New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-01-08
RECEITER BESY'S SUPPORTERS.

FUTILE ATTEMPT TO REoRGASIZE THE NATIoNAL
TRUST COMPANY-THE RECEIVERS ACTS AP-
PROVED BY a VOTE OF HE STOCKHOLDERS.
\ meeting of the stockholders of the Ma
tioual Trust Company held yesterday IN the office
Of William o. Mcdowell The object OF the meeting was
10 discuss the desrability of taking the company ont
OF the hands Of The court and placing IL upon sub
stantia basis aud 10 take such action the stock
holders IN attendance shall decide 10 be 10 their best in
tercst" confidential circular had also been sent,
soliciting PROVES, and enclosing blank form cOnstitut
ing William O. Mcdowell attorney and agent 10 vote
the meeting. The notice sent by Mr.. Mcdowell was
follows:
Lam favor OF the adoption Of resolution appoint
affairs the company. and 10 report 10 adjourned
meeting Their recommendation 70 whether II Is 10 orr
best interest 10 continue the company cutting down our
STOCK. OF TO g"se IL no A. at present aa'5sfI "@ul
nell u. : Aurlcton W 4 Whoelock samuel Willets VI.
lsaacs. Benjamin b. sherman. Ii. = Taylor, Richard
VI. Nichols
Most Of these names also appended TO the Orgi
nal call. The meeting yesterday attended by about
sixty stockholders representing 4161 shares samuel
T. Ross was elected chairman. Mr Mcdowell presented
resolutions providing for a committee 10 examine into
the present condition OF the National Trust Company,
and into the which brought about ITS condition,
and requesting the directors, officials and
assist the committee A third resolution provided that
uutl a report was made the committee should be
Advisory Committee, and the receiver ana directors
were requested not TO take any action affecting the
pany except with the approval OF The committee.
Mr.. Kendall claimed that before any action taken
Receiver Best should be heard.
Mr. Best stated that than 5000 900 OF the
Of the company had litigation for years that
IN loan OF 100000 he had been restrained by the
courts from enforcing payment dsposing OF the col
laterals This injunction issued by the United states
Circuit Indiana. and by order of the Supreme
OF this state he had retained Thomas Hendricks
1t set aside. should the decision he favorable,
Mr Best said that he would be able to pay the
holders dividend Of per one mort involving
suits involving 100000 hoped decided by
the within sixty days The contingent iabili
$50 900 for rent and s4j, 600 a bond appeal
The Court of Appeals. These Liabilities he believed
would be reduced by the Court 100000, there
were moneys reserved u meet them An additional La
by recently presented was claim for interest on de-
posts which he refused 10 recognize, and a sut
now pending. The capital OF the coI pany Was not
connanv owned sos 900 " It's own stock, that the
be realized from the estate would gig larger
pro payment TO the stockholders than II ts entire
MT HAYDEN opposed any interference with the affairs
OF the company until the receiver had submitted his
port OF the cOmpanys condition.
that the stockholders approve the acts OF Receiver
Mr. Mcdowell claimed that the appointment OF an
advisory committee would ODy huTi such ~ deserved
He said that tine air was full OF ruInors about the
mana gement Of the company and mat the names 81
men who had been prominent ID the company were
associated with unpleasant storles ~. 800, 81. -.
Frederick Smy h. counsel for MI Best, SAID that the
officer Of the supreme Court and that
"a
au huritv which appointed him. Referring 10 Mr. Bests
receVcrsuIp he SAID that Judge Lawrence had passed
upon the accUuuts including over 4OOO vouchers and
there dollar OF error found He mad been
most energetic ana thorough receiver, and Nj. SmYh
said that lie strongly condemned the implied iInputa
lion upon Nj. BesI's official conduct.
Mr.. Mcdowell IN an excited manner responded: The
pany ours, and we propose 70 run 1t Without the
expense of the court"
Mr.. Kendall, representing Thomas Cornell, said that
Mr. Cornell It'd approve the attempt ~ revive the
conpapy, and that he had The fullest confidence in Mr.
Bert. Mr.. Mcdowell approved the position OF ar Cor
nell.
Mr. IOwrie stated that Mr.. Mcdowell did not
own now, and never mad owned, a solitary share
of the cumpany's stock whose receivership he
was clam0rIng TO investigate His motion to lay
Mr. McDoweli's resolution on the table was ordered
. decided by IA stock vote. This Resulted n--yeas,
$3.50 snsres; NAYS 1.j46 shares. Mr.. NJ DOwcll
cast BOZ shares which he held proxies Two nun
dred and seveDyiv shares, which the late President
Mangam now under Indictment, offered TO cast ID the
negative rejected because they were hypOtnecacd
AT the request II Mr.. Best advisory committee OF
three WAS selected counsel win him, with u power
~ act IN the best interests II the sockhodefs The com
mitlce consists " Elliott {. COwdin L N kingsley and
- Han.