New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-11-19
THE INSURANCE Conspiracy.

ATTEMPT TO REVIVE TIE OLD REcEIVERsnlP
BUsINESs-FAILURE OF THE EFFORTS IN TWO
CAsEs-sUsPENsIoN OF TIE WASHINGTON
General excitement in insurance circles was
created yesterday by the exclusive announcement IN
TIE TRIBUNE that the important action Of the Board OF
Fire Underwriters was the consequence OF information
received that conspiracy Lad been Organized ~ wnlch
Judges from neighboring counties were to he induced
to force various companies into tho hands OF receivers
Inimical TO the Shareholders Insurance officials are
now in hopes that the timely action OF the Under"ers
and the publicity given to their views and intentions
will have the effect Of frustrating the intentions OF al Dc
signing hohopedto profit by the Boston connagra
ton las they did after that Of Chcago aud prevent Inc
reckless exercise Of judicial power Much OF the ieehS
excited caused Ivy the action Of judge Pratt OF the
supreme Court OF Kings County With regard to the In
ternatIona Insurance Company Of this city (Which was
forced into the hands OF receiver. The details OF this
affair are succncty stated in the following letter from
President Savage to the agents OF the company;
INTERNATIONAL INSURANCE CoNPAST}
No. 17o BROADWAY, hEw-loRK. Nov. 10, l5I2
To he Aqei,Is Of he International Insurance Company;
Immediately upon receiving news OF the extent OI to
Impulse was TO write you regarding the condi Ion OF the
company, but unforeseen circumstances SO quickly lol
lowed lie action OF the Board at their meeting on Mon
day afternoon that IL was rendered Impossible lOr INC 70
address you the subject After hasty examination t
OF books and records on Monday morning, l.i ns'
it became evident That our eapltal was sSIlouy lul
paired, but that all losses would NC pa; M preins
ON unearned policies returned ana suhie eIt 5iOue
OF capital would remain for basis on Whcn 10 re-
organize the sNu bnsincs THat tie Com.
parry might not be made the prey OF those VINO MOnI
lake advantage OF its crippled condition 70 lHsIen
upon and plumber its treasury the directors deemed u
wise to place IL under the protection OF tue aW Ot
10 keep the assets under honest contro uH inc extent
OF the disaster could be ascertalned ani the mot Jlu
cios course determined upon. With tbs OBJECT Ia VeW
mously recommended 10 the Court tue appointment OF
Mr. JARVIS Sade, Of the directors as lcceiNer MT .
being man OF strict integrity, unbemlshed character,
and Of the highest financial standlug lie received hs
appointment the next morning (ldesdaJJ from Jadse
ceyers bonds were fixed by tie Judge at 10000, anu
Messrs. Samuel ID. Babcock and j. PlerpOnt Morgan
Doth OF large fortune, became Mr. SiIGe
Tie necessity OF this prompt acton VIII NC uy uhuer
stood and appreciated by those OF you VINO are &c.
some OF our Judges connection with the appointment
OF receivers OF some insurance companies VINO M'Ie
tlo - hnnt ~ O'clock on Tuesday morning 18th
inst Mr. John Camerdcl accompanied Oy Mr. FRANCES
NJ Bixby aud a deputy sheriff, came 10 our once anu
served papers upon by which appeared tha Juuse
Pratt OF brooklyn, had, Monday evening, without
notice to the officers directors, aud on application vi
Bixby appointed CameTdeu temporary Receiver, and
had made nm order returnabe on Wednesday morning,
az 10 O'Clock in Brooklyn, Tor the company 10 saoH
cause why permanent Receiver should not beapponted
MFR Camerdeu Immediately assumed ul POSSESSION anu
control OF the Office and from that moment the Directors
authority. This OF affairs continued until Friday
afternoon when Mr.. SHADES authority as i'seeYer was
established and the concerns .! the ilstIu IVn were
committed 70 friendly ana JudlclVus hads' iehune tue
controversy which lasted until that time several hund,
red letters ana kilograms were dVeeiIeu WHEN
unopened and unanswered. Inc decentralization when
serious injury TO the Company, aud will add greatly 10
the difficulty Of eheeting reorSanlzation. -.
Very respectfully, GEORGE W. SAVAGE. President
Messrs Bixby and Camerden had formerly been direc
tors OF the Company but at q reduction Of the number
OF members constituting the Board were not reelected
but remained shareholders. To regain control BNby
left this county aud engaging as his attorney. Mr.
Bergen former law partner OF Judge Pratt proceeded TO
tho atters residence and, 1t is alleged received the
order appointing Camerden receiver at o'clock IN the
evening.
ANOTHER COMPANY THREATENED.
An intimation was given to the officers OF
another insurance company by persons who were dis
posed to prey upon theU that application would be
made 10 force them into liquidation but tue attempt was
frustrated and the company Is still doing business.
The International Insurance Company considering
the adylsabnity OF recognizing on new basis.
Many insurance officials now IN Boston trying to
adjust their losses and effect favorable compromises
FAILURE OF TIE WASHINGTON.
The Washington Insurance Company of No.
ia Broadway, yesterday formally succumbed to the
pressure OF circumstances caused by the Boston cOna
grafton Il appears from the statement Of the Secretary
that the agent OF tho Company at Boston tegaphed,
after the fire. TO the officers 81 the Company here tna
have gone TO another company tie WasLugtOns real
loss being s26o0OO which they were unable To the
capital OF Company being only S0OOOJ and the Com
pany having been business ony about year there was
S Sp NO decided to suspend the Of the
Company aud endeayOr TO compromise VIII the Boston
sufefers The Secretary says that the proposition is
depost s25OOO in trust company against the outsand
ing Boston liabilities This will net about so per cent OF the
losses IL there should be any salvage Is expected IL
will accrue the benefit OF the sufferers Should tins
proposition be accepted, 10 Is intended to raise new
capital and continue In business. AS several OF the
heaviest Boston policy hOlders here, IL Is thought
that they will accept In the meantime suit has been
begun I'm the interest of the Company for the appoint
ment OF Receiver This action is taken 10 prevent men
who would take advantage OF their mslOrtunes, and
force Receiver upon them whose efforts would be solely
directed realizing the most money out OF their posi-
tous for themselves. IL the Company Is successful