The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-16
FRANK TOUSEY'S BOOKS SHUT
TO LAWYER WHO MARRIED HIS
WIDOW, WHO'S DEAD TOO.
h Drew 5000 Salary and some Extras
and the Present Mead OF the HOus
can't See Why George Gordcn Hastings
should Get In on the same Terms.

Gant See why George Gordon Hastings
should Get In on the same Terms.
An order obtained some weeks ago by
Lawyer George Gordon Hastings, as tenn
porary administrator Of the estate Of his
wife, Rosalie Tousey Hastings. who died
on December 25 last, for the inspection Of
the books and accounts of the publishing
corporation known as Frank Tousey,
publisher, at "a Union Square, in which
Mrs. Hastings held half the stock Of $50
shares, was reversed yesterday by the
Appellate Division OF the Supreme Court.
The court stood three to two.
The papers on which Mr.. Hastings asked
for an inspection of the publishing COM
pany's books. and on which Justice O'Gor-
man. in the Supreme Court, granted a per-
emptory order directing the officers Of the
corporation to produce all the stock books.
ledgers and other records that would dis
close the state Of the company and how 1t
has been managed since it's organization
two years ago. show that there ia consider
able dissension bet Dir. hastings and
the relatives OF his wife over the manage
ment Of the publishing house. They also
show that Sinclair Tousey, as president,
and his sister-in-law. Mrs. Hastings. as
vice-president. had besn drawing $4,000 a
year each as salaries from the corporation
ever since il was organized. Incidentally,
theS6fhpany has paid no dividends. though
Sinclair Tousey hopes that some time in the
near future 1t may declare a divided.
Frank Tousey, who established the pub
fishing house bearing his name some twenty
years ago, died in 1902, leaving practically
everything TO his wife, Resale. She was a
daughter Of Mrs. Margaretta Todd, who
owned the Won Hoffman Arms and other
property, and who was found lead on n
railroad track near Philadelphia in No
vember. 1905. Mrs. Todd left the bulk OF
her estate to her daughter. who married
Hastings, her counsel in the litigation over
Mrs. Todd's estate, on July IL, 1904. When
she died at Nice, France. last December,
Mrs. Hastings left a will making her hus-
bsnd residuary legatee and sole executor
She created two trust funds. one Of SIS 600
for her sister-in-law Amanda Tousey, and
the other Of $40. 600 for her half sister, Julia
Howe Hastings has been acting since
then az administrator of the estate, under
a bond Of $500 ,OOO. pending the outcome of a
contest over the will.
The Touseys we're not pleased with
Rosalie's marriage to Hastings, and have
shown their displeasure actively since she
died. Sinclair Tousey expected that she
would leave him her stock in the publishing.
company according to a will she had
drawn before she married Hastings. her
failure 20 make a similar will after she
ma FRIED has led Sinclair to describe him
self since ~ a very much disa appointed man.
even though he does draw $4,000 a year
president of the company.
Hastings says that since its inoOrpora-
ton the company has made not less than
siO0,Ooo a year in profits, and az high as
900 one year. Sinclair Tousey has
been the general manager and in sole
charge Of it's financial Affairs. Besides the
$50 900 a year both Sinclair and Mrs.
Hastings drew pretty much as they pleased
on the conpany's funds, and Hastings
submitted to the Court a statement showing
that at the end of November. 1903. his wife's
from the publishing house had
been tls2. AIS. 7S. She would draw on the
company for anything she purchased. or
have the bills sent 10 the treasurer. In this
way the profits hat should nave been paid
in dividends were consumed. saws
Hastings blames Sinclair Tousey Tor the
way the company's profits were 81 ent, and
he demanded Of Tousey q statement
showing fully the financial condition Of the
publishing house 80 hat he might make a
correct inventory of the value OF the stock
in his hands as administrator of Mrs. Hast
estate he met with a fat refusal.
rousey also declined to testify concerning
the financial affairs of the company when
he was brought before Surrogate Thomas,
and the Surrogate admitted his inability
TO compel Tousey to disclose corporate
in a probate proceeding.
Since the death Of Mrs. Hastings Sinclair
Tousey's son. Frank Raynor Toussy, who ,
is employed by the company, at a salary Of |
$50 a week. has been promoted to a place
on the board of directors. He ia lust II.
is no one or the board now, Hastings |
says, TO represent the stock owned by Mrs. |
|
When Frank Tousey left his business
TO his wife she, knowing nothing OF the
affairs. ave a half interest in il to
Tousey. who had been nag ger
Frank at a salary OF $40, 600 a year. |
was run as a copartnership for a while, |
Hastings says. until Tousey induced his
sister-in-lawj to agree to an incorporation, |
himself as president of the new COM
pany. After the incorporation, Hastings
declares. Tousey arrogated to himself
he full management OF everything and
there has been no check or supervision
his acts.
In March last Tousey called on Hastings
the Hotel Imperial and asked the lawyer
20 agree to some terms for settling the
dispute over the holdings Of Mrs. Hastings.
i am a much disappointed man." Sinclair |
Tousey said. because Rosalie did not |
e me In her will. You cannot |