The New York herald., 1867-02-03
TAE INSURANCE PtI1C.
Meeting Of the Seripholde As Of the Sun
Insurance Cchpany.
THE EXCEffMEaf IN WALL STREET.
LOSSES TN OTHER COMPANIES.
&c &c. &c.

me announcement made in yesterday HxRALn or the
shsky couditon Of many OF the leading
rAHtcs had the effect OF creating exca in the
commercial quarters OF the city, which may safely DO
% to have been only equaed by the nervous agitation
tha Immediately preceded the disastrous psrc OF 1857
From early hour the morning holders OF stocks,
policies and scrps and ether insurers were kept on the
Sui rive running from eice oface and sank bank,
anxious TO gain che reliable information tho
extent Of Losses sustained by tht several companies
amount OF their deficiencies, and the probability fsny
their being abo weather the storm which ID now
ntesally raging In this department. of financial xaIars
with violence thxt very seriously endangers the safety
Of the considered safest most reliable
1nstlturcns Of tho kind ip the country.
HoLprRs ~
The scrip he,ders Of coenpany-lthe spu-cron.
PLAIN very Loudly Of tho treatment they have received
hands Of the direutors tho statements made
by them tho street and elsewhere, II true lead one
to imagine that the managing officials have not desk
fairly with them. They say that repeated attamps
have been made to set the directors make azylana
Ion Of the true state OF affairs; that committees ap
pointed by them body have snutbed; and that,
In point Of fact scrip hclder treated tire Office
Of the company more intruder rhan n person
having part ownership the funds Of tho corporasoD
and deeply interested It's affairs They % further
and say that tho Sun is really exploded concern
that tho direcsors have established . new COM
pany On its ruins, TO conuae its business
occupy iis buildings, and throw overheard
is scrip holders for the bene those an,erosted in
policies and stocks; that all this hes been done without
the consent on knowledge or the owners of scrip and
that the arrangement noshing more than port or
shelter for very small yriy the great number
Of sufferers
PANIC
ne freUds Of the company defend il by esyng that
the books and perfectly square, that the
SancsIling OF scrip Is matter OF the dires necessity
the establishment OF the company present const-
tuscd contingency against danger and rain and the
general pursued by directors and managers
thoroughly honorable and legitimate They also asser
With gscd reason that the company in its present
condition requires perfect freedom liberty Of action
md that ts ocals wfbring safe through tho dancers
Mai now surround and threaten IT, but that the con-
anued opposition OF scrip holders any other body
would 20 smbarTass it's oPeratione very probably
cause 70 wind up and that them In that case panic
was sure 70 follow which, from lts importance the
Ury done trade would considered nothing abort
os public calamity. ss.s.. &. ....tstss
nh b very true, and ncannotb at ali doubted, that
sosvpssatoa waasactine such large Of husi-
nsss = Ne suD-sn institution established orsr
swenax ysas dusR which been. unsif lately vary
saccsazes-should have made largo connection among
sshW eopnpAnss ven 90 the gsnen puhbc. The
ssqussoc ~oula bs other nsreesa being mixed
NJ wnh Ne ows, that is emDsrrassmcnt would
taiuy involve other corporations extsntwhich
~ present moment cannot with any certainty bo even
gssssed A.. stial, nun6er OF scp holders who feel
Shsmsefs sore,y sggrieved heard yesterday
Snazk shai mster what results would follow what
calamity would BE caused by the action, they
srous Of winding up tho Affairs Of che company because
ahey longer repoeed any confidence directory
CONFLICTING srArrnrNrSs
Yesterday the directors issued another statement,
which did not altogether agree With that publ
fhe newspapers Of the day before and many remarked
shat shis kind OF condoci only keeping with that
pursued by the directors previous occasions They
Nv that statements made verbally by bLL officials OF
abe company very much with the pub
lshed account OF Affairs Other gentlemen complained
shaI Of thesoas they called themaIse rep
presentations they induced 10 company
of money varying from s. 600 $50 600 within
She last few months; and in particular under
uood 20 remark that be advanced gum OF money
she rcpresen tion Of tho chief ocerr that the
company would present surplus 81 sseo 600 Ut It's
regular annual statement
Imousr or ssWgr cA0CrlSp.
In any case the immense amount OF scrip SO suddenly
cancelled canno, hut seriously affect very many persons
and the iniury done TO individuals private asso-
caiicDs cannot al the present he well ascertaned
tut there doubt that tho which
rssrily follow from the loss of much representative
capital mast be developed very speedily, and In u
aer which further tend hasten the already down
vsrd tendency OF all kinds Of insurance stock.
Whether action the directors be Just unjust,
x whether1sbo holders have been legitimatey
fairly sih the fact se concealed that they
sensiserably from this depreciation OF the
value of their paBsr, especially ~hsn Is known that
Sme % them bed scrip iess aooun, than
ESQ o00
usR ACCOUNTS or "A
Great excitement wis, therefore very naturally caused
when there conhicthlg statements and rumors wes~
passed from mouth ,mou,h Yesterday gaining eonsid
srabiy the farther they travelled Some persons adyo
esied the necessity Of an pointing receiver. while others
were strongly in favor Of insi,uins law proceedings
against the directors. public statements
serted, were untrue snd y, was confidently stated by
gentlemen evidently well acquainted with the details
sbsi ,be Sun company ad, proper scrutiny,
ho, after cancelling Grip deficit Of s.ie
$1,000
rHK ,sKsrrso oy scawB rIsusrn.v
Al noon yesterday = numn er OF the scrirhoiders
met 10 devise the best TO be taken in the
ssnt state o. Affairs The object sof the majority present
evidently 10 bring the matte officially before the
snsursnce Bureau at Albany, and thus further increase
sbe embarrassments OF the corpoIs ton otbef gentle
took camer view Of the ri ,air. and advocated
cautious action, but ihcr advice VI scarcely listened
ia BY the others who appeared to h very bitter aud
vindictive against the directors VIII 'se Conduct they
loudly condemned and openly laughed and eer'd VII on
me word Honorable restA IN to tbeir man
asemsn. Of Affairs Among those preses al the meet
Ing were Moses Taylor, r. P Book &, Co, MetcaIf =
.Osnoan, wilson Camman, y. Alexandc, W. G. Gil.
more Moody relfsr A. r. Higgins, and other gentle.
men connected with the insurance interest
Meeting of the seriphoidcr. OF the sun Ma
tsai Insnrsnce Company t.restS Ex~i'e- i
meat. &c.
An sdjourned meeting Of the scrpeoldors OF ,hc sun
Su,uas Insurance Company vas held noon yess erday,
al No 30 Pine street. Ar. Cossiu in the chair
A. soon a. the meeting bad been called 10 order mo
ion vamsds plcdsns the scrpbolders 10 defrav he
sspenxA sincs&entsl and legal which nigh, he mace,
s~riw n thor in,erests ror.,so.