2 Years Transportation Progress Volume 168 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 edition. Excerpt: ... Argued before CLARKE, P. J., and LAUGHLIN, DOWLING, PAGE, and SHEARN, JJ. Stewart & Shearer, of New York City (George L. Shearer, of New York City, of counsel), for plaintiff. F. Kingsbury Curtis, of New York City (Hugo Kohlmann, of New York City, on the brief), for defendants Heye and Clement, individually and as executors of Marie Antoinette Heye. Eugene D. Alexander, of New York City, guardian ad litem, for infant defendants. SHEARN, J. This case involves the application of the rules of apportionment of trust property between life beneficiaries and remaindermen, growing out of a distribution of the bulk of the assets of the Standard Oil Company of New Jersey on December 1, 1911, in pursuance of a decree of the United States Circuit Court, adjudging that company and its constituent companies to be an unlawful combination or conspiracy in restraint of trade and enjoining the continuance of the combination. Numerous questions have arisen out of the complexity of the corporate transactions, but one basic principle applies to all. The main question deals with the correct apportionment of the distributed shares of capital stock of the subsidiary companies that substantially constituted the Standard Oil Trust and supplied five-sixths of its earning capacity. Briefly stated/ the essential facts underlying the main question are these: Charles F. G. Heye died on February 8, 1899, leaving a will executed March 23, 1898, which was admitted to probate on February 17, 1899. He left surviving him his wife, a son, and a daughter. By his will he gave his residuary estate to the United States Trust Company of New York as trustee, and directed that it be divided into three equal parts. The trustee was directed to pay and apply "the net income, rents, ...