The New York herald., 1874-11-20
NEW HAVENS TRUSY COMPANY.
Operations of the National Life
and Trust Company.
Petition Of the Insurance Commissioner Tor the
Appointment Of Trustse-Ths Liabils.
ties in Excem Of the Assets.
NEW HAVEN. Conn. Nov. 10. 1874

NEW HAVEN. Conn. Nov. l9. 1874
since the failure IN 1871 OF the Home Insurance
Company OF this city. with liabilities OF over one
million dollars, with available assets OF less than
ten per cent; the failure OF the banking concern
or Scranton d Co. in 1872, owing the enor.
nous sum or 100000, with less than
100000 with which to pay their indeot-
edness; the suspension or the Townsend
Savings Bank this fall, the appointment OF receiv
srs and their published statement that the capital
Of the bank was impaired to the extent OF twenty
nve per cent; the opinion has been expressed oy
good business men that the devoted 'City OF Ems'
mad suffered enough, In financial point OF view to
answer all purposes during the next decade. They
battered themselves that about al the doubtful
banking, trust ana insurance companies had SUBJ
sided, aud that the future possessed elements Of
smootnness and safety. In this belief there have
been a few weeks or comparative quiet; but while
assurance seemed 10 be making itself douoy
sure the dark rumors OF doubt and distrust
as to the management OF the National Lie
aud Trust Company force themselves upon their
attention. and they are made to feel that another
financial casualty is about to be added. The nrst
lntimation that something was wrong In the con-
duct OF the National Lie and Trust Company be-
gan TO crop out after the State Insurance Com.
mlssloners made their report TO the Legislature at
IT'S late session. some alarm was excited at
that time, but the managers were able
gestgation OF its affairs must nave induced and
il was not Till after a new Board was appointed
by Governor ingerson that any settled pubic cou-
yctlon OF
THE TRUE CONDITION
Of the concern was arrived al about one month
Com mnissioacrs, came 20 this city, and, being
inder the impression tnat the accounts of the
trust Company should De investigated, pro.
seeded In that direction with the assist
.nee Of an actuary; Mr. Maitby ey
Sew York, also visited the city with an actuary
ana subjected the statements OF the officers OF
;ne company to scrutiny. While the results OF
that scrutiny are not yet lully made puolc.
enough IS KNOWN however, 20 give credence to
The reports on the street .nat deficit 0. not less
than S30o,o00 In the accounts OF the CON-
pany exists. and that the general manage
ment OF the concern, to say the least, has
been OF questionable character. commissioner
stedman's Investigations, winch have been pushed
vigorously Tor some weeNs, resulted IN meeting
the purpose OF taking the necessary steps
Ter the appointment OF trustee. AT
tnis meeting nothing was accomplished
disagreement having arisen IN estimates between
The actuary and the officers OF the company. In
the company a lev days time to review their dg-
ares with his actuary. Early this week the direc-
tors had not thrown that lignt on the SUBJECT
which the Commissioner demanded, and ne ac-
cordingly informed them tnat he should proceed.
as The law required and have petition
trustee, whose Office is similar to .hat OF bank
receiver, appointed. Inc directors on hearing
TINS were greatly asronlshed and surprised. They
Logan to investigate their affairs anew ana on
several Valuations they again disagreed. The
os ann tue is ncsv au stated na anst nh tne
accounts OF the National Lie Insurance Com.
yany oil New York, which was consolidated with
the Lie and Trust Company in December, 1873,
have never been settled ana 1t has never been
known TO the public officially whether this consoIi
tnat there was no early prospect or a solution OF
rhe difficulty. returned to Hartford. Immediately
application ior the appointment OF a trus-
tee This document lay upon the desk
same time he teegraphed the directors OF
the Trust Company bring Immediately
to his once certain az books ana papers ,of !e,er
ing Mr. Stedman's ONCE the books and papers
were placed on the desk the application referred
20 resting beneath. When the agent retired he
ne is alleged to have taken with him this docu-
meni, and It's absence was not discovered oy
Mr.. stedman till some hours aiterward-locg
enough enable the agent to return to New
Haven and apprise the directors OF his compony
what was on loot. This, which was not gen.
sraly known till yesterday, has been The me ans OF
Dulloing up opinions far from favorable or the
actual condition d the company, and is used as .
toweriui argument that they lear 10 have their
Affairs brought TO the light. The company has q
PAID up
Of 100000. Its officers are:-President, Benja-
min Noyes; Vice PRESIDENT, John b. Robertson;
Bristol. Directors-James Pundertord, C.. L.
Chaplain. J. b. sargent, Z. 5. Ma!soy. H. D. Walker.
Ket value OF the stocks and bonds owned oy the
company December 81, 1873, was as Iolows:-
New Haven County National Bank stock $el 391
tie rmania American Bank stock. New York ... 1851
Merchants National Bank stock, New Hampshire 32l3
Town bonds Brighton observation-disclosures. III. 20,00J
FAIR Il aven Water Company stock. AuO0
New YorS state Bounty Loan bonds deposited
YORK ................. l0sy0o
Total S2Ju e66
1t claimed that these are largely over-esu-
mated In value.
In the matter OF the liabilities placed At
ll45,22S, IN December, 1873, the commission holds
that they are really neal quite IL 000 and
N hn pfInr nf fanro da nv r6
OF Commissioners, the assets iall below the
amount AS required by law, OF not less than three