New-York tribune., 1882-09-28
STATE SENATE INQUIRIES.

rM. KINGSLEY AND WILLIAM A. "hhhioOA
Tho Stoto. Senate Committee on Insurance
r,iuped lis Investigation Of the National Irus' Oon
nany's recevership yester iay "iuiain d. DE- ~
,or vas present and took part in the examination vi
a., ,,itnesses samuel s Constant and Joseph .
rwrv the two living members OF the comhn"uo
chat laeed the company In the hands OF MT poS' ~ "
1i,es,ev he treasurer Of the Union Iheoiog'c"i 80
inarv and william a. Wheelock enc OF the ure''oiS "
,bo Central National Bank. the witnesses exam
snca Messrs Constant and Lowry were representa- ~
,,,sol and had prepared written statements "non'
bovev.-r the committee would not permit theu " ''
Mr. Constant was once vice-presdeht ol 'u' o~r
He rtlatcd tie incidents connected VIII" "o t ~
ment of the receiver. The commVce nv - n
I a,oh who told them that his examiner had io"pu
-. 90 a-,o 600. IL that was the case
no said ne would be be Obliged to 'N
the matter before the Auorhey-"e"vI"' w
turning 10 Mr. Allen. one OF the comml''ee' no "
.. Won know what that means, Judget Juuse N''o'
ropliea: 1T means receiver" and asAeu Il 'neS '
stockho!ders could not take the STEP Mt A''"o s"iu
.no, could bnt # they chose receiver who was rhs-
Zee the department at Albany would hgh' IL. in,i'
upon Judge Allen said tat he knew MI p'''
and Thought that he would make goou IT,
coiver n accept 4ble to Mr.. Lamb Mr Lowry anu
Mr. Constant called Mr.. Best, who at first decnheu 70
sar,e hit consented 20 his appointment after he h"u
had a consultation with John \. Stewart prTSuen' "
The United states Trust Company. Tho steps 'iA' ~
the committee rathed 10y the trustees On 'i'
DAY wit "A dissenting VOICE Inc 'NthO''N
,rnstc,s was: You have done just rlght' anu "oi0
,lod Won have done it, No ehor' was
made 70 the knowledge OF the witness to raise money "
save the company though he heard letter hao peen re-
ceiyed from Rondout making an offer to TINS emu Mi'
Cons ont sad he had never heard OF the report o %
committee 10 the trustees showing surplus ahoui"h
to $4,000, and did not believe 1t was ooi'''',
ON December 4. 1877, there was que 10
the Gepositors S2.6l7OOO. From the attn 10 tne IAN
81 o55 600 was paid ont leaving $1,000 OOo que TO tG
S750OuO cash S2J9,3l0 In securities upon o1s ,s any ~
Si25OU bonds AMI morgass lh5s Zoo e noo q f o ecr
Ties not stcd at the stock Exchange s9lne OF "e h
were worthless. Mr. Mansan' he Ha't t in@ cCm.
PsSys psSS stock 60 to prevent iypenS%9 IT iIS%
$50 100 n. the compsny's money in tins way, making
the purchases in various names aHd never ~ pn IN"
bank on the 4th aud OH OF December which was % pro1
aeH due 10 the damagng rni9 M oo On dtos in the
company personally and also money as NScu.o o r V
al tie cconns and aficrvard received all the money
We're YOU not htte unnecessary ."iner ~ MIR
you lait the company III the hands ~ arecel'er' 'ii
No sir reiiei Mr Constant. " II ever there was
hapir1St concern in this Worl, thai one Wefelt
il 10 De our duy protect the depOsltors at gu ""S'
and that there was deficit Of hall million a. ,i
with Mr Best during the SIX months oll1M'ns % ms az,
pointmeut receiver about the value oi tR9 % s nd
and tie bcs, mode OF realizing Oh thel vi, III S r %
vcrscd the sales, anl did an ne coua o. ~, I bs man
agem M OF trust W ludlciois anu holcs, ,bo
>. Lowry SiO tIltl ttit FiO'' -
ccmnf, lee ana MI Lamb was held between 10 ana IL
a u on December II /, took place IL nc ron. & u,i 80
investigation He understood that me duiY OF Ino com
mttee wa consult with MI Laho ana 'aHv n0',Vu %
aud fn,n rcpOrt back the trustees The witness ue
tailed tne incidents O the meetings OF tIe ua,
.Sy he s had ,snTd T ont months before ilis time,
chairman Executive Committee thdl p'! on@u @
h ~ts Win which the bank could business Mr.
Eccesine asaed Mr.. Lowry whether MI lthn hi' I Nv"
snppos, ne and" said the witness " right here give
TS t actnai property OF the institution, and conse
quenty they We're able TO deceive the tAae MD vou
Mr. EocleSine-YOu we're one OF TIC trustees D-u !ou
help To deceive the eXanllnerI
MT. Lowry dld not. -,
How was tie examiner deceiyedF
"As TO the va!ue of the asseis H., -
Alr. Lowry explained that there was seldoih Iuoli
u Quorum , @ c b0t ~ those attending would he pai $40.
He had frequently traversed ie securities win Mr. fel-
low- and Mr. Mooie and became conIneed u o ,e ,Hr u
safe condition Of the bank T1en he ned TO Ml,naW'
but they asked hn 70 stay I'M the M next year i Tn' d
coyerics the trustees or the rtochhouI7,
Lowry said he lad haJ frequent cohNtoa'lohn WIN i
len of he Missouri Pacific had been put up al auction
ana MI best had sent men down To pa mem "a 60 81, 0e
sIock M. Wrnt 10 the Central NauO ia Bank where he
owed money personally, ana tled 10 Eet 'ieal H. "a! 3
rTo6t t. bis Indebtedness. The scheme failed. me
a5,nitet maj he bought fifty of bonds at 63
through MS DIOhcr and sold them al prom OF FoVOV
lie ais, bought ten I the Waikiki Nalty mus az oo.
lie mad them yet Iud would not sell them Tor 100 al
whcn prre he lately bought more He was holding mem
a an m estmeut On eros, examination ~ llr counsel
mad bought the bonds sOeli III oiti'I 10 l' ~ y
1he company pay the dtpOs,ors. and not because ne
wan,ra ncn. lie al-O planned tia ne had ma 1lS
hus,lcijn when making hs tAillh".lo "ii ~, ~
lel0ws and Moore mat the bank Was unsafe in,g @ nau
found two loans on The books IL t9e names o, oiaS "
Biaay trustees ana nad pressed Tor an eXplhaoh IL
nucn a. tney sus pectcd ,hto the president was ul r
tscd in nein. II TUNED out that one was President
Ninngam'e loan and the Otncr 4. ". Shaun0ns:
az. Eccesino-You say there was NJ. Moore Waao
shared your IcOn TO the safety Ol me Ddhh uu
yOu know whether Ar Moore bought any .! inc so'"i
Nr Iowrv-I think he did.
Mr Kmssev gave an account of examination OF the
assets bank made hN himself ana .w0 oteI tIis
al " len Mr. Mangam was catec1z,d aDOs. tns cJh4l
tion TIE loans and securities ne scnede 7noMeu
lyar.ln OF between $4,000 and $4,000 Inc witness
gave "a version cf the meeting on December 10 "lel
Messrs Lowry, Constant and Alien were apoiaeii ,''in
Judge Allen was present for the nrst time, ana LOT come
~ 'icable r. son pressed the appointment OF a
Ieceyer GyeIing partc Iarly Oh friendly receiver:
Nj. kIl-.lcy opposed IT, saying thdt oven Iieh,9!
receiver was expensive luxuIy Ile scheme , uls,
general willingness expressed 10 advance the iuhd.
Ihe next day MI Appleton came WIN an on Yior Vi
ness hisrlf wiling 10 advance TO me extent o h5
liability under the Jaw me coMmMe1 wan aS 6potV
TO the plan; and Tie meeting ,o,JoiineI tneI
iii tne next day On the 9eAr rfa Gay
remark was: " This is the biggest s~indle VI an Inc
trsrcrs were struck with anazeinent Mr. Lowry took
tie chair ar Constant mace the report somebody
made motion approve the action OF Inc coihnilee
vifur.s and the next molncnt Mr Lowry declared
il carried. We took up our hats ana IeI Mi. hlhbs
ley also testified th three weeks before the ex"uln
fj0n he heard MIR Lowry say Tue assets OF this ns
tuuon have appreciated in value at least 100000
MIR Nleelock testified mat he had gone 10 Mr. Best AT
The request OF Mr. ManGan - buy securities nut couu
not gct hIm 10 offer any or 20 name a ptlce
Inc committee viii meet again day at lO'5O a. H.
LEASING OF LANDS AT CONEY ISLAND.
The Senate Committee on Towns and VII
lage continued their No 81 OF the Gil