The New York herald., 1877-10-06
FIRE INSURANCE.
HOW THE AFFAIRS OF TIE BRHw1Rs AND
MALTsTERs COMPANY WERE MANAaxD-THH

HOW THE ATTAIRs OF TIE BREw1Rs AND
MALTsTERs COMPANY WERE MANAaxD-THE
IMPAIRED CAPITAL TO BE MADE GOOD.
The Brewers and Maltstsrs' Insurance Company yes-
terday, al No. 1S9 Broadway besisgsd st early
hour BY crowd OF policy holders marine and inland
underwriters directors and others who together
some 70 adjust thoir caims others TO inquire Into tho
chancos OF thor policies bcng good for anything and
all more or less Interested In the meeting OF directors
70 tako place In the afternoon who 70 determine
whether tho company should wind up ana bs num-
bcred In the vast catalogue Of bankrups corporaons
OF, by largo assessment OF the stockholders to mako
the impaired capital intact and enable shs crippled
concorn 10 continue businesa Tho interest was
not altogether centred on the outside OF
the Offices; tho officers and clerks behind
the polished walnut desks partitions and counters
Of the interior unmistakably about the
result Of the directors' meeting; and, - all ous-
was suspended they could do nothing bat confer
with ono another and discuss probabilities In tho
main aisle OF the Office . large xipo-covcrsd car on
wheels conspicuous In which tho books Of the of
nee IN daily wero placed each nigh. On tho front
OF this painted In black letters the following
"Brewors and Maltsiers' Insurance oCompany-Books--
TaKc out nrst" A#
Superintendent Smythe arrived during the morning.
accompanied by his deputy, Mr.. Mccall, and they
tended tho direciors' meeting later In tho day.
An Interesting statement OF tho company appears
ato number OF insurance Journal and gives brief
summary thus:-"Brswers and maltstsrs, capital
stock 5000, 900; last semlannual dividend, nve pcr
cont; par value OF stock $l00 per share; net book
value January 1877. $ll4 last sales Of stock 500
II will thcs be that the company for time
has enjoyed but dubious credit. whose stock, Il
honestly showing book value Of $ll4 shars. should
seli In tho market at 500.
AN INSURANCE DaoxxR srsAKs.
Said an oio insurance broker TO the wrter;-Alt
looks as II some OF tho directors hud nn inside track
and werc spplng quietly boiore the catastrophe
camo Tho. idea,' no continued ''of making an IN
surance agent like Standart tho president OF com.
pany Is simply absurd. OF course hc Will take hts
business where ho will got the largest premium, and
although he was drawing handsome salary In the
Brewers and Maltsters' Tor his services no pre-
tends 10 charge them onmssions on his busness Ho
agent Tor the Merchants oi Newark, and the VII.
ginla Fire and Marine In explanation O his charging
commissions 1t said Slandart was the agent Of
. combination OF tho Inland Insurance. Union and had
nothing ~ do with the hrc busincss which " con-
Quoted by the secretary, and that whom he entered
she olco OF president u was agreed that be should
source addition TO MIS- salary. Bo this may. II
argues very poorly Tor tho economy Of o company 10
mako such an arrangements ! contend II any pre-
miums are duo they are due from The Inland lnsur-
anco Uni0n." fN
A. tho insurance Office Of Mr.. standArt No Pine
street, clerk told the reporter the gentleman was not
IN. rho hrm is Standart 4 Baker, and IL was found
that, In addition 10 the OLner companies mentioned,
tins was an agency for the Wessern Assurance Com
iaio. and Peoples lnsursncs Compsny OF Trenton,
J. Tho expresdenI did attend tho meeting OF the
Board OF Directors 0f the brewers and MaltAsers'
Company as promised, and vi tho officers of the
latter corporation stated shat he undorstood hs
rnR MEETING OF DIRECTORS
As tho hour The meeting OF tEe Board approached
II was evident that the asoudAnce Of policy holders
aud those Interested would not be confined V Nov
York alone. PhiMdephia, Baltimore and Boston rep
resontatives wore present. Among the groups were
| insurance agents and underwriters FROM the cities
| named. that ut time u was almost
impossible TO pass from the lobby TO tho drectors'
| rovmx Gut OF tho whole number VI names published
as directors there were twenty three present. Tne
meeting WAS protractod one and was presided over
by Mr. Peter Ammerman, tho president pro te~ Of the
company. A general statement was mAdc, already
published In the HERALD, and discussion AZ TO tho
impairment OF be cApmal " tho extent claimed By tho
not have paid much attention 10 the affairs OF the
company and who seemed tmorous In regard 70 agree
70 keep tho business OF receivers hands, but the
great number, II was soon seen, were tu favor ol
ussessment TO make up the futi denclency--say
$l2U 0OOand 10 Kcep the business going ln favor o
| inns il was urged that other companies. which wcro
named had lowed assessments from timo to time alter
| misiortunOs aud wcru now doing prosperous busi
ness; IN addition TO which tho fact pointed out
that claims which the company wore now pressing 10
bills receivable to DO collected and other
minor which would amount but small pei.
ceuInge on tho dollar II the company wont into nqui-
! daton, woua under the old oficlai management Ds
largely collected und considerably swell the assets.
Tnesc arguments prevailed, aud. alter y OF over
two hours, the directors unanimously adopted
10 nSSOSS Tue knArenOldeTe 70 An anOunb SUM-
cent TO repair the capital and thus continue bus-
ness This will bo dono ut oncc and Of course
The made satisfactory 10 the super
Intendcnt tho company will be able 70 resume business
As had been widely stated that BY the hre ~ tue
| Dry Dock Conpanys stables, Fourteenth strccJ,
loss vi the Brewers and Aatsser's Company was
s. OOO officer desired the correction tnat the
amount would not reach more than oue-hrd OF that
sum- as tho policies covered the buildings the rear
aud the nearly all ol the latter Ycrc
OF course indcb,odness much reduced Policy
holders Gcnorxliy seemed sattsned lato Ia the day
that xm