The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-01
THE KNICKERBoCKER LIFE INSU-
~ RANCE COMPANY.

Application for the Appointment OF q
Receiver with View TO Wind UP Its
Business-Curfously Connicting Aida
vits-A Case That May Not Puzzle
Judge Fancher, but Certainly Would
Puzzle q Philadelphia Lawyer.
All law cases have two sides, but II is very rarely
the two sides are presented in such strikingiy op-
posing contrast as in case brought yesterday be.
fore Judge Fancher, at Supreme Court, Chambers.
The case to which reference is made came into
Court on a motion for an Injunction restraining
the Knickerbocker Life Insurance Company from
exercising any Of its cooperate powers and for the
appointment Of receiver, to obtain an accounting
nom Charles Stanton Its President preliminary
to winding up its AFFAIRS. This motion was made
On behalf OF John Anderson, who holds ESQ shares
of the company's stock, and Allen r. Walker, who
holds eighty-nye shares and was formerly clerk OF
the company. For the motion there appeared
exJudge John K. Porter and Edmund Randolf Rob-
inson in opposition, Henry n. Johnson and David
Dudley Field.
THE PLAINTIFFS STORY.
Mr. Robinson began with reading the joint an
davit OF Mr.. Anderson and Mr.. Allen. In this am
davlt 1t Is stated that the plaintiff, Allen r.
Walker was clerk and corresponding clerk
OF the said company for more than seven
period was familiar With the books. business and and
transactions OF said company; that the said com.
pany has become and Is fnsolyent and unable to
pay its debts, and has remained nsolvent for one
whole year and upwards; that the actual total as
sets OF said company on the 31st day OF December
1871, did not exceed In value the sum OF
S7,oS5,1S So; that the actual total liabilities OF
said company on or since the said 3lst day OF De-
cember 1871, exclusive OF the liability OF said com
pany on Its said capital stock, have not been less
than 81, Al, o04 2o and that on and since the said
3lst day Of December, 1871, the excess OF the liab
ties oil said company, over and above Its assets
exclusive OF It's liability its capital stock has not
been less than $3s2,472 "a In this connection
are recited various loans on mortgages one OF
900 to one Mr.. Prince, on unmproved real es
tate near Perth Amboy, N. j., the real value OF
which, 1t Is alleged, does not exceed $20,000 one
Of Sal, 800 on real estate, near Yonkers not worth
over $4,000, and one oil 900 some real estate
also In Westchester county, bought OF William M.
Tweed for $4,000 and not worth over $4,000 1t is
further charged that Henry +. stanton, as vice
president and director OF the company, allowed
OF the firm OF stanton. sheldon 4 Co.. by which
the company lost heavily, and that certain moneys
paid out during 1871 were not charged
on the company's books until about
February, 1877, and were not, therefore,
deducted from the statement OF "cash on
hand" Among these sums are specified $4,000
to George W. Miller, superintendent Of Insurance
Department, State OF New York, ''as secret brIbe
to induce him to make favorable report with re-
$3.50 to Eldridge Miliers assistant; 1922 go to
Hzur Wright. actnary "for his services In making
aiavorable report OF the assets OF the company
ana $4,000 to J. II. and o. NJ GoOdsc, for two
newspaper articles, entitled 'sThe Thug Warfare In
lde insurance. and "The vindication OF the
knickertocker Company Other affidayits iol-
low e"un'matory and explanatory Of the above