New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-09-19
ESTIuATES or A RECEIVER.
MR. BEST AND THE NATIONAL TRUST

MR.. BEST AND THE NATIONAL TRUST.
AN EFFORT 70 PR We coILUsIo| BETWEEN HIM
Axn THE NEUTRALITY-SUSPICIOUS. OF STOCK
HOLDERS
The State Senate Committee on Insurance, con-
tinurd it, investigation of William ). B'st5 IT.
ceivership of the National Trust ComDan! yester-
day afternoon. Tho chairman 9t the comm comm eei
John j. Herman, and Senators Russell, Noch anu
Nilsson were present. The meeting vas
=, W,II,om-st William O. Mcdowell.
one of the leaders Of the stockholders who have
protested against the rcccivcisnlp, John Y; Ciuh-
shank formerly secretary OF the National Trust
Company. and Thomas W. Shannon, one oil ia.
Stockholders were the Witnesses examined; me
testimony tIlcn WAS directed 10 p,Oylng Confusion
between Mir Best and certain Of the trustees III a
plan 20 drprcclatc the assets OK the company, 30
as to show an impairment 81 the capilai' anu tnen
secure a sale Cf The company securities al fui"uS
figures 10 some of tie trustees. l.,
Mr. Mcdowell testified N answer 20 ques'lGns ny
Mr. EcclesIne counsel for MIR kl"inln. ihdt ne Iaa
been a took holdcr Of the National Trust company
for some time before II vas pat IN thc hinHS 81 y
receiver There WAS y meeting % the s'Gckh'!der3
on January Z. 1879 IL pursuance OF 'ci1li
issued from ten - thirty days previously,
for the PURPOSE of discussing the desirahility or
taking the company ont ~ the hands 81 tue 'oIt'
Just be ore IT," meeting he had found thai certain
trustccs Of the company had diligently ohtalnrd
proxies from the stUchhDlIcrs tor the purpose oi
voting them. They had met with Nj, br't ana hau
iSsusG Il circular soliciting votes ). l.. L"H'fy
was one OF thc trustees whom ne remembered ~
connected with tho matter hr. Iowrry VAS pres
cnt az were also Mr. Constant and Mr Moore, At
though the latter did not vote any proxies Mr.
Lowcry voted SOB proxies. Al the meeting the
following resolutions were Offered:
Resoiced, That committee OF --------- he elected
BY this meeting 10 examine into tEo present cOhhllvh 81
tue National Trust Company ana ufO thh cah,tb uld,
have brought this about. aud 70 report 20 an "nJ"ifhrd
meeting 30 called by them their recommendations
~ the iuture % this company.
Resoired, mat we Hereby request mo d:eci0ri'
officials and receiver 10 asel+ TINS committee ih pei
forming their lty Ger these resolutions.
Eesytrcd. that unti committee can report they
are hereby constituted al yihory cOumittc repre-
are que lake any acton Affecting the com
pauv excepting WIKI their approval
Mr.. Best and his counsel Mr. Smythr, continued
Mr. Mcdowell, were present and took part u M,
discussion. Sir. Smythe opposed the plan proposed
IN the resolutions the gGOuad mat they cast an
lupu;atIOn on the Iecci}cr, 1t was hnaly tabled
by a small majority Mr. howery voting all HI proA-
les against IL. Among the trustees "hoE edaSan't
it were Mos,rS I0wcry, lovre, Cornell (hy proXyl
f. ". and j. lIuAcs, Carter, Constant, FcllOwo and
HMght.
John c. Cruiksbank testified that he was seer
tary of III. National trust Company IN 1877. "a
December, 1876, tic bank had been examined by
Mc-srs. Lamb ana Reid, and III December, ol1 by
Mr.. Best. In compliance with Sir. tctlcslreS re-
quest the witness submitted an exhibit showing the
difference IN she market YaucS OI the securities
held by the company, IS estimated by L2lhO ana
Reid AMI Best. me showing was as follows: