The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-28
NATIONAL TRUST COMPANY.
A PROPOSED INVESTIGATION OF ITS FAILURE
Axp THE REcEIvERs MANAGEMENT.

A PROPOSED INVESTIGATION OF ITS FAILURE
AND THE RECEIVERS MANAGEMENT.
While the air is still full of rumors that the Ma
tona Trust Company is to he revived. circular has
been distributed among the stockholders enclosing
resolutions which are to be proposed at meeting ON
the 18th of February at the Coal and Iron Exchange
Stock holders in favor Of the resolutions are to nti
mate that fact in writing and Others are to be at
mitted to the meeting The first resoiu-
ton calls for the appointment OF commit
tee OF stockholders, none of whom have been
at any time o trustee. while the second
is to the effect "that this committee when elected
shall have full power both in and out of court to
represent the approving stockholders and to inves
gate the affairs OF the National Trust Company, both
under the management of the trustees and receiver
and il they find state Of facts that i'll their judg
ment will enable them to hold personally liable
either or all of the officers receiver of said COM
pany to the extent of the for us of the full
par of our stock. they shall have full power to take
all necessary proceedings
made to the effect that the report of the special
aminer declaring the company to be insolvent has
been proven false, the company has paid its debts
and has a surplus; that the trustees made Illegal
loans that the appointment Of Mr.. Best as receiver
not made at the request OF the stockhoiaers;
that the trustees could have restored the credit OF
the company by cutting down the stock; that the
receiver has sold certain securities at loss and that
his expenses unnecessarily large.
RECEIVERS RESPONSE.
Mr. William j. Best. the receiver, who was visited
last night, heard with much indignation that this
circular in existence. but he at first declined per-
emptorily reply to it. He claimed that public
officer he had no right and as private individual he
had wish, to refer to his connection with the az
fairs of the company. He added that he ignored Mr.
Mcdowell and all Mr.. Mcdowell could that Mr..
Mcdowell not stakeholder of the company and
had been. and that his attitude was one OF
complete Indifference. Pressed to make some re-
joinder to the various charges in the circular he
laid hay
tanning an order of the Court, nor without having
previously advertised the sale for stated peri
DDS Every sale that l have made has been
reported to and approved by the Court. The record
all these transactions is file i'll the Court and Is
accessible to anybody who has a mind to investigate
the matter Where the trustees are liable upon lille
gal Investments. it is my duty. acting under the
Courts orders, to sue for all losses resulting there
FROM and this duty l mean to perform with the
utmost zeal and good faith. The facts in regard to
the condition of the company have long been pub
lished and published in every way correctly. They
prove conclusvely that the company is insolvent
But in the interest of the stockholders decline for
the present to make public the proofs which hold
OF the mismanagement that wrecked it."