Reports of Practice Cases, Determined in the Courts of the State of New York Volume 19; With a Digest of All Points of Practice Embraced in the Standard New York Reports ...

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1865 Excerpt: ...in certain stock of a company called The New York Ice Company, incorporated in the autumn of 1856, which stock was in the hands of the defendants, or some of them. The general term con'sidered that he was entitled to this relief, subject to certain conditions, and to no other relief. That, as a consequence, Cheeseman was bound to pay Sturges one-third of the cash balance in Sturges' favor, arising from the advances of th& latter for the concern. The referee had adjusted this balance; it was assumed for the main question that such adjustment was right, although questioned by exceptions on the defendant's part in various particulars. So the general term held that the plaintiff should have his aliquot proportion of the stock, paying his proportion of the debt due Sturges. The referee had extinguished Sturges' money demand by so much of the stock in his hands at its par value, and then gave judgment for onethird of the residue, payable in stock (so many hares) to the plaintiff. The general term held this to be error. The plain tiff was bound to pay Sturges one-third of the balance of his cash advances in cash, and take one-third of the stock. There was nothing to warrant the imposition upon Sturges of onethird of the depreciation of the stock. On this ground a new trial was ordered. The plaintiff took his judgment, and took neither exception nor appeal. The supplemental complaint, allowed by the order appealed from to be plead, states that on the 27th day of January, 1857, the defendants, .in combination with other companies, altered and destroyed the stock, and consolidated its property and effects with two of the companies, issued stock to the amount of $500,000, $350,000 of which was the old capital, and the remainder was based on property of said other c..