New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-03
LOCAL MISCELLANY.
ANN rs NE An INSURANCE COMPANY.

TROligl.FS OF An INSURANCE COMPANY.
.c,a,c.r1,S pJR RECEIVER or THE MERcHANrS
,IFE CLOSING THE AFFAIRS - CHARGES AND
cnvNrEI-clIARGEs or NIsNANAGEMF 7.
Insurance men on Saturday were very much
Interested by NUN .rous s.stements In circulation auecF
ing the stability Merchan;s' Life i"'"'hee 'ou
psuy ~ No 257 Broadway The Company wa "rH""IS0n
several years ago but has never been resAruOO 'S WHY
strong The business done not great and thr O"n-
many mas been losing y almost steadily outer
,r, among the directors, resulting In the retire
a,.nt " the President, William Fhpps'
and the election of BeIiiunln T. beeRlnah' wv"
tho death ~ tho latter months o the secre
tar, OF the Company, J. A. Tabr waa elected ireee"'
Fnu lint Time however the directors Of the Company
have been making efforts 10 el0sc np tho Company anu
transferred the risks the Atlantic Mutual Company ''
Albany This action di meet the approval "f some
Of the holders and injunction was Obtained pre-
venting the officers n parting with their a" u III any
manner IN ADDITION therein an application mas uNen
wade for tlle appointment Of reeeiVer 10 tA"e
.harre OF the affairs az the Company, aieeauo"s
Of a grave character being made agInss the prtsen'
managers One of charges made Wis that the Prrsi
S,ut NJ Tabcr, dir city Interested IN the transfer
al the husincss and would receive o large commss0h
md that the whole cement was de'rmeut ~ inc
INTERESTS Of the stockholders. The following Ae TIE
points ~ the papers on both sides
Tie spuston Tor the appointment of receiver was
made ON saturday before IHdgr Pratt, In the supreme
Court, Chambers. in BTookkn The apie.iro1n VS. Wa
Issed upon the sfiavits " Mrs Fnwa 6 b'HIseh s'e
wa T. Phiprs, President Of The COMPANY se%e w *
perce OF tna city aI Sr om op se is os money.
aud sOlyent condition t"t the pr sent mah
sgGuent has Threatened to sell Sat AZ tne , pri
tereby derive miyae henht I" uie Pltsen' iv,
deu portion Of the Trustees LNat hucH noH,5
,'%s;ai h.s ben reduced from SlGI.0io To be
tween $4,000 and $4,000 that ID January l-t
nat no ,' new rsks shonld be taken, and that the
business should be Discontinued Tabular siatemrn'r
wer. aIrr,I show ing tLai the CAPITAL hd nsn
and h.t the Company had been losing money ou' ho'
ShHwing insolvency. -.
roscd nv District uey BrittOn aseociab'i sn-e
with uenrv c. Murphy, the atioru Tor the SomDany
bst money Last year and that tne capA u nnp"lrtu
say nfty per cent that me ConlsnS , nou" nus
WIKI the ord Is OF the supeI1n' ehdrh W NV Ilsk
~, US appoiutec 10 close I'D the afirs tU rinsure
The INSURANCE ~ the Company upon the best trrin iid
tat t is Ell they hal reinsurance with the
L,fi, Mutual Lie Insurance Company az Albany, AMI
without benefit whatever Ia any person othtI bbin
% the coUInnv; that THIS contract approved by the
sunerint.ndcnt OF tho Department bcnsHcia 10 Ie
Company, the Atlantic Mutual paying hoi."i SIuOoo'
vhch amount tbr general ass';s The ar
aver alleges that the liabilities Of the Company 90 no
exceed - 900, and that the committee ie allowed 70
continue IL closing up the affairs Laid-''e n!N u'H
xt be divided among UcGhoders II Ii further Al
keyed that Mr. Phipps f0rmerly President ni TIE 9l.
pany, 10y Encouragement Impaired hs c,pi,h, ana Iva.
b. y usung iliIs suit from lcrH0naI motives and hot
offered from the officers OF the AID"iS COMPANY "a
the effect that arrangements had betn hdd' luI
belcnt
,.f the hold ItwasseEel that IN event Oi
r,ceycr bcng al pointed Nj. Alexander OF the commit
sc o. ap onted who had offered ~ take Ihe position
riihnni 60 n,ans.inu but cunH alleged tLatn was mol
a ra-a flr Ife appointment ~ - receiver. No Proceed
n.s upon application. Judge Pratt hAv-
Dg OF her engast the time hearing was APP
pointed Tor next. The papers show tiat the
original cOmpla Withdrew his nar Tor tue TIne oi
Nrs aItseu has Iss ted IN Wherever Tie n'iige
necessary
STATEMENT OF PRE>IDE>T TABER.
President Saturday made the following state
usrut the history OF the Company The ArrcI'aAt-
Life Insurance Company was organized several years ae"
when the DIsipes Already OvItione
The Company along until disscnsi0ns tn tic Board
render, Bccrssnry Change in the Presdcnt Charee~
we're nae against htn and az meeting on "f IN Dir -
tors took his watch OF hrs POCKET ana said Tat
he would give the gJntl mai who was Pr
ksHt At that time ten inmates 10 which 10 & SIN I
othcrWiso no who'll h tvc hin arr3StNl On IN li
charge TIE resignation immediately CudeItd, ana
Nj. B-s.kInfu elected MI the Vscauty. 1nc a.
Company bitter. and aiJer the death
OF Mr. IL concluded rclbsurc outstit-
ing aud wind up tile Company. fhi- BctIon was
hssten, by the b0sti. action Of the deposed President
eho had -Ight t. uure the Company IN vEs10uH wLts
and Instrumental IN CAUSING Tie pr s'nt ntga
ton zoe the appointment OF receiver Tie Company
had rrinsur The Atlantic Mutual VI Albany. and MI
L. sly nldafH w1uld Ia secured. II THE present oI'
aer4 OF the Merchants Company allowed t' close M
w. AFFAIR." holders Viii realize 40 cents on the
soItr receiver appointed. MIR Tsser could Hot
L.n bow much eOni be AhIs,d