New-York tribune., 1879-06-05
THE GLOBE MUTUAL RECEIVERSHIP.
Mr. FISH APPOINTED RECEIvER-JUsTIcE WEST
BROOKS DECISION

Mr. FISH APPOINTED RECEIvER-JUsTICE WEST
BROOKS DECISION.
AIBAyY. June 4.-Justice WestbrOOk this
afternoon handed down the following decision on the
application for the appointment OF receiver OF the
Globe Mutual Life Insurance Company OF the City OF
New-Y0rk:
The people against the Globe Mutual Life Insurance
Company-A. schoonmaber, Attorney General, for the
people; william Allen Butler. for defendant; Ham-
ton Harris for Superintendent OF the Insurance Depart
nent; Matthew Hale, for sundry pollcy-holdersj West
brook, Justice. On Monday last the decision OF thc
Court upon the application for receiver was announced
The conclusion that must be appointed was based
NOT only upon the allegation OF the verified complaint
but upon the report of committee OF inc oaru OF
Directors of the defendant stating IN detail s assets
gether with resolution OF the board OF directors OF me
association invoking the present aGoh anu nsT ,o m
this proceeding Ii Ii now asked III Denail o sunuiy
who are no poTS s 10 acton arG bond be-
DELAYED and time gwen them 10 SNOW tho hvl'oney
OF the defendant II Its active cnrt m,e Ee tSs S
face of the careful and deliberate report suDntleu as
evidence upon TINS notion and the sotion & II @ oe %
the forfeiture OF policies by the refusal OF lhe hoaer
to pay nch an5 result the Court be
party t said that the present proceeding irregular
PENDENT of Insurance Whatever force this point may
be made In the action ana by party 10
It. 1t is not for creditors of the defendant against
whom an action been instituted and relief sought.
to appear therein by courtesy and lnterpose
TO the proceedings 1t has not been held tnat
an original action cannot be brought by the Attorney
General to wind up ns0veDt corporation when such
CORPORATION object and 6hen the Superintend-
eu Of has In fact cOncurred In the proprety
the action OF the ana the Court mas
before IL substantial compliance with the statute the
action of the Insurance Department c0ncldng as TO the
need OF receiver The Court for these reasons thus
hastily stated act, and only protect creditors
by the selection proper person to discharge the trust
of receiver ., w.
Referring the selection Of receiver Justice west
brook says would be improper TO appoint either MI
Barrow or Mr.. HaIdenburgh, az they were connected
with the company In the selection or the receiver
named In order, Mr. James ID. Fish, gentleman mas
beeu chosen whO execution OF his duties AS suc
will have no peculiar interest 10 or entangRg al
liances surrounding him. II he fails to act wisely
promptly and economically, then the most eminent
financial men OF NewYOrk City, who recommended his
appointment, mistaken In their judgment ana the
Court has been unvlttiDgly led into error. -
Justice WesbrOOk requires the receiver TO ME bonds
IN the sum OF $4,000, and only allows him TO retain
s. 900 i'm his hands me and directs MN 10
depos the remainder of the funds that may come into
his hands at any with the Central Trust Company
Mr. Fish, the receiver is president Of the Marine
Bank OF Now-York and strongly recommended By
the presidents OF tho American Exchange BanB, the
Manhattan Company, the Merchants and Mechanics
Bank and other heavy bankers and business men ol
New-YOrk, and by some OF the pocy-hoideTs