The Birmingham age-herald., 1915-06-02

subscriptions which seemed to promise the success of the undertaking were made.
 Among these were subscriptions of per
 sons of wealth of Boston. one of them
 the widow of a Boston man who left
 kniekerbocker Trust company these sub
 seriptons were held in abeyance. After
 reorganization, the trust company called
 upon its subscribers to make good their
 pledges A number of the Boston sub
 scribers declined to do this on the ground
 that they had been misled by the cir
 culars and and also. according to reports
 here, because the trust company was real
 ly insolvent at the time it undertook
 this promotion
 The question, therefore. to be decided in
 this case is one of fact Did the cir
 cular letters overstate the propositionF
 Was it for that reason misleading and
 was the trust company really insolvent
 at the time it tried to underwrite the
 proposition? here, then. is a subject that
 is to be judcally determined which Is of
 great importance to trust institutions throughout the country.
 These proceedings brings prominently to mind the relation of B. P Cheney of Boston to them. Some weeks ago. ac- cordng to published report, Mir. Cheney felt that under the conditions by which his subscription to this underwriting scheme was made he was dissolved both morally and legally from paying any heed to the demand of the trust company that his subscription be made good.
 Of MT. Cheney 1t was said some years ago by Benjamin F. Yoakum, who had good opportunities to form a judgment, l that he had observed the careers of number of young men to whom large for | tunes had been left. In a majority of cases which came within his knowledge these young men had tried manfully to
 mee. their responsibilities although some | of them did not have the intellectual l equipment which would make it possible I fully to meet the responsibilities. But Mr. Yoakum believed he was justified in
 saying that of all the young men of this
 class of whom he had knowledge none possessed greater ability, or a profounder
 sense of the responsibility which the
 handling of great fortune put upon him l than B. P. Cheney of Boston.
 A Great Inheritance
 1 MT. Cheney is son of one of the two
 men who out of practically nothing devel-
 oped the express bus.ness of the United l States. The elder Cheney was in early | manhood stage coach driver in New Hampshire and frequently numbered Dan l iel Webster among his passengers It h. s been one of the traditions that Daniel l Webster suggested to the stage coach | driver that instead of carrying passe agers | and bundles on the stage coach ne begin | to carry bundles on the railroads, which at that time began to expand througn- | out New England. At all events. MT. | Cheney abandoned the stage coacn and l began, as his own messenger ana handler I of bundles, the railway express business. 1 When Mir. Cheney died he left an estate estimated at from sl7,0o0o0o0 to s2o,0o0, ,00V. and his son, B. P. Cheney. in addition tc | his inheritance was designated as the | trustee or manager of the estate
 i Whatever success he may have had, or l lack of it, if any, in the management l of his great estate, has not in any way l diminished the confidence and respect
 which all who have been brought into as | sociation with him feel for him. For this reason it Is assumed that if Mr. Cheney
 felt that there were misrepresentation in | the circular letter which asked for sub- scriptions to the underwriting scheme he l was convinced that he was absolved le- | gally and morally from any pledge he may l have made. For his reputation Was such l that it was believed he would stand by any | bargain he had made, even if it wehe a l losing one, provided he were morally bound to keep it.
 l The issue, therefore, between the trust l company and these defendants who arc i sued in the aggregate for about Sao0, ,0ot l is this: Was the trust company circular l issued in good faith or do the deafnd- | ants have reason to believe that the circI- lar letter overstated the proposition?