The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-19
NEW HAyEN'S TRUST COMPANY.
THE INVESTIGATION coNTNUED-soME INSIGHT
INTO IT'S REAL CONDITION.

THE INVESTIGATION coNTNUED-soME INSIGHT
INTO IT'S REAL CONDITION.
NEW HAVEN, Conn.,. Jan. Is, 1875.
| The case OF Insurance Commissioner Stsdman
against the American National Life and Trust
Company for the appointment OF o trustee came
up before Judge OF Probate Bradley and Judge
Phelps, sitting SPECIAL court, THIS afternoon,
IN the Office OF the insurance company. For the
benefit otJudge Phelps, who had not heard the
Commissioner. briefly stated them. dwell
Ing emphaiically upon the fact that
| the assets OF the company had been
found to be less tnan three-fourtns OF the abill-
ties. which was contrary 10 the statute In such
cases made and provided, and. that such being the
iact. the action on the part OF the commission for
the appointments OF trustee was taken. M.
Theodore Maltoie. Deputy Insurance Cpmmls
siouer OF the State, was the first witness called.
He stated that he had held tee Office during two
years: he had made 1t his business during that
time as an expert to examine lie Insurance com-
paaes; he began the investigation o. this conf
pany on the 10th OF October; he had IN this work
the assistance OF the COMMISSIONER and his son. and
Mr.. John A. Mccall, OF the New YORK department.
Together they made an examination or the books
OF the company, and called upon the officers 10
produce the assets OF the company, which they
dla, enabling them to determine the number OF
the amount OF losses when the company had sus-
tanned. Some OF the losses were ascertaDed
through Mr.. J. A. Bishop, Treasurer OF the com.
pany and Mr.. Mortimore, OF New YORK. The
officers stated that sbe books OF the New York
branch OF the company were N that city, whittier
MI Matoe went, ana ne also me- ar. Mortmorc
also by all tue officers OF the company a. they went
along tue company was given an opportunity 80
explain; tile examination OF the cOnpany's con-
dltion extended no lurl ner than October l. 1t was
not conunled further for the reason tnat that date
terminated the fourth quarter OF tue ear, and 10
have continued II 10 the Goth would have made
several odd days the company claimed to own.
in the way OF real estate, nrst, the insurance
building, out no. the ground on whicn II stands, !
the ground being leased Tor term OF
rental or the nyst ten years OF 5000 per year,
the second ecu years 1900 per year. and alter
tnaJ at The rate OF SIX per cent per year on the
estate claimed. Oh loans secured by mortgage
there was an aggregate amount Of si.2, 100 OF
County Bank, valued al $40 per snare; hity SHARES
oil toe Merchants National Bank, WORTH e. 100;
New York, wor' $500; New YORK STATE bonus
100000. market value. sios.ooo;; iorty. bonds
@ the face value q sSsnG ae New York
bonds were from the New York Life and
trust COMPANY. o. loans s not secured BY mort,
premium notes on policies IN orce, s235,9lo SO.
or casn assets IN the New York office there were
SS.slo 80. The cash book called IOr $l2.9I2. BY
the conpany's cash book here there was S1.90l Az
and an oveldrat by the president Of 1851 IS, leay-
ing total OF S1,3l9 49, Total amount Ur cash
assets oil the company slo,037 So. Ol deferred
premiums there were:-On policies known as ma
tional policies New YORK company, $i9.577 40;
preferred premiums, 81, $50 y. Total, S2l, o62 So
American National, uncoliected, Sl7,35l 81; pre-
ierred. SIT 924 o. To5al, s352,6 AZ. Total OF both
IONS paid and due the amount was reduced 10
S45.592 4G
They found that during the two years last past
the percentage OF expenditures OF the company
IN the way OF COLLECTIONS and Tor commissions
were l0rty per cent OF the premiums received.
Inc expenses OF the New York company were
tnIty-ullie per cent. This includes the amounts
Tor salaries. vi accrued interest and rents there
were S25,aG6 &c; Of list vi CLAIMS made by the
company, but not admitted by the Commissioner;
OF blls receivable (ot the New York Nauunai
past due, S4,4o4 s.; not due, s4,770; total,
so1i435. Agents balances. 5000 9S; bills
in hands OF Willis Bristol, $500, agents
were shown me with the exception
OF SilG), in the hands OF attorneys for collection.
The nrst note was daed Apr is, 1871, sixty days.
Tor $500. Mr.. Mortimer said they were notes given
Tor agents balances and were old and uncOilect-
able rhe secund note was dated May "a 1867,
day, Sl.l32; third February 10, 1872 protested
check Tor SlO3 50 May T. 1872, note oil sixty days
Tor SIPS June % 1868, note on demand S1,0o6 81;
March 81. 1871, note, one month"; S626 so; DE
Der l, 1869, note, one year, Tor $500; July Z, 1873
ninety days. S5S so: Aprll 4, 1874, demand note,
SO 50. Total, 1904 80. All these anu many more
o Ike character were not allowed BY the Com
missioner.
The investigation will be resumed tomorrow
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