New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-10-22
TESTIMONY or Mr.. BEST.

HE DECLARES THAT d. r. MASGAM WAS THE MAN
WHO WRECKED HE NATIONAL TRUST COMPANY.
The State Senate Insurance Committee yes-
terday resumed the investigation into the National
Trust Company receiyershp in room No. IS OF the Fed
eraI Building Mr. Cruikshauk, formerly cashier Of tho
company, and Mr. Mangam were recalled and examined
briefly after which Mr. Best, the receiver, ques-
toned by Mr. Eccesne, the committees counsel. and by
his own lawyer, Mr. Bangs In reply TO Mr. Ecclesine
lie stated that he had received cOmpens alton since
August. 1879 and had made no application though tho
papers in his last accounting were now IN the hands OF
the referee.
'wAat amount OF available funds have you now in
your possession Mr.. Ecclesine asked
Mr. Best was about to answer when Mr.. Bangs inter-
posed saying that he would advise the witness not to
the question nasmuch the Senate had tran
scended their power in attempting TO constitute court
with that" he added, - will leave the witness to do
as he pleases"
Il renew the question:" said Mr. Ecclesine.
Mr. Best think in the neiShborhood $4,000
$4,000
"What assets remain unreallZedP
Mr. Best went through the list Of claims held by him
which are in litigation and gave the status
If each case and told the history of which he
considered worthless After each item he required
to tell whether he had pursued the principals where the
securities insufficient and to give his fon
not doing
Mr. Bangs interrupted the examination at point To
say that under his advice II Mr. Bests settled pur
pose not appear before the committee in Of their
investigations into other recelvershlps held by him
until he had tested the cOnsttuCOuay Of the senaies
action in sending out its members as court
thing do in the than 10 realize on the I'M.
realized assets of the trust company Mr. Best replied
that he had not, but unable 10 say now long tho
pending ngatIons would last. At their end he would
cOse up the companys affairs IN less than iortyegnk
hours. He had on deposit IN the United states trust
Company the sum OF S109sI9 50, a large
part Of which, however was IL the form
gfu1 ia
vssS re- i.tbHte the balance among the socEhoders
the dividend would be very small and the cost o tho
TO MIR Bangs Mr. Best stated that the report made by d.
r Mangam on December = 1877, the trustees showing
balance in favor OF the company OF 600 was ia,
and he pOne ed out and explained the alleged oyeresi-
mates one item was $4,000 OF interest entirely
fictitious loans the Others excessive vauations of
securities, The real market value Of wnch a5
the time he submitted Of correspondence relating
to bids and sales. lone Of the witnesses before tho
"in his testimony said that the National
Trust Company had been wrecked, implying that tho
company was TO be regarded shIp. Now, Mr. Best,
when you took charge OF that ship was she ahoat or on
Mr. Best-she was badly wrecked. and hal been for
/" How, was her rigging. tackle and apparel"
Z" In "a bad condition"
How was tue manifest OF her cargor
To what extent had there been alsiGcation OF tho
manifesto ..
Then do you consider that yOu were wre ,ker or
salvorP
think that got out OF it than anybody else
could nave done"
You brought into port what left OF the wreck,
did YOU not ~
" / did"
"Of course not with the mass all IN aud the rigging
perfect but as you found her. Now what do you think
OF Mr.. Orviss remark-was IL true or false e.
cit was q falsehOOd."
"In view OF all that You have heard and learned who
would you that wrecked the ship, hove herr
cargo overheard, and made up the false manifest v
81 would say thai ID. Il. Mangan Was the man.
The committee will meet again tomorrow AT p nl.s
when they hope TO conclude the examination oi VIII
neeses in this case.