New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-06
AN INSURANCE QUARREL.
DISPUTE BETWEEN A COMMISSIONER AND A
COMPANY

versy between John ". Stedman, the State Insurance
Commissioner and the American National Life and Trust
Company Of this city, Ia exciting little interest in In
surance circles in this state. have endeavored To
obtain full history OF the contest from each OF the
parties to it, but Mr. Stedman has been this city
since he caused TIE arrest OF Benjamin Noyes President
Of the American National Life and Trust Company on
"Wednesday, and has been at his Office 10 Hartford
to-day. HIS grounds Of action against the Company,
however fully set forth in his special report 20 the
Legislature in May last in his official communications to
the Company, and in tic legal papers which lie has
eudeavored 10 have receiver appointed. The Com
panys view of the been aseertained from Mr.
Soyes, tue President, and other officers.
In the early part of October last the investigation
begun by MIR. Sedrnan The Company stated that they
did not owe maIred loss thcu and had assets to the
value of 81 900 900 On the day that the Commissioner
visited the office, the President was suffering from eo-
gcsve fever, and hat been taken up stairs the Mei
cal Examiners and laid the sofa NJ Sicdinai
visited him there, and being informed by the phys
clan that Mr. Moves would not he able 10 attend TO bust
for week said that lie would postpone his exani-
nation until that time Instead Of doing however,
ir stednan and his deputy went down stairs, and be-
gan an examination Of books and papers at MI
NOyes III coming down stairs, said to Mr. StednGn: II
you propose go through with this Investigation ut this
time, have ou, to say that having been Bark COM
missioner of three years, and Insurance Commits
sioner for six year, know what is due O. a State
officer and you VIII not have occasion TO 20 outside o.
this Office for fact, record Information concerning
the Affairs of the Company" Mr.. sedm.n reported To
have answered that he felt doubt the subject
few hours lae7 NJ sednan and bis deputy took their
leave saying they should not proceed further at that
time The next morning they visited tine CGmpany's
Office in SewYurb and demanded the books and Tap"rs,
for the purpose Of invest CATION dispatch ws cent
70 Hr Noyes for instruction and tc reply rcce-od,
show him 4. thing. Refer him to tAc hone oGc'."
The examination vas suspended for time. but was
renewed reGles. Of Insurance Commissioner Chap
man OF Ncw-York who instructed the Ncw-York agent
Of 'e cpInrany 10 treat Hr S,ciraan his deputy.
After the examination hal continued two dag Prcsi-
Nnyes special messenger 70 Ncv-forS wiiA
i~trucus 10 bring AL the hooks end paprrs q that
ci,C New Haven. The transfer mad" Oh Sunday
ana az M0iiay the NcvYort agent cicgraqhcd 20 the
homo office THE Commissioner and Deputy are here
a-..n Whit shall sayi" Mr.. Moves Tpied fu;orin
him tina, ali The AID paper in Newliaven ut
his disposal" NJ Stctlmar to tho hcn' Office on
the 10 lowing Wednesday and made personal ear1'na-
ton. which lasted tai day and part of the following
day. lie LEFT several experts, VINO continued The exam
ina On li ;wo weeks. On NOV. IL NJ. Noycs
received The following letter from Ccu.ns ne! s'eo-
man:
L snail br at the Office Of the Company on -atuTy!aJ
Nov. II. At 10 ocluc '" consult with sou IN
directors Company. Please Ia Hot ail 10 monty
them.
lie appeared with his deputy on the Ga named, and
man ID tie roa that the Company hopelassly in
s, rf that he had pui 1t into bankruptcy, and
that receiver would be appointed within half an hour
director him TIE officers concGiTed with iiu ia
ia conclusions. He answered hat lie had not cunmui-
Gated II item any Of his f-lcs wealthy director
said fhat he had been alb mt an MT Known
nothing of these proceedings. He srp',et tnat
II A deficiency existed it could d" mtd" NJ
Tho Coinmi scuer replied: " NJ, Sir" tn, N-eei'f
ticn said Mr stcdTnan. Il should - e. make NJ
any required leccncy, and would do it ifbu1 short
tinie suppose I would have the opportunity Z" The
C.,nfs iouer again replied No, Sir" H. said thnt
receiver wvud be appointed wtIOat DELAY AMI thai his
attorney was waiting At the Probate Cioc. Anothrr
director inquired Of Mr. etcirnan II he Dad not said
hin short time an. r hs appointment as Comnlis-
-oncr that Mr. Nyea would br he first man be should
20 for" aud that he world blot out his Insurance com
paly. Ghis statement Mr.. Striman denie.. Nj Ho'cs
cen laid Tat he I'D been Informed ~ t"T nT i'n.
rdlcl tine n hrs niOrans declined q" g."
On appearing before TIE ProDaie Court, Tie attorney
of the 0li auy prcs,nl, denial " fi- allegations u
Commission AMI rSsed ne question OF ne e"nsti-
tutI0na.hJ al Tie 1t" undtr whicii he "as d't me
judge eiutoG L. chi' tam 'At aslctl"h io' =
>onci aud NE reply ci the CGhit'Ay a tfia wa hai
n,fore Judge Bradley tie PODde Court ana Ju"-e
IArp. o. '. ""' dii,It3 NJ ~ i.s ran
nl.sjaners petition. The nowevcr, decided That
ti' ia te- or The Company a.. req, ord 20
io.IL., summary action ~ t8e tHey were
they knew tat t!,irvas temporary deicicsj d about
siJj,'J cause by mi. ~. Cn GUS hy inc N@tl2ntl
we're rias.Io. - tas Anc-i,tn NaiIoal lhese ME-
Representa-; consisted IN ;ie -c that III l'l -AI Va
t,hal called N ar"e mnii'er vi tnrir otde-o
roi,les aud issued NV ones in Their sl'ai.
en- Hationa claims lha; hey were rapidly
coming The deficiency tlio cict l. li4 Proposed az ';
end Oi lie year mp whatever sum might b.
need 10 nIaAc good t"inni>soHcf 94ei'i' IA INK
s, M is coats. made speral [eori 10 tle l1.>,i-
ARE n- May, IN ghich nc seis forth That the Amer cah Ma
LUiG. lsO!N et, iaG tiaL iA.s c III 'eth conc ~ u
# its securities, ana estimating me value CT nc" an
IsIlSJme bulG on I"iVCI,st. - le"ili G"toc - ~
L, the lhl'ture and the matter was suOnlt,e
Il the Com.nit,ee on Insurance, VINO Reported az,
Jrr - 1879 declaring tIat a deficiency s1d ia tie
American NatiOnsI L..e ANA Iruht Company aud t!st
unless the deficiency should he uipiod but providing
that Il disl trcucnt between tlir Company ana
Ia lus.rIce Commissioner ia rtg1to To The i-sotS asa
Ia "a f ~, me- s,ic. ~ Ssr CoIrt of
i.ITOrs and Associate Juttce wnOse certificate shall
Je conrIsIYe lAe Company s1oi.d t.oh HtEc JJa"Y
good Inc dci,ciency declared 10 exist Company
did supply the deicency before sept L, the isn.,
CoInIssoncr authorized :" tAne Possession oi
the oaics and nave Il receive: appointed.
On AaZ "a Company sent Mir stedman notice that
they would him me 27tI AID present Iacis and
st.cit, IN order ~ ase, tain wncther There Wa any
NJ as TO the value or suilcioncy Of tAe asset'
al tie Company. Mr. ,iedrnn rcsFonted and On inc
day presented with sateInen tie foe Inss
vi whoa ar as follows: s,,-,r,
Ais ILL ~
f IL 'g' ,li i.l &c Soasnseaaics. 100
1 roll -ics "a force oJaHOl
reserved decision, nut the difference 81
cyI.I ~ regard tlc real estate and other
had Mt lccn rccnnci.cd ana lev d. !er me
omtduv were ordered appear before the CnefJu
c, Monday last t9s 3D. az tAc Comm ~,ioner l"0-
10, Il 10 r DcaG AID Lt.c posses lon n tnr Company
Office instead OF hedln- "u tlc bond Pesecn. Noyrs
p,cncd ajuno, oDi. ,s -ro. Js.g iseAidsley 81
superior CJult petition se!flnS iorth Tie hncun
sTi.ulIOuay Tue OF July, AMI declaring the sol
vency ut INC Company In.s pIeNehtel any aCd"H 40
that Unlc. IA. III, f.ief! nsiicc iEiiaitd t Oh or
aoout -rpte;nDa ne would br able 20 name
Gay Oh Nhc lac "a. al Asauc.''e ~ e. S1- De aDIc
proceed tine tria OF asaets and liabilities an pro-
/ Viaiod py iAc act. -,