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Voluntary Liquidation Is Illegal. Des Moines, Ia., Sept. 27.-Judge A. H. McVey today rendered an opinion that the act authorizing trust companies to go into voluntary liquidation is void because unconstitutional. The appeal of certain stockholders of the Home Savings and Trust company from the appointment of a trustee in accordance with this statute is sustained, Trustee Brenner being removed and a receiver being substituted.
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lowa Legislative Act Declared Void. Des Moines, Iowa, Sept. 27.-Judge A. H. McVey today rendered an opinion that the act authorizing trust companies to go into voluntary liquidation is void because it is unconstitutional. The opinion of certain stockholders of the Home Savings & Trust company from appointment of a trustee in accordance with this statute is sustained, Trustee Brenner being removed and a receiver being substituted.
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ACT IS VOID. The Act Authorizing Trust Companies to Go Into Voluntary Liquidation is Unconstitutional. Des Moines, Ia. ,Sept. 27.-Judge A. H. McVey today rendered an opinion that the act authorizing trust companies to go into voluntary liquidation is void because unconstitutional. The appeal of certain stockholders of the Home Savings and Trust Company from the appointment of a trustee in accordance with this statute is sustain. ed, Trustee Brenner being removed and a receiver being substituted.
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AN IMPORTANT DECISION. Trust Companies Can Not Go Into Voluntary Liquidation-Law Unconstitutional. Special to Times-Republican. Des Moines, Sept. 27.-Judge McVey today rendered an opinion that chapter 29, acts of the Twenty-eighth general assembly, authorizing trust companies to go into voluntary liquidation, is void because it is unconstitutional. An appeal of certain stockholders of the Home Savings and Trust Company from the appointment of trustees in accordance with this statute was sustained, Trustee Bremner being removed and a receiver being substituted.
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AN IOWA LAW IS HELD VOID Judge McVey's Important Decision on Trust Company Provision. . Des Moines, Sept. 27.-Judge McVey today rendered an opinion that chapter 29, acts of the 28th general assembly authorizing trust companies to go into voluntary liquidation, is void, because unconstitutional. The appeal of certain stockholders of the Home Savings & Trust company from the appointment of a trustee in accordance with this statute was sustained, Trustee Bremner being removed and a receiver being substituted.
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# FINANCIAL AND INDUSTRIAL. Announcement was made yesterday that Charles H. Tancher, president of the Irving National Bank, New York, has been elected president of the Bankers' Life Insurance Company to succeed Richard Morgan, who resigned recently because of ill-health. At a meeting of Austrian wire-nail manufacturers at Vienna it developed that 80 per cent. of the members favored the formation of a "combine." It is anticipated, therefore, that a "combine" will be shortly formed in spite of the opposition of the minority. The New York Commercial Advertiser printed the following Saturday: "It was learned to-day on the highest authority that all the details of the Atlantic Steamship Combination, which has been arranged by J. P. Morgan, are now practically completed, and the deal will be consummated and the full particulars be made public early next week." It is announced at Kingston, Jamaica, that an American-Jamaican fruit company is being formed with a capital of $5,000,000; that the company will include many prominent people connected with the United Fruit Company, and that it will absorb several small independent companies and compete with the United company. Several ships are said to be in course of construction in the United States for the new concern. Judge A. H. McVey, of Des Moines, Ia., has rendered an opinion that Chapter 29 acts of the Twenty-eighth General Assembly of Iowa, authorizing trust companies to go into voluntary liquidation is void, because unconstitutional. The appeal of certain stockholders of the Home Savings and Trust Company from the appointment of a trustee in accordance with this statute is sustained, Trustee Bremner being removed and a receiver being substituted. Five hundred Chicago cigar dealers and tobacconists, among whom were many manufacturers, showed their interest in the fight against the alleged tobacco trust by attending the first meeting of the Cigar Dealers' Association of America Friday night. Some of the speakers counseled legislation, some advised an appeal to organized labor, some declared for appeal to the courts, others less radical made fervid arguments in favor of thorough organization. Lengthy resolutions were adopted deprecating the offering of prizes by dealers, the use of bill-board advertising and the use of inferior material by manufacturers who found their profits cut down by the so-called trust. The Bakersfield Californian says: "J. Pierpont Morgan is about to identify himself with the oil business in California. On Oct. 12 or a few days later surveyors will be put into the field and will run lines to the ocean from the coaling, McKittrick, Sunset, Miday and Kern river fields to determine by which route it is most feasible to transport oil to tidewater. A company having a capitalization of $5,000,000 has been organized for the purpose and this money will be devoted to the construction of lines, pumping stations, storage tanks and the like. Mr. Morgan and his associates have also formed a separate company, capitalized at $20,000,000, half of which will be invested in proven ground and the other half turned into a reserve fund."
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Declared Unconstitutional. Des Moines, Ia., Sept. 29.-Judge A. H. McVey Saturday rendered an opinion that chapter 29, acts of the Twenty-eighth general assembly, authorizing trust companies to go into voluntary liquidation, is void because unconstitution. The appeal of certain stockholders to the Home Savings and Trust company from the appointment of a trustee in accordance with this statute, is sustained, Trustee Bremner being removedand a receiver being substituted.
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Iowa Judge Says Law is No Good. IT IS UNCONSTITUTIONAL Des Moines Court Finds That Chapter Twenty-nine, Acts of Twenty eighth General Assembly is Not Good Law -Relates to Trust Companies. Des Moines, Sept. 27.-Judge McVey today rendered an opinion that chapter 29, acts of the twenty-eighth general assembly authorizing trust companies to go into voluntary liquidation is void because it is unconstitutional. The appeal of certain stockholders of the Home Savings & Trust company from the appointment of a trustee, in accordance with this statute, is sustained, Trustee Bromner being removed and a receiver being substituted.
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Declared Unconstitutional. Judge A. H. McVey rendered an opinion in Des Moines that an act of the Twenty-eighth general assembly authorizing trust companies to go into voluntary liquidation is void because unconstitutional. The appeal of certain stockholders to the Home Savings and Trust company from the appointment of a trustee in accordance with this statute, is sustained, Trustee Bremner being removed and a receiver being substituted.