New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-06
TWO BANKRUPT CORPORATIONS.
APPLICATIONS To APPOINT RECEIVERS FOR THE UNI
VKRsAL LIFE INSURANCE AND THE RocKAwAY
BEACT IMPROVEMENT OBSERVATION-DISCLOSURES
HTSTEn Rp AppnI Nrrn
lBY TELEGRAPH TO THE rRIBUNE.I

hustled REAPPOINTED.
lBY TELEGRAPH TO THE TRIBUNEI
KINGSTON, II. Y, Nov. 5.-The application 20
appoint receiver for the Universal Life Insurance
Company heard at the Special Term, before Judge
Westbrook here to-day The parties in the action were
represented rs foiOws In the absence OF General
Ward, who was detained by Sickness his deputy Charles
D. Everett appeared for the State Charles 4. Denning
appeared for the company Lucius c. McAdams, W. d.
whiting and r. j. Moses for pocyholders. and Charles
~ Harris for judgment creditor to the amount OF
$4,000
Mr. Everett opened the argument for the motion, set
ting forth the nsoven condition of the company which
made this application necessary. He urged the appoint
ment OF receiver matter OF justice
10 all parties concerned, and thought such
appointment should be made Mt As a
proper person to receive such appointment and
perform the duties required he instructed by the
Attorney General to name John f. smytb, Of Albany,
and in doing so he knew Of other person who
peculiarly Welftcd for the trust as he, both by reason
Of experience and general ability He stated further
that In view of receiver being appointed, Superinten
dent Fairman. of the Insurance Department, had sug
gested provision which he thought it would De well to
incorporate in the order. It that tho receiver
should be directed To return to the pOcyholdcrs out OF
the first money coming into possession all prcmi-
ums that have been paid on policies or renewals falling
due since June 30 1881 which date is to be taken for
the settlement OF the affairs OF the company. This Oc
casioned much opposition from the counsel present. the
matter being regarded as premature at this stage
OF the case, in which view the Court fully cOncured
Mr. Dcnung then spoke in behalf OF the company. He
said they willing to have receiver appointed and
thought II should be done in view OF the financial
condition Of the cOmpanys affairs which had long been
apparent, hut 10 the person who should be appointed
lac did not fully agree with Mr.. Everett. He had no
desire 10 cast any reflections upon Mr. smyh, but he
preferred to nome Mr. George C. Holt, OF New-fork as
proper person Mr. Whiting Ohjectedto any nomination
being made by any party 10 the action rinarknS SHARPLY
that the record Of person seeking the place should
be most carefully scFutu.zcd lie favored strong in
dependent nomination from New-GOrk. Mr.. Everett
claimed that the Attorney General was no more party
In interest to the action than this Court itself
The Court said there being objections to
the appointment Of receiver by anybody pres
ent he should certainly make such an appoint
considerable embarrassment knowing nothing OF this
company the details of s affairs. Under these cir
the Attorney General. He would mold the appointment
until Thursday next AMI unless proper cause against the
meantime, he would be appointed
In the case Of The People The Rochaway Improve
torucy General, made application before Judge west
brook ior the appointment OF receiver. John L. Cad
Aforementioned in the application. Mr.. Cadwalader
said there many elements OF discord in the
receiver should bc appointed At once for the bene
NJ al parties concerned. Mr.. Everett made state
mcn the Court covering the proceedings IN the case
from the appointment OF General husted IN July as 10
the present time lie said that General HusiSd having
tue company during his service re-
eeyer he waf tine PGRer Perf SG 5 now p 10
couycrsaut with an the details the cOmpany's affairs,
and It seemed to him II would be unwse at this time 70
appoint any other person. In view o: the fact that the
Court regarded Mr.. Hustled proper party for tho
place in July last well the Attorney Gen
cral. IL is hardly TO- be presumed that any
thing has occurred since "a change those views.
Mr. Cadv alader said he represented the interests
of creditors the amount of 100000 such creditors
being Frederick Taylor, Flax Hatch, g. p huntingdon
Morton Bliss a Co., DrcNcl, Morgan * Co.. AMI A. M.
kldlrr 4 CO. lie said his clients were perfectly Wiling
10 have General Hustled rcappointcd as receiver Ito
Thought slr Hustled had performed his duties tathluly
and 10 the best interest OF Nil parties He thereIott'
presented To the Court n written consent from us
clients such reappOntment Inc court theeupoh, IS
sued an order making such appointment