, 1872-12-27
ANOTHER DAYS WORK.
Some Further Inquiries Into the Cfrcum-
stances Attending the Sale and Pur-
chase Of State Insurance
Policies.
Sharp Passage at Arms Between Far. Cooper
and Register Hibbard-..0f Course, the
slipper Court" Cannot Err:

resumed before the Register in Bankruptcy yes
terdny. Edison Keith, being Bworn, testified
that the firm of Keith Brothers had q policy to
the amount OF $1,000 in the State Insurance
Company, covering loss sustained in October,
1871. From four to six days after the ire Mr.
NcMullen and hlr. Bowen came to him, repre-
senting that they we're endeavoring to make
settlement of claims, and asked him to sign an
agreement to take 10 ccnts on the dollar. Such |
an agreement was signed. Tho loss was not to-
tai, the salvage being about Is per cent. Nc
Mullen and Bowen left the impression that their
object was to keep the Company out OF bank
ruptcy.
In reply to Mr. Aver h1r. Keith stated that
the assignment OF the policy was signed By his
brother, E. G. Keith. Was not present when it
wGs signed. Witness signed the agreement to
sottlo for 10 cents On the dollar. His statement
as to salvage related to the terms OF settlement
Does not remember tho basis OF settlement with
other companies.
Samuel 7. Atwater, an adjuster OF marlno
losses, testified to having administered an oath
as to proof OF loss to Hibbard t. Spencer on
policy in the State insurance Company, on the
28th Of December, 1871.
0. F. Fuller, Of the firm OF Fuller l. Fuller,
wholesale druggists, testified to having had two
policies in the State, one Of $4,000 and one Of
$1,000. These policies wero delivered last
spring to tho National Loan and Trust Company.
He got 10 cents on the dollar. Mcdullen came in
and eaid he had paper which he wanted
him to sign; that they were trying to settle up
the affairs of the State Insurance Company that
they thought they could pay 10 cents On the dol
lar. Asked him if that Was all they could pay.
McMullen said it was nll. Witness was q Director
| in the State and in the National Loan and Trust
Company.
| cial of the bank, OF resolution or agreement to
buy up policies in the State Insurance Com
pany?
not material to show whether the policies were
bought by full authority Of all the officials Of
tue bank it was only material to aho" that ~
policies were bought. o,+raord;-
Mr. Cooper said the h ti ma5 tat an tho act Of
nary President % u1ust be- by authority
ne y Directors.
vi he Register-l don't sec how this interests
1 the creditors Of the State Insurance Company.
| If the Cashier and President violated their func
tions they are amenable to the Directors.
Mr. Cooper said that if it could be shown that
this Was done without due authority, then the
| bank WAS out Of Court.
Tho Register decided to exclude the question,
| and Mr. Cooper excepted.
| Mr.. Cooper to Mr Fuller)-Did you ever
authorize the purchase OF certificates against the
State Insurance Company?
| Objected to, and objection sustained.
AIr. Fuller stated that q record OF the pro-
ceedings .Ens kept by the officers OF the Bank.
uo had been Director Of the bank since it's Or
| ganization. There YVES never report made to
growing out Of the purchase by the bank Of
| claims against the State Insurance.
Mr.. Cooper-Did you know that hressrs. Van
Inwagen and McMullen we're purchasing such
claims for tho purpose Of setting them against
Objected to, and objection sustained.
Mr. Cooper-As Director, wero you present
at any meeting of Directors whom the subject
! Of these elaine WAS talked Of?
| Al have been present when they we're talked
Of; it vas three or four months after tho
fire; it was not previous to tho 9th OF
December; could not swear that
mover he'd any conversation with Geo. c. Smith
or W. a. Park on the subject Of the claims
WAS afterwards told that the claims had been
purchased; did not know tho claims were to be
Offset at the time tic agreement with Mckullen
to settle for 10 cents on the dollar WAS signed.
| By the Regstor-Do you propose to revoke
the sale Of your claims, or do you confirm it. a
| II propose to confirm it.
MI. Cooper-Did you have any conversation
with Mr. Hurlbut with reference to the sale OF
tho claim. Objected to, and the objection BUS
tanned.
Mr.. Cooper-You may keep this evidence out,
but the case will be taken to Court where the
evidence will be admitted.
Cooper, and unless{you withdraw or retract, il
will be necessary that some other attorney shall
represent this case.
hIr. Cooper disclaimed any intention to reflect
upon the Registers integrity. He merely meant
to say that the Register was mistaken in e1c1ud-
ing the evidence.
The Register-Yes, We all make mistakes, ex.
cepting the upper court where no mistake car
be made, even though they occasionally reverse
former decisions.
The Register stated that it was his intention
hereafter to ash OF every witness whether he
purposod to revoke or confirm the sale of hiE
claim.
Mr. Cooper said he should object to both the
question and the answer, on the ground that in
case the witness should state his intention tc
confrm the sale, he WAS thereby debarrod from
thereafter changing his mind aud attempting tc
revoke the sale, though it was plain that it wat
| tions.
Mr. Aver Ito The wltness) )-Have you egel
claimed, or do you now claim, that the sale o.
transfer Of the policy WAS void A. I have not
and do not.
Mr. Cooper-Do you believe that you we're dc
ceived as to tho assets Of the company? 4.
turns out very differently from what supposed
I have not been promised, have notreceived ant
do not expect to receive any further paymen
on the claim.
A recess of twenty minutes was then taken
and, on reassembling, Nlr. John Alston Was call
ed. He testified that ho WIS member Of th
firm Of Alston, Devoe i Co., at the time Of th
fire. The firm had s., 500 covered in the Stat
Insurance Company. The policies we're surTend
cred to Mr.. Van lnwasen on settlement Of Il
cents On the dollar. Did not ask Mr. Van In
wagen as to the affairs OF the com
pany, and no statement OF the knt
was made by him. Is q Director il
tho National Loan and Trust Company, ha
been since its organization. Was never at an.
meeting Of Directors when the question O.
claims against the State Insurance Compan.
WAS discussed.
Mr. Cooper-Were you even consulted as tt
the purchase OF such claims?
Objected to, and objection sustained.
Mr. Alston stated that he mover received an,
report made through tho offset Of the Stat
claims against the deposit account. SOM
boxes Of papors belonging to tie bank were pu
into his vault last spring. In November the
we're taken away. Never heard that the vaul
) WAS searched for tho missing ledger OF tn
bank. Has never received, nor been promised
more than 10 cents On the dollar for the poll
cics. Was Director in tho State 1nsuranc
Tor71opv al +be firna nf In ef tho rn1iriaq