The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-05-28
APPLYING FOR A RECEIVER.
THE GLOBE MUTT1L LIFE INSURANCE
COMPINT 10 RE UOUND UP.


where the State Examiner Found Only
S3OO,OOo-Two Lawyers sent to Albany.
! At n meeting Of the directors OF the Globe
/ Mutual Life Insurance Company Mon
/ day afternoon u resolution WAS passed that the
] company's attorney. Mr. William Allen Butler.
/ should lay ts condition before the Attorney
/ General Of the State. with view of having a
receiver appointed 90 wind M its affairs. Mr..
/ Butler was requested in the resolution. 10 sug-
gest the name Of President John w. Barrow to
/ the Attorney General as that Of n person who
would bo acceptable rs arcceiyer. There was
minority Of tls directors who disapproved Of
the resolution on the ground that 1t was pre-
mature. or for other reasons not yet avowcd. a
| partner of Mr.. Butler went to Albany on Mon
! day evening. and he was followed on
the noNt train by another lawyer. who
went to Albany to represent the interests
of the minority of the directors. and. rs it was
snid. the interests ot some Of the policy holders.
Tho action Of the directors was deemed inter-
! esting by insurance men. because, after very
| unfavorabe report 10y Deputy Superintendent
| Mccall OF the State Insurance Department last
winter. the company was allowed to 10 on, and
now the men who were permitted by the depart
ment to carry on its business express their
belief 10y applying for the appointment Of
receiver. that it is not in condition to bc car
ricd ON. The resolution passed on Monday
afternoon was hnscd on report made by Messrs.
| Gouycrncur Tiilot-on. J. q. kcrnochnn, and
John stewart, vino. WIN President Johh "
Barrow. were appointed committee To- inNrsu-
gate the condition of the company. They re-
ported tha, the assets fell behind the Liabilities
The cnmpnny according to the report Of
Deputy Insurance Sup"rintcndent Mccall. was
Piiny Freeman being liz FIRST President. lie
held 100000 worth Of stock in his own name
Frnemnn held s3OGj0 worth Of stock. and
George Lorilard tl34oo worth. while eight
other directors hel IN tne afEregatH ony
sl'o'u Worth' hl' 1tenildh hlu ll' SUI IlEn1
To nominate officers 20 I'LL Nlcanrlg-. Inns eN-
animation was made in MAY. lsls. The eN-
nmlnsr In ms report snlL lhH W." trusts re-
posed in the officers OF tho institution were
wiltully and snAmoiully abused. io their own
polcyhodcr-."
From the date Of organization. Jan. ! 1878,
in sniaries and COMMISSIONS. In 1879 ls7i aud
1915. the examiner reports that $3.50 797 10 was
paid 10 officers and agents in salaries ant COM
| missio hut that hy entries iu the rompunys
as having been made To policy holders for sur
render of poficieS.
The examiner says: There has never been
on exhibition In the history OF any trust insti-
tuition in the state ot New York recnrd 80
in m" S,s, estate lonis of this "omunnv
Reformation WIS not To he looked for tho eN-
amincr sai /. 40 the hands ~ men who lent sl2O..
un1 ON slA.oOD stocS Of the widows and
one uf the Freeman family Frederick A. might
secure contro. Of that company. which was
ruary Frederick \. Freeman was arrested.
He had recently become an officer ot the
yet President. and his brother James
NJ. Secretary. Tho charge on which he
y, %as arrrstrd was ocs95nnSn,rinE !" nn,awi
10 the Guardian Mutual Life Insurance Com
pany. He was unable - procure s39o,Upo bail
and was Kept IN Ludlow street inI untl me
death OF his father. which occurred May H. He
was permitted t. 80 free in time to attend the
funeral. ihosH VINO had nern lnstrunental IN
procuring his arrest having come To the conclu-
son Inet no adyaqsase }! could nurs to tho
tion. was then announced tnat the memhrrs
81 tne rremnn anly nel NJ lasl rs,itrd rom
, said to have been wrongiully taken from th"
, company hnd bern recovered. lhe law-
= yers employed 10y u1e company AZ NE
uhe ul . ne. Nhm,nWlnn' ,Mhy, lote,
were sGweb Iler'e Mr. Sewell Wtt77 Wt7 sent 10
Aluahy '{ y Il iIsll,n, , M 'e.,'on VIII w W.. b'MrI
70 nuke INC oe5r terms NE coulu WIN the AItoI-
hey yIu"u'ral. ule I'9n't " "aS ,l". con,t3tt} "a
M IT, ,, ~ IL u, ~ i', @ W ES ~ ers
Hl SION 10 %" ' ~ ~ i,v,"ll9 NV NV
10y Nqtns on tnem' secure tn" e'e'uI2n oi @@iil-
rrrs IN Wholl the pYil.l Aulu',Is C1ulu cNhllir.
buIlhF W lh"I Nnl I.tND. 'l'h' unu .H al,H ulo
h'At 'tesion LnhF rtsi,"n wv MN " N
S'urI iHNS'r NM n'.Ail. surpl l"Mas ~ t,1t W.
- ~ az III S,,,u assr, be M Snw"1
, nv MS hI. '.Mi" ~ ~ ,,i' ,,h ~.
/, nuu come 10 u iurlt uRnlerSttuulhs WIN th"
AltoIh, l''en'tHi l"i Ut ia' iirriii"n' n', a. ~
H.nhl OF NJ hiNhn'edr hSc sho.lu I'Bn'ln iilee
qlllee ol lr'Slnehl' ne i resl oi tnp bohru pi
directors WIS l" h, 30 cuuns', Nnl ne shoul
nave no t9MSt ln 70 70 nhtln, MI. teeiilann ulu
lul I,s., III WI w l,."lts, ul.i ~, ",',t piu
chtnu, thiouEs ms r'pItSrh'tlNnS W Alpfily.
,he transfer - lne s,oeh se,d Py Nj SeWei, II, 10
,ne nannS ol anU,n"I Svs"Il ] di"tnS 'nrh
ceaseu 70 pe we cnuhttH'l, 81 W. V.ulalh, hu
were Iepiaoe4 10y Mt, Mt, WI mililah i aim @ m nu'ier, i
-. uhuer Nnusc lcEul NJ = ulu"uvo wy Soihpa nh1
DSeh NrI slnee. nr ,,,e''um ION o, q ne" ootLu ia
pl Dltccl"Is unucr tHo supnl NlsloNu ", W" W,
lusuI' 'iiee ti'i'' @ ~ ipu w -i'.t ~, -
Nueh We ipi.'" WI ,,tE ntitl.u Moi' ~ unUson ~
Tr9rse LoriHiu, i,hnm SlurElsi Nvuterheur
ilI9'suh' hl.nH'H ~ ,i-ulluuu W NpIi'vS ~
Appl'mh T'ut-lS; q, w. h''In'''.!11n. .!1. 1uiAh ny " e
| .
IHaIhS ~ I"h ~ hcutS h"huei' T. D.
Vn,n,i XXX ~ ,,'a,r i.s ,ot soon altar oloc
: Nr Mllllfli n''E'1 l'.5'E'. som | ni,'T ti elev
uoh.; Mr. John a. W irlIDM WIS mau9 @ @ aIeSi-
| Hrni, II. nus li'luei'E s,,tN'u ~ nIs ,-Hee IN l
! | nahNrup'S chsr'; Sp,qn'IUs I y'h."rqny OIL 'ho
h0.IooHn 81 w . ~ nnlI"N "a sllu -
vi tlI lnut nui ',''h III hiW !, u1''s lIut ohly were
cohne',',d Mtl W. 1ll Luhln n,lu one %, , tus"
F.sIalu' H. iHtu t m ~ iIi'ei,sls
NY ug, tos" ~ & o @ ,iu 'i'y nyu.is, ne lmn ~ ,'si n'lom @
: ! ul lhe ne" b"ntu' leI uivslhE one 81 the new
m"nn'rS nS 's,u,n W"S 10 npD3'mt col
Z | ua.lto 70. tu. puII,,' III ~ llitvs'lS',.lnE tllo
! affairs Of the company. rms COMMITTEE com, ll,
ul ~ IT, To-. %. a., t,.t, - IMP @ H. 49,,