New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-16
Az AprlIclIoy roR 4 REcEUER
sUrERINTE>DFNr M'CALL AND THE MANHATTAN
FINE INSURANCE. Company.

/ sUrEEINTE>DFNr MCAH AND THE MANHATTAN
FTlE INSURANCE. Company.
Justice DOnohuc yesterday in the supreme
Court Ch1uh,r- made .,u ORDER ou The application of
| Deputy Auornoy-G Hcnu,on, directing the
| Manhattan IIc Insurance Company 10 SNOW cause
wl, should not uc dissolved and Why rcDrNcroi IFS
property should not bee appointed. The order wl- ac-
couplulci bl temporary injunction order restraining
the cui.pluy from trau.artng amy business. Iurap
YIc,fIou wa- made hy tDc uoputt Attorney General
az TIE request 90 John 4. Mccall, r, superintendent oi
uu-lucc. Who wa, present when the order was -.n-d
Mr. NDtall soon alter his appointment short ume
ago. nc,u 10 take action 10 save the policy hoor 90,
the Manhattan Company from lo-- In conversation
with O. rDIEt ST. Importer ou the subject yesterday hc
said: The policies oi the Manhattan Fire Insurance
Company were rcusucd IN the PhuuiX Company.
but tAc reinsurance money Wa, only partly paid To
secure the policy holders against lo-- procured from
Andrew j. smith, president OF tho Manhattan Company.
hi- notes 200. secured by gage and trust
decd ON several steamships. including the larwild and
WATERMAN, ~ whlch he D, thc principal owner That
mortgage and tll.t decd were recorded to-day, which
makes the policy holder, entirely secure"
What /, th" condition Of the company as shown by
your affidavit applying Tor u receiver r.
Inc liabilities are $4,000 and the assets SOL 900
There is some propcrty-a mortgage for $1,000 and
souc cash hand 20 be cared for and considerable
due from agents. II receiver were not appointed /
fear that the amount due from agents would be settled
in returned policies. which could De- easily procured by
tie agents. With receiver the agents VIII have TO
pa, IN u.l, and It Will net something TO the stock
holders addition To the amount that Will be left over
from the al OOO-proyiding that can be TUNED To
etocLho.dcrs which Is question yet to be settled"
" Have the stockholders made complaint to you 2"
Yes, AID also polIcy holders. They wanted to know
what tie good Of au Insurance Department that
did moi protect them against fraud OF tha, kind made
aIcport the Affair, of the Manhattan Company sey-
er.i months ago. and / began the action AGAINST Mr.
smith Tor perjury soon after I became superintendent
mean 10 make tine Insurance Department what % was
intended to br "a protection tn policy holders"
no viii bee The receiver T.
That do not know. have not said one word the
Attorney General about It. number got PERSONS
have a. kcd me to use my influence 10 ect them an
pointed but intend TO keep entirely clear O that
ming.
Are the Insurance Cmpanies. IA a rule, doing
a porous business
Inc lie INSURANCE companies were never in better
condition. The nlo INSURANCE companies. however,
not prosperous too low. mat because
uI competition -toD many small companies winch In
rates. but dO not maintain them. OF the foIfIln
com .auc- do large business here. Their policy
Ao.Ir.o ucic ale sml5 Protected by special dCio-Il-
though SOME oil tAc foreign COMPANIES not very
strong
Did tLe Legislature make any changes in the iusur-
ancr laws :"
Not many. The rcceiycr,hp bin Is "a good measure.
IL c les tAc SupctmtrHd, at 10 Aanue the book. and
mis- u the hands Oi thc receiver any time, which
be- could not do before. The Insurance laws TIL "a
Volume oi over $50 pages, and are too complicated
study of Them InrA should uc cudlned Single
enactment o about nty pages. II eLoped that the
rate j. -i-!aturr would undertake that work. ia accOr-
dance VITA tDr icclncuia ton OF tie Governor, but
u dlu hot"
What was yoar purpose IN putting q force Of clerks
al "Cl- 10 "a! examining the books OF the kAIckeT-