New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-27
INSURANCE TROUBLES.
ANOTHER RECEIVER APPOINTED.

ANOTHER KECEIN Elk A1IOIN ED
SUSPENSION OF THE METRoPoIrAN FIRE N'Uh-
ANCE CONTEMPORARIES p. ApPLfBY MADE
ACKNOWLEDGEMENTS or ILLEGAL INvEsrMENrs
ALL LIABILITIES To BIZ PAID IN FULL EXCEPT
CAPITAL sTocK-srATEMENr OF TIE SECRETARY.
Charles E. Appleby of Glen Cove, l.. l., was
Yesterday ~ on;ed receiver Of the Metropolitan f"tt
Insurance Company OF this city. The appointment WIS
made by Judge Gilbert o. Brooklyn at the sui OF George
W Gilbert. owner ~ 43 shares of The companvs ste H
In his complaint. after statement aat ne cariM s'"'"
~ the company IL $500 OOO the plaintiff alleged that he
defendants have violated the provisions OF tue c' Tei
which they we're incorporated ana other laws binding OF
Them that the Officers have loaned and invested part o.
the capital N illegal securities, and thus Impaired me
capital stock 10 such IN extent that tHeY nave Eo'
sufficient lawful assets remaining TO authorize u'lf
continuance in business; that they loaned Hp'"""
the bonds aud STOCK OK the Knckerbucaer Gas Con"
pany OF NrvYork. written IA not payn; dvidenis' ana
the stock and bonds II which have no fixed marker
va!u. that the defendant ia not solTcHt but has cnouf'
~ meet III liabilities except that for capital stock; tA
on jan % 1877 boz rl of directors resolved Z" dr
continue business and to nave legal proceedings taken
10 dissolve the company and appoint a receiver Inc
plaintiff prayed for Judgment thai the corourati'n De
dissolved and a receiver ap oncd to take ciargH OF 81
is effects and business. on this application Judge Gil
bert named Mr. Appleby the recciv = and n1rd h'
bond @50OO0 Mt Appleby one % the largest stock
kOldors aud a man NJ wealth.
: ! Young secretary OF the company, s~tel v,ster-
day 10 TRIBUNE reporter hat H." company began bn'i
ness in SOB with capital o, $500 900 II net WIN
is iirs severe The two large Troy fires that oc-
CURED - and II Gears ago. c1stn: the ccmpany IN eac
instance nearly SIOOOOD. In 1864 the capital Was
increa ed to I.OOO.OOO. A. that time the
company had established about 400 agencies
a different points the United stats 1t va DONG
successful business until j iy 4, 1855 when the PORT
Land fire caused loss " SiOOO0O. Ths with the pop
had l,-f
amount reduced the receipts rom an average % ahont
~ 900 a day 10 about 50 900 month. In March, l>G7
therefore the capital had SHRINK g. c3DDvOV IAt CON-
pauy discontinued all agencies m 1870 ana hAl since
confined itself to a local business in H""-Nork
cay Dro0hiyn jersey City, and HJn'a'h. MI
Young alf0 stated that the great competition
that had eysird for three wears past in the fire
Insurance business. with the dUli times and very 10"
rat . hil reduced the coupa vs. receipts 20 Der cent
IL 1876, yiiLnat corr, iranJn- reelection IN TN tA-
prnsc. The ,.ab.iii.l oUltir Oh ,lc STOCK re: IL
Insurance und. $50 900. uni'Jus;ci lJ'a. ABOUT
- 100. and two thi-e -mdl!,r contested l"~'"''
u8i,t. q otl % ..-, .Ian $4,000 The company ha!
assets enough 20 paY t a01tes IN fui. leaving sum
cier t. repay the storTholder, "a. least "a cent? ON
dollar and pcrh.p, IA ni. MIepcnd, ut of any
u..cts counted lie stockholders nad n'"re7t To the
extent oil about 93ODa0 n the uu sfrnted nor'ion Of
m" Geneva AWAIT fiud IL i.-'..l q" lir 7t drought
- h,., MIMI, tonu. ~ iho Eli.krrJ'csrr Gt~
Ll.ht COMPANY 0H iir irat NOR YiS zones OBJ "'''r
AMI -tr.ud 81 Nnr .-a,.. although lie t"'htlf
ga. pari.r Do d.Edanos This NaT uernai- ,eainc|.F
fii..ti .ltHr,i-h 100 crHt- Oh CELLAR W-uIo .i'
ira1.hr oy ith. l.. TIE So il4aar VINO nrglSI we
tll-. George ". GIbrri, gave no;I'e ID thr '"A"3
d, y motors ot ms intention - brl"Z such suit. AGA Ar
eil.cu. e. len VAS IH4umouslF 2#aftN Inc company
h4o am Itoa slFlt sXtc"t, not rN"r-cinE --'.Du'.
finm .ru c.t I tnC v-r ~ r)pritT ma d"br cld
T.. III mont ares l. had not !aiie, 1u. ihe c'u'o
a. srtsG ra~ simply enc shortest ne nod 90 llluIdlF
IiI.ii.f, ion and retlril rom business Such pros
g. dur. was made necessary by IN" LtilAr~' De business
CHares Id Ap.."1y iuc .vcrl r. 'iau 80. 800
holder I'D tnr company since its Incorporation to
ne present time and no% Owrr" aDot $40 :.iFe'
g. VIZ Gentleman OF ifs;drT' n1 wealth. ana t.i' Il
tvv-r President Graham nal been CO. ." 81 Nlfn the
,,.Jau, : years 5.I. IrGr- -dIu De- ua. n''n "i'h
ia ,...,a.i. ear, and, while 1r io rh4l "' en-
m -ssIirui u tle ltIc, DC lerc q Win tIt directions
t, tlf present UslIty was thc '-i iLd' MA Be- par
-ud II thcy hId cir-i tO continue uin'- -, Jht 80
ririr, which exception haG Jcrn TAR II tnNh hAIe
b-.l r-rHaiscd i1r these winch were Hud->aibc. IN
sa-i one director had made this proposition To The boaiu
o. not accented
rms cYmr.Hy Ids nothing 40 do Will tEc Mrr0rci' ~
Lie Insurance COMPANY TIE last semi annual i!' i'rl
Oh me si...upolitpu ttsc Insurance Con liny WIS -
ut cent ana tie do, quota ION OF STOCK - pti crLt