Syndic

“ Letter from the Syndic of Genoa to Lord Hardwicke.
'MILORD, 'Le Syndic de la Ville de Gênes s'empresse à votre demande de vous envoyer les copies des projets de capitulation entre les représentants de la Ville sousdite et le Général La Marmora contr [e] -signées par vous à l'original, et cela d'une manière toute confidentielle et sans aucun caractère d'autenticité, le Municipe ne pouvant pas, (dès que tout est rentré dans l'ordre,) se mêler d'aucune chose qui directement ou indirectement puisse avoir trait à la politique. ”

“ The syndics act to prevent a scramble among the creditors for the effects of the debtor, and to take the property of the insolvent out of their hands. They take the property, make a tableau of distribution, regarding the lien creditors according to their respective situations, giving each his particular rights in the distribution; and an equal distribution is made of the residue, only, among creditors of equal condition. No matter what the lien or preference may be, it is upheld and respected in this distribution. ”

“ If, by the laws referred to, the property of insolvents cannot be placed in the hands of the syndics, for administration, and this without affecting the prior liens of a creditor; no laws for the transfer of the property of creditors can be effectual. The proceedings in the district court of New Orleans show that Mr Barker, representing the petitioners, endeavoured to obtain the appointment of syndics ”

“ Upon the record now presented we are of opinion that the Minneapolis Syndicate, after the demise of the property and reorganization of the corporation, was not engaged in doing business within the meaning of the act. It had wholly parted with control and management of the property; its sole authority was to hold the title subject to the lease for 130 years, to receive and distribute the rentals which might accrue under the terms of the lease, or the proceeds of any sale of the land, if it should be sold. ”

“ And it was the duty of the syndics to have made known those debts in their tableau of distribution, as having such priority. There is no doubt that the mortgages upon particular estates sold, must be first paid out of the proceeds of the sales of those estates. But if there be any deficiency of the proceeds of any particular estate, to pay the mortgages thereon; the mortgagees thereof cannot come in upon the funds and proceeds of the sales of the other estates, except as general creditors. The district judge was perfectly correct in the views taken by him in his opinion on this subject. ”

“ At a subsequent meeting of the creditors, at which the Union Bank of Louisiana was again represented by its president, the creditors gave to the syndics a power to raise all mortgages recorded against the insolvent on any estate owned by him alone, or jointly with other persons, which had been surrendered to his creditors, with authority to make partition of the same with the co-proprietors, either amicably or judicially. ”

“ After some two or three years of negotiation for the mutual purchase of sheets at 1⁄2d a piece, the university, having bought the whole of Innys's stock for £400, acquired 410 complete sets of the work and appointed a Syndicate to dispose of them. The Syndics, however, found remaindering difficult:
It were well (says the writer of a memorandum of 1749) if we could get some one to take them all off our hands at almost any rate. ”

“ Bondholders are more ready to deposit their securities with a well-known house than with an obscure one; and are to some extent influenced by the implied approval of the reorganization plan which acceptance of deposits by such houses involves.
At the beginning of the ordinary reorganization, then, creditors, stockholders, syndicate, and corporation find themselves face to face. The interests of the syndicate and of the corporation most nearly coincide except in so far as the syndicate is an owner of stocks or bonds. The syndicate desires a radical reorganization,—the corporation requires it. ”

“ The economic entity of a railway company may be constituted a special economic corporation for the purpose of mortgage. [2]
(b) In default of payment of the mortgage liability, the whole, i.e. the corporation, may be subjected to auction. This provides the means for transferring, together with the material properties, the original permission of the Government, namely, the licence, to the purchaser, viz. a new company.
(c) A company, which in reality may be taken as a syndicate, may be formed for advancing money by means of debentures. ”

“ We knew that there were a few scattered bonds outstanding, not more than forty thousand dollars all told, but we had never looked for trouble from them. Mr. Frost represented to Slocum that his "syndicate" did not wish to make us trouble, but that before the property of the London and Chicago concern was finally turned over to our corporation he wished to effect a settlement. Slocum asked him his figure for the bonds held by his "syndicate," believing at the worst that Frost would demand little more than the cash price of fifty. ”

“ It so seldom happens in the city that anything offered for sale greatly exceeds in value the price asked for it, that the members of the syndicate were themselves surprised when they read my report. It had been arranged, and the document signed before I left England, that my father should get for them not less than fifty thousand pounds nor more than a hundred thousand, for working capital to send out an expedition, buy machinery, and so forth. Now, however, the syndicate proposed that the company should be formed for something like a million pounds. ”

“ The first duty of the Syndics, immediately after their election, shall be, to examine for themselves the interior locality of the village, and to cause without delay the streets, canals, and bridges to be repaired by the persons who are bound so to do, and whom we indicate below; and that if any one refuse to conform thereto, they have recourse to law to compel them to fulfil an object so indispensable for the public convenience. ”

“ Creditors, 9 Robinson. It is also declared, in the Civil Code, (art. 165, sec. 3,) 'that, in all matters relative to failures, all suits already commenced, or which may be subsequently instituted against the debtor, must be carried before the court in which the failure has been declared;' and 'where a party claims from the syndics goods which had been surrendered by an insolvent, the suit may be brought before the court where the concurso is pending.' 2 Robinson, 348. ”

“ It takes “all measures necessary for the maintenance of syndical action in the field of economic struggle.” It also tries to induce isolated syndicats to join their Bourses du Travail.
The “Section of the Federation of Bourses du Travail” is formed by the delegates of the local, departmental and regional central unions. The delegates take the title of Comité des Bourses du Travail. [185] The section appoints its own secretary, assistant secretary, [Pg 165] treasurer, assistant treasurer, and archivist, and these five members form the executive committee of the second section. ”

“ The right of syndicalisation is acknowledged to employers, private employees and workers, for the exclusive purposes of their economic-social activities.
The competent authority shall have a period of 30 days to admit or reject the recording of a labour or employer syndicate. The record shall determine the juridical capacity of the labour or employer syndicate. The recognition of the syndicate by employers and workers, respectively, shall be regulated by law. ”

“ From other selections the syndicate might sell or lease to scholars or settlers who might desire to cultivate under the guidance of professors of the college. As a guarantee, the syndicate would first select 100,000 acres and expend thereon a sum of, at least, £5,000, and unless suitable buildings for college purposes were erected and opened within five years such block and all improvements would revert to the Crown. ”

“ Participation by the smaller banking houses in future underwritings depends upon loyalty to the syndicate in whatever enterprises are now being offered. The little fellows are inclined to respect a suggestion not to assist an enterprise of a character likely to interfere with undertakings already financed by the large interests. ”

“ This syndicate system has given rise to a bogus imitation, which, however, appears to have met with but limited success. Circulars in lithographed writing, marked "private and con- fidential," and implying a friendly interest in those addressed, are sent to persons whose names are obtained in the manner already indi- cated. An invitation is given them to join a syndicate about to be formed to float a certain company, the profits arising from the operation being certain and enormous. Again, if it be such an excellent and certain venture, why offer a share to an entire stranger? ”

“ A contract has been made with a syndicate to furnish an amount of money equal to the assessments of non-assenting or defaulting stockholders, and such syndicate, by such payment, shall take the place of the non-assenting or defaulting stockholders, and shall be entitled to receive the new common and preferred stock, which non-assenting or defaulting stockholders would have been entitled to receive if they had deposited their stock and paid their assessment in full. ”

“ Hence the usual compensation for an assessment is an equal nominal amount of preferred stock;—while that for the purchase money in a sale is a greater nominal amount in bonds. Either an assessment or a sale of securities may be fortified by a syndicate guarantee. In the one case the syndicate agrees to substitute itself for all non-assenting or defaulting stock- or junior bondholders ”

“ Well, I started the syndicate, got a number of friends interested in it, and we were ready to go ahead when unexpected difficulties cropped up. We found it hard to interest outside capital because of a certain flaw in the title to the property, and, curiously enough, the flaw has to do with some distant relatives of your mother.
"These relatives have disappeared, and I have been unable to get a trace of them. It is very necessary that I find them, and I am in hopes that you can help me. So, Dick, there is work cut out for you this summer, if you wish to do it. ”

“ But these prosperous concerns are in most cases first taken up by a syndicate — that is, a certain limited number of persons behind the scenes — who finance and float the company, and when success has been attained, the public are granted the privilege of purchas- ing shares — but at such a price as the syndicate choses to put upon them, and, not seldom, that is the highest they ever attain. ”

“ The understanding between the syndicate and the Union Loan & Trust Company that railroad securities should be deposited to secure syndicate paper, rested on conversations between the parties, and did not involve the liberty of the syndicate to borrow elsewhere; nor did the understanding permit securities held for moneys advanced to one enterprise to be held as security for any other. ”

“ Syndicate shall mean any limited partnership organized under the laws of any state of the United States or any country, other than limited partnerships in which the partners are members of a family, or a trust created for the benefit of a member of that family, related to one another within the fourth degree of kindred according to the rules of civil law, or their spouses, at least one of whom is a person residing on or actively engaged in the day to day labor and management of the farm or ranch, and none of whom are nonresident aliens. ”

“ Of the 32 only four, the Fédération des Travailleurs du Livre, [105] the Syndicat of Railway Men, the Circle of Machinists, and the Federation of Porcelain Workers, paid their dues regularly; the rest paid irregularly or did not pay at all. The entire income for the year amounted to 740 francs. [106]
The National Council of the Confederation did not function because the number of delegates elected by the adhering organizations was insufficient to constitute the committees among which the work was to be divided. ”

“ Syndicates, subdivisions and tracts: these were the most popular terms of the day and nearly everybody had a finger in one or the other pie. There were enough subdivisions to accommodate ten million people; and enough syndicates to handle the 573 affairs of a nation. And talking about syndicates: the disagreement of members themselves as to values frequently prevented the consummation of important sales and resulted in the loss of large profits to the objectors as well as to their associates. ”

“ The workingmen's syndical chambers, composed of syndics elected by the votes of the workingmen of their trade, would have an important rôle to fulfil. Besides the competent experts which they could always furnish for the cases subject to the jurisdiction of the prud'hommes, for justices of the peace and for the tribunals of Commerce, they could furnish arbiters for those conflicts which have not for their cause an increase in wages. ”

“ And it is not open to objection unless the classification is so lacking in any adequate or reasonable basis as to preclude the assumption that it was made in the exercise of the legislative judgment and discretion. Stebbins v. Riley, 268 U.S. 137, 143; Graves v. Minnesota, 272 U.S. 425; Swiss Oil Corporation v. Shanks, 273 U.S. 407.
The Syndicalism Act is not class legislation; it affects all alike, no matter what their business associations or callings, who come within its terms and do the things prohibited. See State v. Hennessy, supra, 361; State v. ”