New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-01-31
THE STATE CAPITAL.
RECEIvERsHIP REFORM.


RECEIVERS For REPORTs-LEGIsLATTvE PRO-
CEEDIYGs-PIoPosED EKw-YoRK MUNICIPAL
OBSERVATION-DISCLOSURES OF CHILDREN.
The large number Of complaints received by
Attorney General Ward in regard to the work OF
receivers Of insolvent corporations has led
him to begin an investigation, and to ask
the LEGISLATURE to pass a new law on the subject
The Assembly debated yesterday a resolution pro-
posing an investigation into New-fork city inuhl-
cipal affairs A bin in regard to commitments oil
children has been introduced.
INVESTIGATING THE RECEIVERS.
GREAT COMPLAINT IN REGARD TO THEIR WORK
ATTORNEY GENERAL WARD ISsTIrUTING RE-
FoRM-PRoPosED LEGISLATION ON THE MATTER
GTRoM THE REGULAR CORRESPONDENT OF THE rRInuSE'i
ALBANY. Jan. O.-AttOrney-General Ward
during the yet brief period OF his service has been aston
ished at the number letters he has received maEng
inquiries regarding the dongs Of the receivers OF So
ven savings banks, Insurance companies ana trus COLD
panies. The inquiries usually made Dy persons
VINO had invested money IN the bankrupt concerns,
and are naturally socitous about Its "eliare
II the hands OF other persons. Many OF tue
wrters stated they had not been able TO obtain any
information about the operations OF these special re-
for several years past Upon inspecoh OF leFa
papers filed in the office, the Announcement nscov-
cred during the past four years over forty receiver
ships have been established by the COurshhu tHae must
OF these still IN existence.
10 order f. gain light the result of the work
OF the receivers MT Ward during the past week sent
out circular addressed to them. asking them 10
send him n copy OF their Last annual report inc
receivers by law compelled 70 make report an
nually 20 the Court that appointed t0en' anu
TO hc it with the County Clerk OF the county III wrh
the Office Of the insolvent concern ssuated Believing
that these r. ports would give him tenth part OF
sl,a tnfor no
today Issued the following important circular to re-
ccivers:
Much complaint has come TO me from policy-holder,,
depositors and other persons interested
In me property OF insoyen corporations IN which re-
ceiycrs have been apo a 10 me manner III
the AFFAIRS Of those corporations are conducted, ana
IL Il claimed that In cases, and especially
I'm clses long standing unnecessary DELAYS nave occurred
and eXtrayagnnt bills have been paid 10 receivers,
referees and tcrnevs and constant inquiry IL made ~
This Office by such persons for Information as 10 hec
I'm o. der that all possi6le Informal be given TO
such parties that this office may be fully advised,
viii Won addluon 10 the copy OF your last report,
which nave asked you to ,urnisb answer as well rs
De the following questions ~, o.. ,-
Firs-When IN your opinion viii you be able TO- close
up affairs Of your trust, and what reason II any
exisis way Il should not be done without delay
rcond-What amount or per cent do you eApect 10 DC
able &, divide those interested IN the tund'
7hiJd-What per the whole fund that came
into your possession II already cos for fees and dis
burements in the discharge OF your dutlrs Inc ee'
refer TO are all ees-your own Referees attorneys
clerks etc.
FOf'th-Any other Information mat you can give me
that viii be OF value to ihe parties nteresod. stsunS
specifically an fees paid by 'od 10 attorneys Referees
clerks, St nographcrs and otners.
There IL another branch OF the receivershp question
TO which the Attorney General IL also directing his AZ
teption-uamey that OF tho fees OF the lawyers aud
recrcrs These fees in the opinion or Mr.. Ward arc
vastly greater In many instances than the amount OF
the service done warrants lawyers IA claiming within
the past month has been served upon him IN sew
eral ca.,s by attorneys who claim ~ represent re-
r1N he (nlIrf
That appointed the receivers for the allowance
~ counsel fees out OF the OF the bankrupt con
Germs In all cases, and there several OF them
where immense counsel fees are asked, excessive allow
pncrs " De strenuousy resisted Dy the AtorneyGen-
cral One already has been, aud another where cOun-
s fees = lie large amount OF $1,000 ale ASKED VIII
DO IN the Courts few days. 1t Il the Intention
Of the Atoey-Genera TO do oil IN his power to have
the recevcrshps closed up, and the interests mean
While oil the persons having money locked up III the
iusolvcnt companies iuil5 protected
Tho Attorney General. for tue purpose OF facilitating
the end he has IN view. and for the purpose o. conerng
upon lin ample authority to apply to the Courts al all
tunes. ana vhene yer may Dc in session TO compel
the rrceycrs to account have thcm removed when
necessary has had prepared for prcsentaton 10 the Leg
,lntur, the following Act iu Reiaon Receivers OF
Insolvent Corporations
SECTION l. All receivers OF iusolvcnt corporations who
ore now repaired by law to make ard NE reports OF
tcr proceedings shall hereafter a. the time or making
such reports serve copy thtreOI upon the
Atto~tr. General Of this State.
&c = In case any receiver Of iusolyent corpora
tto -.ll Do make and nc report of his pro-
eecdirg- for turty days Gft"r the time he Is now
quirrd by law TO make am g sncn report, or eh d
t.rfct ior the same length II time 20 serve copy
thereof on the Attorney General, Hs required by tue
st section Of ihis act tho Attorney may make
A motion m the Supreme Court for IN order 20 com
mel tuo making aud inR aud serving copy on him OF
sucn report The removal o. sucn receiver from
his office. ,,
SIC g. II any time the ATTORNEY General shan have
reason 10 believe that the Interests u the
holders creditors, policy holders depOsitOrs other
bruenciaries Interested Ia the proper ana speedy dis
,riIuuou Of tbs assrts OF such Dsolyent
poration Will be subs~ryed thereby. he may make
a motion 10 tho Supreme Court, nt n Special
Trru thereof IN anY Judicial district FOR an order re-
oyng auch receiver, 10 compel him o account. OF
ur such other or additional order or orders 10 the
Cont NAV scen proper a. facilitate the closing up Of
tbc Affairs OF such ccversIlD
SIC 4 This act shall take eject Immediately.
the above act should pass such OF the receivers
fail 20 make response 20 the circular Issued to-day
you'd then quickly be brought 10 Judgment
The following list OF receivers appointed for banks
and insurance companies within tho last four years
They still mold that othce:
po,ts Psrsipsr When dpp0fukfd