The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-21
The COLUMBIAN INSURANCE COMPANY.
The Motion ~ 10 Removal OF Receivers
Argument OF Counsel, sSe.

sUfkkhk CoUkr-cuAhBKNS.
Before Judge q. @ Barnard.
MARH 2o-In ne Matter " ne Reo,,ey,l,p Of ne
Columbian Insurance Company Tho motion Tor the
removal OF the receivers Of this company argued
length today The facts in the case, tosc,he with
the afadavit Of Mr. Joseph Morrison late president
company were published in Tuesday, HTRAln.
Mr. LArocque continued his argument for the motion
on the oase being called at twelve O'Clock He asserted
as reason for removing Mr. Morrison, that appeared
that while stock OF the company was issued al par
stock was being purchased with tho funds Of tho com
pany from twenty 10 forty percent premium making
personally liable the directors and officers OF The com
pany II one person was appointed ~ rcoaisor tbsre
would be no divided counsel but that was OF no great
validity Mr.. Lrocque offered an able aTnm'ni and
was followed by
Ho alluded 10 tho original appointments 81 sr curtis,
and related the circumstances attendant thereto" He
denied any cuiuson Of his clients who rrprrs"nied
several hundred thousand shares IN the company and
regretted very much for The Interest Of all pacn that
Mr. Curtis had resigned MI iarocque rcfrcrn'rd bn'
single creditor and the prccise amount 81 the IN
debtednees OF the company 10 that creditor Was not
known whether II ave hundred OF one thousand dol
lars To take the other aide % the question. the
ties who opposed the motion represented eight hun
dred Thousand dollars In the company. Mr. Leipfw.l
he (Mr Field had known for years they we're CLERKS
together Ne was an honorable capable gentleman and
had given every Satisfaction Sec Accepting The ocs OF
up the Affairs Of The company.
An insurance agent, MT Virgins, next made few
remarks 10 the Court He asserted tina, he had insured
Win tuo COMPANY ofs' sN'h'9 '" a"""''
tho past year The claims OF his ollenta assins III.
company footed up 10 very large amount lie wa II
FIRST opposed 10 the appointment OF Mr. Leitngwc AZ
receiver but would support him. NJ he Ind watched
his since entering the ONCE, and w1 entirely
satisfied with his capably ana n,nes for the position
Mr. Whitney, who appeared for the Eastern oredtors
q the company argued that tho foreign creditors 81 tho
company nncs they unable "a attend personally Ia
their interests should the peculiar consideration
aud protection OF the Court He explained the contrr
dciory position which tho~a parties assumed upon this
application, appearing upon the papers both psiI
against the change OF recaivershp That hutte
queptiy the signing by them of tho petition presented
part thu moving papers for the change COMMITTEES
Of three gentlemen appointed al meeting Of The
Boston crcditO 10 make inycstgA into the qoes
ton Of the r-cevorhp and w ar Tor the tstern csed'
In the matter Of change Thai hcsrr ihAas 1sy
lor James whitney and George u Chase, OF Boston,
the committee appointed after full Investigation Of
the matter made such representations rpon their rtorn
Ia Boston caus.d tho change Ia the position ~ the
Boston crcitar that their nna action after nvest
CATION opposition 10 this any other chang" Ia tho
matter Mr. Whitney further argued that The couBsei
for tho applh ation had pads out such case ~
called for action Of the That the financial con
don Of insolvcb company called for OF en-
psndturs In respect officers and that tho labor OF
receiver only follow out the provisions Of The
collecting and distributing the assets and DID
demand great Judgment but rather Energy aud unity
the remaining should not 10 CT
hAusted BY the delay and expense OF winding W Me
company which one man, receiver, would be moro
likely 10 secure than two He argued further that the
application had that the present receiver wss
not fully comle,snt for the petition ~ sole reoeiysr
After some further discussion by counsel judge Bar
nArd took The papers and rscrvsa bis dccisiou