The New York herald., 1874-11-24
Applicable Of Commissioner Stedman for
the Appointment Of a Trustee.
THE ASSETS AND LIABILITIES.
Special Plea Of Unconstitutionality Inter.
posed by the Company.
OPINIONS OF EMINENT LAWYERS.

The crisis In the affairs OF the Amercpn National
Life and Trust Company, so long anticipated by
the public, has at last come, and while the show
ing which follows does not chanRe tor the better
the condition of the company 1t certainly brings
kind OF renef. Al ten O'Clock this morning Com
missioner Jonn w. Stedman, accompanied by
Deputy Commissioner Maltbie and hon. II. B.
Harrison as counsel, appeared at the office OF the
Judge OF Prooate in the City Hall, where an ap.
plcation for the appointment OF trustee for the
Trust Company, Benjamin Noyes, President, Of
this city, was made. Hon. Tlou L. Doolittle,
John s. Beach and Colonel Dexter R. Wright ap-
peared as counsel for defendants
The following written application was presented
70 Judge Lew b. Bradley
APPLICATION OF THE COMMISSIONER
10 .ns HososMLE % couRr Q, PRonAr. FOR tn. Dis
The petition Of undersigned, John W. stedman Of
Sss @ yosi psssusr T S s q this
e saa make Sy ses
ns ss1 os at 'hss Ssv hvs IN
ss's 6 he sasS
diion OF said company according to the statute In such
asy during he monhs % q eieSer sa and Soye%
ss ana heTe
fore your ayers that the assets Of SAID com
said assets AMOUNT 70 not more than and and
iss said liabilities amount to not less than $4,000
into the the foregoing allegations and upon
roeery
u ns atns IN such according to the
J1HE VI ma
The reading OF the document was listened to
with almost brearhless silence, particularly by
those In interest, 1t told the story full ana COM
plete, to keep which from the people effort had
apparently long been made. The silence was
broken by Mr. Doolittle. who presented special
plea for his company. In 1t he raised the question
OF the constitutionality Of the law under which
the Commissioner had acted in making his appli.
cation. 1t Is as lOllows:-
PLEA OF THE COMPANY.
In the matter of John W. Stedman. Insurance Commis
Life and
s
ne act Of the % saS the
ton is broaant are unconsutonsl and void, and that
this Court has jurisdiction to the prayer Of
z1EkiGXN NATIONAL 5gJ LIFE xAs Asp 5EgsT COMPANY.
Dated s at New Haven, this ssd day of November A. D.
MI. Doolitte said 1t was his design, in ning this
Plea to raise certain questions Of Law preliminary
TO the inquiry into the questions OF fact. These
preminary questions he deemed OF the greatest
tnat Judge Beardsiey or some other judge OF the
Superior Court be called in to assist in dsposlng
Beardsley, because ne was In the city, and might
be able TO give the case immediate
attention, and he called the atten-
tion OF the Court and opposing counsel
70 sectlon 70, chapter 5. title II Of the Revised
Statutes, which declares that whenever there
ehal be any disputabe and difficult matter de-
pending before any court OF probate. the Judge
Of said court may call to his assistance Judge Of
the Superior Court"
After some debate on the necessity Of calling tn
Judge Mr.. Harrison acquesced 10 the selection
OF Judge Beardsley, and the latter was interviewed
by Judge Bradley who reported that IN 8 certain
contingency Judge Beardsley would be present at
two O'Clock r. d. Tomorrow. Proceedings were
accordingly adjourned to that time.
The statute clauses under which the Comm1s-
sioners make their application and which the de-
PENDANTS affirm TO be unconstitutional are Sec
tons Is and 20 OF the act OF 1871 relating to In
SuranCe.
Tne precise clause Of the constitution with
which the sections above quoted come IN conflict
has not yet uanspired. Fr6m all that can be
gathered however, 1t Is section s. article 10. which
declares that Ns
rights aud duties Of all corporations hall remain
II this constitution had not been adopted with
exception OF such regulations and restrictions
contained in the constitution. .
In the opinion OF some Of the counsel present
to-day, and legal entemen who have been con-
suited since the adjOurQment OF the Court, II may
xranspire that none OF the laws passed since the
adoption OF our present constitution, In 1918, re'
latlng to corporations, are valid. In this view OF
the case the arguments to be submitted tomorrow
wiz pe OF more than usual interest