The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-05-30
snALL the oAOnE LIRE EsArEDq



Tho sixty-one policy holders Of the Globc
Mutual Life Insurance Company who signed
petition against tho appointment of receiver.
to I've presented in the Supreme Court in Albany
Yesterday morning charge that th6new Board
ot Directors made tho Application without TAX
ing the policy holders into their confidence. or
without asking their COOPERATION. They allegc
that the intention to make the application was
kcyt profoundly secret; that messengers wcrn
sent To- Albany to procure the cooperation 81 tho
Attorney General. and that the Court appointed
u hearing within fcrty-cight hours. They cx-
press a belief that the interests of the company
aud Of the policy holders will DO adversely af-
fcrtcd by the appointment OF a receiver. and
that such action will lead to absolute ruin;
whereas. with prudence and n. proper sculing
down Oi thcir uplirirs. to witch the siNtv-Unc
petitioners say they are willing 10 submit. the
co. Wugny could he saved to long years Oi u~"-
iulu"~s. They ask q suspension uf th" pro-
cr"dings IN court until all the policy holders
can hN ICONS ultpd.
The President II the company. who is named
IN tho uiulicniton as person who would h' Ur-
crut.ll" to the directors Us receiver. suys
thrro WIS neither greater sccrccy nor greater
hnsio IN tho directors action tnn was wur-
rtutcd by the peculiar circumstances OF tho
when nh the facts brrnfn" known. Tho reason
j" snl, that the Committee Of Directors found
tinl.Ol0 deficiency where the State Depart
mont found q surplus could hc made Ilnin 10y
liabilities II was to be remembered That whilo
thF Superintendent - Insurancc declared there
was q surplus Of Sass 900 in his last report, yet
I'm previous report he hal declared that there
WIS q deficiency rs regarded the policy holders
OF s31S.13glg Tho Superintendent had in his
last report. Mr. Barrow said, gone hnck 10 n
former Hppraiscmcnt ~ the company's real
estate made ly l. lwHrd Ludlow aud Homer
Morgan. and permitted that to he used instead
Of the apVr0isemCnt on which his former re-
port WIS based. Tho Committee appointed by
the now directors had found tho lnss on real
a. - tIt rial
the bonds and mortgages they found 1881 900
loaned ON tue property in excess 81 its vniuc.
Ihrr' was loan ON horse railroad OF tb2WN,
which they had thrown out altogctlcr the
Committee had estimated tho Vulun ~ the real
mated 10y the department. II had estimated the
value ~ bonds and mortgages at $3.50 900, in
stead ~ nt slll2O0O. "a estimated hy tAe do
sj21 600 M increase Of slS5 600 on the drn-
cheney first found. Minor items increased 1t to
AIn,Ny. Nav 2o.-Application was made 10
Justice NnsthrooS to-day by Attorney ti"nrrll
rchooumnkrr for the appointmout9t John W.
Insurance Company Of NV YORK.. The assets
/ % tlcromunnv are reported ~ S300Oo0r. and
the Liabilities az from sJ.7O0.OOu e. 81 900 coo.
Among the asfe's IL said 70 be- sl,lo1Oul worth
oi real est1te. witch the company has bought
uu foreclosure SUITS on mortgages held by it.
srlf aud which real estate Is encountered. Tho
! u'aih claims how duo are said 10 amount e.
sIN20Uo. l. is claimed that the Board OF Di-
rreturs under which the deficiency occurred
resigned last year. and the present board WAS
solicited. A. It was thought The company was
solvent y make an examination. ana see II 1t
! could not 10 on with rs business.
About year age It was reported That TIC com
intrudrut of Insurance found IRREGULARITIES in
| the report and comtelled them 10 nut ~ sl21,-
! 900. On tn 81 of January last another exam
lnation was nude and II was reported that the
| company hal asurpius oi SOS 32231 over and
| above all It's liabilities and tho amount neces-
sary 20 reinsure Us claims. An cXamina(iou
| WIS made. hy order Of tho Legislature. by
| Deputy Superintendent Mccall. aud it was
! found that the expenses Of the comuany during
| the past year wero over 81 600 900 and more
! than 5000 OO0 above the income. A COMMITTED
! o. the now directors made an examination
| which ended on the 18th instant and the report
| WAS forwarded To- the Attorney General on Mon
duy last claiming that the assets were $1,000 OOO
| and the liabilities 100000.
| An order WAS then procured from Justice
| Wcstorook requiring the directors To- show
| cause to-day why receiver 81 the company
should not be- appointed Attorney Generll
! Nchoonmak"r wanted The receiver appointed.
! William Allen Butler Of New York wanted the
! case thoroughly examined, and thought the
company should Doe allowed To proceed. Mat
| thew Hale who appeared for the policy hold
| ors. wanted tho matter adjourned to enable his
/ clients to present their reasons to the Court
| why the company should not be put into tho
| hands Of n receiver. and at a later period
he said thnt II a receiver was TO ho appointed he
| would suggest the namc OF John q. Farms
| worth. Hamilton Harris. who appeared Tor ia,
! suprrlnt"ndent ~ Insurance thought that the
! Attorney General would agree with hlm that
! John W. Barrow was an unht man 10 Doe ap-
! Mr. Knox ~ New YORK said thut ho opposed
! tho upiu'nfmnut o! Mr.. Barrow as receiver a
| th" company. since he WIS not policy holder
| lu his own ri-tt. nor was 10 lict nded that h.
/ bad amy interest 10 the rpm uuhv or owned q
/ dollars worth Of stock Those who potiti0ncd
/ for the measure suid That from $50 600 &C.
/ tln0u.uu is unuc'uuut"d ior. hut the poll %
| holders ior whom h" appeared think i can be
shown th0t ih' company is solvent. II re-
/ celV-r wrs 90 ie appointed he suggested IN.
/ name ~ y Inn 4. iurieuhgreh. for many year
! Vice Pr"sidcnt Of the company, before the bad
/ management
| Justice Wcethrook IN tlkins tho papers sai,
! that u- tho issue WIS so important hr wIull
| ,Id tho IuIci- over carefully during Oh" dai
] and evening. AMI send his dccl-. IA Tomorrow