph Teas
E the testator. at the time it came into
b the hands OF Mr.. Honecker as trus-
tee. as shown by his accounts, and
- specifically as set forts In the mas
, ter's report. consisted OF investments
2 as valuable and conservative Oargely
llocaD as are known to the investing
4 public I'm this community. The mas
< teers summarized statement IN tht
4 concluding part Of his report SHOWS
u that all but three of the original i'm
NN.fa HrIIHu uI. an
a tober a. 1889. had been sold and dis.
q posed Of by the trustee since that dat'
and that he had received In cash there
from the sum Of SSO.322.50. The cor
lrectness OF this statement OF tn
amount received was denied by the re
b snondent I'm his answer through mis-
r take. but was admitted by his counse
- al the hearing Of the rule.
y A large part Of the sum or principal o
Is The estate was paid by the trustee az
n cording TO his statement, made heior
n the Master. TO the benehciaries for III
who we're entitled TO the income onl,
and the balance invested in other a
legged securities all Of which were sol
II or disposed Of by the trustee pursuant
t. the order of the Chancellor before I'll
is hearing Of the Rule; and the tot
- amount or chrh iedllAtu AiNh t"NAA "
be was less than $4,000.
In my judgment It Is not necessary 4
me 10 refer 20 more than two of Thea
Investments or TO the conduct of II
sr trustee in other matters pertaining
J. the trust. one. the Cedartown Compan.
)r as stated I'm the Masters report was
e, land and improvement company TO d.
'u velop a town Of that name I'm the norti
ern part of the state of Georgia; and
addition Il had under its control an
r manngement other subordinate con
panies which dealth in cotton. etc,
le this company. the trustee invested $500.
L. of the trust funds for eighty-eight shar'
I'd OF the stock. which stock he sold al pul
NJ he auction after ample advertisement
C. the sale for S260s.
o. In this company, according 20 Mr.. Ho
ar fecksrs own testimony before the ma
er ter he was a director at the time OF h
ur investment IN it of the trust funds an
a. was assisting in promoting the enterpri
~ in the sale of the stock
r- Tho other investment 70 which / W
refer is the Hockessin Kaolin Compan
es This, the master describes as "A corpor
a. tion created May % 1900. for the purpo
!, posed valuable clay deposits, IN M
~ Creek hundred. New Castle county, Del
ware" and he reports that from all I
sworn evidence i'm the cause from [
books and records of the said compar
and from the admissions Of the trust
himself page % and S testimony
company was a corporation orig .nally pi
noted organized and controlled hy
lay trustee for speculative purposes both
air the trust and himself individually. He "
lge largely and personally Interested in
Sc According to his own testimony, he n
ing invested some SiG.500 of his own mon
son m subscription 10 the capital stock a
subsequently advanced further large su
ry- for equipment and other purposes, and
the at the same time invested tho funds
A. the trust TO the amount Of saG0o0.0O IN {
dy. company"
A. The complete history Of Mr. HoffecSe
iior use OF the trust funds in connection W
this enterprise is long and intricate, G.
ering a number of years and il can
read at length in Mr.. H6meckcr's O
testimony before the masters. the r
ing ords of the company and the papers Fl
fol- by MIN as exhibits at the hearing of {
w. rule. il is claimed IN Justification Of {
0w- use OF the trust funds, that it was for