The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-25
THE WALL STREET SENSATION.


Ths sssPension OF the Coiambisn Marine
Insurance Cempany-Msetins Of sho
stockholders Yesterday Afternooa--.
statement OF the ePrs.ideat-Ths CsndI-
sion Of the Ftnancss-Over q Mfilteu
Dollars ON Hand After Payment OF AIS
Lisbilitiss-Rssolutton 60 Nes1ms Bu-!
siness ON a Capital Not Exceeding Two
Millions, &c.
Tho excitement in financial circes regarding tho o..
pension OF the Columbian harnc Insurance Company
had not abated yesterday afternoon though proceed
ings OF the stockholders' meeting will undoubtedly
have the effect Of relieving the affair Of any fr,h.t
power Of creating n sensation
THE srocxHoLDRRs mNErIso.
Al three o'clock yesterday about hundred and ny
persons, khodes and othes interested the com,
pany, met In the direetors' the OF Wall
and Nassau streeia The apartment proved too rmai
for the accommodation Of tho meeting and the
bage adjourned the basement Of Trinity building n
Broadway. Here, on motion, Captain Howe was called
to the chair aud Mr.. Oouderi appointed secretary.
The chairman having stated the object Of The meet ns,
said he was prepared 10 receive any Suggestions
srAryxEsr or THE PRESIDENT or ruE cospAhv.
MT Monsisos, the president of the company was on
motion, requested 10 state to the meeting the coGd
OF Affairs, aud unsh such information a. would be M
teresnng 10 those present Accordingly he gave stale
HnAiD In Nddinon he ssa that ,ho lossss hsi
been frightfu and enormous From O rOugn Cons.csn-
OF the nnhnces II had become evident
the directors thai the psny had enotoach~d upon
capital In such manner 10 warrant thsnl tne
ton to suspend busiDcssa duty which they owed boin
10 the stockholders sDd tho community 90 tho let &c
January he unadiuHs-d losses OF tho company ~sro
81 2oo, 600 according TO tho preentaon 81 tho tcoh.
The scrip issued amounted 10 tso0,ooo
vorr-Of tho three and bali W N 1nt how msh
has been taken 10 meet claims
Mr AoRnisos-I have not 10 my posgoss on the e@act
figures, aud should be unde stood that gY1hg mo
nearest proximate sum from What know u wopidre-
qurc subscription Of o. 500 coo or ~ ooo 10 eno
TO 40 ~ before
AsoTuKR vo,cr-Are the asss,s one and half million
above the liabilities
rbs twelve hundred thouraHd dollars mny pasnbly ba
reduced 10 lix hundred thousand ewing cainD
for vessels Of similar names which have been Iost
owing 10 responsibility Of the company for oer -
some which have been purpos'y sunk However tho
amount Of the capital aflnr all pcsIbs ded1eons noe
there are, besides about two millions Of doilarr
Question-"hat ~err the recclpu IN Deceubari
hr honslsos-Soms fg hundred thousand doArA
The speaker continued his explanation The merchants
of New York were greatly Indebted 10 lho colau'-
bian Insurance Company, because u hhd taken rDks
which refused elsewhere, and II totally rsfsssd
would have driven American commerce from the
sea (AppIausnj Tho company had claims hs
account asAlnst Tho government. which, 70 allowed,
would add from four 20 seven bnLdred thonfand
ton had been paid with the exception Of slriy hoa
sand dollars and TIE capital Of the company wAs 10 reality
lcs thai amount 1he dsproporon between ths ics,ss
Of the Columb and other lusancs companies consist
oil In thu fact that the latter exhibited paid lofsss oDy,
without the addition OF their anadJustsd losssn
continued Mr. Morrison ss" ssrs iom tss below s,, mr.
lion dollars, and ths liabilities would approach foBr m
lion dollars
ference go with the burness with The capital "a re-
duoed.
Mr. nossIso~ said that there were receivers APP
pointed by the Coart-hImsslf and Mr. Lsren-ell-ena
hs concerned he would render al sassiArcs
In furthrripg tho course to ba decided upon.
The Cmis.s suggested that tho b,si stop would 10 10
20 on with tho busibess aud not losc time. The an
earned premiums OF two mlIoss Of dollars ihs poe
aaE.luu nj la A n. d
and they could ave that sum by Fong on ~ith ibsir
capital A. II h !, night be Increased 70 tvo miliors n
eoaa y 70 Ts. SS away 70 s Es.s,ur. and receive ne
necessary authority 20 continue. such q prooeealn9
the baspess AZ present hand 10 conclusion be
propossd that ihe eonpsIy rsorgAHEs 90 espslAi 1
srorsnotnrs thousht fAsy ooshs " snbscrbs cs,-
tain Amoanl api increase tbs captal By nls showing
their confidence In the concern they would aAurv
rms Icrros or rnr s7ocsnorprHs
Al length, after considerable dscsie q rssoiuuon 40
offered and adopted that oonniltss q three he AZ
pointed to yst The ssto Lssst4re Nnd sypy fof tho
requisite authority u rsorgsuEs and e1ntnus olsnsS
m-asur. met with unanimo1e In fact thsr. Ap
p~ar-d "a be- disposition ~haiaar on The g-Tt - usa
stockholders " have tho Anss % tho company a. h'o
liquidation
on motion ns=srs Isaac Philips, W ysnhliys Ard
y X Copdsrt were Appointed rich ooustiss .na ~
subsequent motion usssfp Morrison and y. fsiisr
selected 10 set In junction With tha~s TsGu sasn
In carrying ont the purposes Tor Which thsJ ~ss etssn
run srsI-ArsuAL pIvfnLrp.
A aro Nn0LBss, during the meeting, Inquired bov u
was that dividend bAd been psf a. narrated IN no
Communication which sppeAfed To- iesssrdays hnip
Mr hosmsge ssplalbed The dfi1end peid vas an
Interest di ssdend ~ W csai per Annan, vhsn
the charter Of the somI~ny rsssHed 10 bs sA'd -Hi-
annually.
otoTtTfO~a 40 fHF NToft
The boi~rn ~ - the Ht0ck bGf Afrsrtts1 ~
.ie yesterday q, noon Al Muller rooms oas wiihcf"s
u ~ await The resuii ~ the WscunF hsues We Flnth
va without qg0tAtion dYrnR tho day There vsfe
probably private sAiea 10, our fsyof'sf "a ~ ssn
ibair A. e'rcutor sss - sqtsniy hfs stafss %
adysrtBed for Saturday ufrt
TuF HtHi~gH~ OT THH cOsrgNr
Tho following statement VIII eshlbt tts imustss
baslnsns which tfannarted ~ lhAs c1hgafy
Returns made by The Columbian Marine insgfGfto
Company to she iBtsd -tsisr sss-ss0fs ofos