The Washington herald., 1914-06-07
|n'NAlLY' SUES
FIRST NATIONAL
Stockholder Asks Receiver
and Postponernent OF An
nual Meeting.
|DEPOSED HEAD Is SORRY
r. ]. Wynne Considers Action Harm
ful to Insurance Fim-May
Fight in Courts.
DEPOSED HEAD IS SORRY

Robert J. wynne. Postmaster General
under Rooeeveit's administration and
former consul general at London and re-
Gently deposed a. head OF the First Ma
tionai. Fire Insurance Company Of WASH
ington. Expressed deep regret yesterday
when told Of the suit filed against the
company by Charles T. McNaiiy. presi-
dent OF the Coos County National Bank.
Of Groveton. N. H.. asking for q re-
ceivership.
Mr.. McNaily, in his suit, filed in the
District Supreme Court yesterday. asked
the court 10 en1oin the holding Of the
company's annual meeting on June II,
ard asked permission to examine the
stock ledger Of the insurance company.
McNally says he II q stockholder of the
company, and alleges mismanaEement.
which he says has resulted in loss Of
1896. .s2L72. or practically one-half Of the
capital stock OF $1.ooo,ooo, to the stock
holders.
worried Over Pestpoaenent.
'I know nothing of the suit said Mr..
wynne. but 1 am, intensely sorry that
a suit should be filed to prevent the an
nuai meeting. / think I have enough
proxies to recover the presidency on June
II. when the annual meeting is-scheduled
to be held. Nothing could be more ini-
mical to the interests Of the stockholders
than to prevent the meeting"
McNaIly named in his suit as defend
ants, the corporation itself and the fol-
lowing: Robert r. Tuttle, F. 8. Dudley.
Richard Wightman, Spencer J. Johnson.
Bates Warren, Bestor r. Walters,
Clarence A. Krause, Robert N. Harper.
Robert J. wynne, Charles F. Carusi, and
Fred Dubois.
Mr.. wynne said he was confident that
he could recover control of the company
IL the annual meeting was not enjoined
by the court He declared II he was un-
successful In every other way, he ex-
pected to take the matter of his expul-
sion from the presidency into court.
THE First National doesn't need a
receiver" said Mr.. wynne THE attor-
neys for Mr.. McNally. while all repu-
table men. failed to consult with us be-
fore they brought the suit to prevent the
annual meeting"
"Extravagaat and Reckless"
McNally. in his suit. admits that the
First National Company Is financially
solvent, but declares it is being conduct
ed in "such extravagant and reckless
manner that court Intervention is neces-
sary to prevent great loss to the stock
holders" The officers and directors. he
declares in his bill. are drawing large
salaries. while their interests in the COM
pany do not exceed $500 out OF the en-
tire capitalization OF N.00o.0o0
The fight in the board OF directors,
which resulted in the elimination. for
time at least, of President wynne, II
mentioned in the bill of complaint filed
by McNally. Two letters. he says, have
been received by stockholders, from sep
arate factions in the board, each reflect
ing upon the other faction. McNally
says he is business man and bank presi-
dent. but confesses himself altogether
confused by reason of these various
circulars" The bill also refers to the re-
cent controversy with the Postoffice De-
partment over the -company's mail.
The suit filed by McNally is the SECOND
of its kind to be filed within a week. a
suit having been filed on
June l. against the Commercial Insurance
Company. The Commercial and First Ma
tional are connected by interlocking d.
rectorates.