, 1877-08-25
A Powerful Array Of Legal Talent
Opposes Further Delay.
The Court Charges tho Ercscnt Managers
wilh Questionable Conduct.
All Bids Reteoted, and the Receiver to
Advertise for Aop.
The Rttti5tr et Ii, Protection Stturts Some More
laets for tho PelleJ.IIolderl.
THE REPUBLIC.

cstc'I audience IN Judge Wnl!ains' courl' A.
will 10 remembered tiat laesoay iast ionf e'os
tos tho purchase u The stock ot The National ..
stessra. Wcstovcs, Thompaon, and Scales, repre-
'en:as parties who havs elalm: asa!nst Tho I Ms
pubic, oo)eete' 10 tnc SAFE anu asked ior t'c'a5
that % ~ Mr. arotrc q. Clarke. swlo offered
s"a. ~, 49,. ~. ",s. s~,,st. h.. 49,, r.,,s, ~
$al.an Tor toc Stock which has par vaIeo.
Si.m,000. The Court thought that tho blas
wrrc too low. md uostponcd further cpnsidcra-
w. NAV ny, ny 's"' s"..ar1.v "n ysa>f0"'@
prorrn.fr n. n ,,c,oc. v..,.raav morning tho
,a-tto. ~ ;rtcrc,t ,aoon ~ mu.tcr In the litt,r
.,,,,rtsraon' r Thcrs wsrc Mc.sr,. pccf md Ellis
~ M..t.IT.t. $1,000 1v,r,, ~ t,c Re.
public, and Messrs Van II. Higgins, Hitchcock
Jcwctt, scatcs, Westoycr, sl,utcldt, Mcc.EE.
rnlxr. 1tutch,nson. and Otis, counsel for tic
res,,,t,, ,,.,,,o. In in.orc.t
'A.ious ra.ss. a. IT,. 1,,,r. ,1,,1,
After twenty M'i.uees. ue'aJ s,'e "u"se '"s',
Ills appearance, anq, on taking the Bench, ca'leu
for btr. Wards report showing tho condition ot
the National. Mr. war1 stated that Il was ln
thc nH'aS " ~ a., n4uSo"' "Ao ""N'o 1'''~
1t Into courtiQ lltt!e whlie'
A1r. Jcwest, of counsel for tho Receiver,
a1uea inE thc fa'los,e % .u0 T9u' se"'e" 's''D'
"'' raopostr1on ,nu ynou ,upf,s vas HIGGINS:
LHfc AGUt !tNht .AsAks* -. FAsAs A1*tts 5teAkttes
gHhe ,n fs1nsarnnfs M q 1nn ni ntMi
W eiye yaa sGH r. Vv eas . KS = o .Sd III ~ n n
eocs ocs NV, nn~ III, nsSc ,,r ahc ssmr I'M ~ H.
ah;c rnn ' 10 realize tic iull ,ajuc Of lie stock
IF M, iw!ii loa,i you liz amoant dao On t,s ras
to ST. E1ckestsn. any s13o, coo. or thercahoatV,
lo assigntnt = e nl! tue sesursies held BY him a.
security for the lamo. Such loan to be made.
Sss$ IL :: %s
NJ. I, Y Ia .tatems.s Of thc Eompnny ycry
truiy yonrt. yAS Il, IiiustEs,
Har,1y hn1 tho Co,,rt glanced, through tho
paper wien Mt' u'ae'hs so'u thas on pena'l o1
tbo party tnnkIng tic propos!s'on. he wished 70
withdraw the Offer to loan the S1oo,00a On
that question ils principal xas sornewhat sl,aky,
liz lll not know but what the offer to nuke
Tie luau u,leht be forced in q few days. lie
Gliggsns) had tried tu see Mr. Ntckerson. 80 as
gentleman xn1 tut OF town, aud no u1,c that hu
Knew of Ind any power to ass!gn The securities
lthe National stock l,ypothecased Tor loan Of
sl;sLVU 10 the NepublIc il, tic absences Of Mr.
Nl:ltaraop, There had not been proper
a,uoaht oi competition for tile purchase Of Tic
tto.E' md hc,iayorcI furtler postpunctntut,
10 buy tho National now would bo ike buying
wkni he Is euyinv, In iis upin,op, cnrtcrl-
10 aae to
nsscts. II suc Wcru tlolic, tlu stock mjpiIt sell
Ut gs dsoss nsT ID &c ao eoy Il
Judge Van Higgins {tcst!iy)-My own Tho
Court .touli appoint rcieree to ascertain tho
yAluu Ut tis nssets-.nukc q thorough inycsll-
could Ia looked Into Dy those viii desired to
purchase. Or tho lscceiycr might do 20, Il tho
GouFt sow q to 70 order. d Tpen ths eo,nps;!; ;;
lug, uo hoped tie matter would bc
postponed for 'tlIisty DAYS. II the affairs OF
the Company wcrc founl to bo tu satisfactory
condition. Tic stock would bring tnore tlatl what
waa hjI Isr il. N'>N w. ''' ''>' : 's'''' ''"'
III, Jcwclt said TINT the Receiver would 10
elri tu D1rrpw thc mt,ncy and nav on tho rla1l
Il III. Nlsksr.o,.: @ I'LL psiiys ~ 10 ID dangerous. M ~ 4
to the soiyc,lcy ul tho National Life. ju.ERu
Higgins hal offered so,no t4O.000 n,t,re tisn
any ii tho uthcr bidders, md II be would eiTa
security that h!a lid would be taale good 1t lilo
uo objection to tlc postpopsmcnt. ), 10 st '''o A"''
Judge Higgins advanced 10 tic front, and re-
markell till, il sar Court woaldeoaefn ths @ salc,
y ss,.ty ssss 1e seef fse ssa SS Il not shss
liz had tue currency, and vuulI turn It over ~
t!.c Colrt tho moment the sale was confirmed,
ile,, hoxeyct. would prefer ,pos,pononioat.
10 put up le would undouAcdly 10 blIder.
MIR. Z. u. AcAoo
next addressed the Coutt. liz said 10 repre-
ceu,e IL at late Moment, after he had l,al Tie
advantage Ut knowing tue other htl4. 1t would
tc uutair to accept Mr. Higgins lid without
giving Sir. Clarke anu tho other bidder. i,
c,aro to adyancu their bids to the figures offer.
I'd by Mr, Illegtls, Tue Court cettaiUly would
not allow Judgu Higgins to speculate On tAs
stock. TAu fact IL, ihs National js being
WRECKED and ruIpcd by this delay, Thy
proposition made 81, Tnursloy to mnku
u lpan had been wlthiIrawlI, Ths thtttv t]nyai
.:etnY wuul1 10 equivalent to U lo4iI, Vhgrr
wcto TWO s!les to this question. Tie prouosi
ttun to give S370,O0U sbuulu be throwu opcn tu
Mr.. ciarke. liz snould hayo. tho opportuu1t,
to make an equal bLl. Tha matter should b.
c!osetl I'D to4lay.
j Judge uIgxt4a thouRl& Tint Nr, Mc(,nvr'a re-
narks wcio a little prraupai, Hu lid ncyr,
,.a!s proposition shaas 10 wa not prepared
she luan proposition bo Ind wiihdrawn Il. ~ ht
hid right to DO, The urunoation To parrhast
he MAS IL q condition 10 cafry Uut to lie letter
llc did not know hut what tfe Court miEhi TAX.
CuvY. liz thencht ihs r, rs a.. ~ ::
/ hu wo, in fas',. ~ ,,oiss asau.ss A.s ~
1t could he assertutncd Of what Tic ssset. cnn