New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-03-20
THE INSURANCE COMMITTEES REPORT.
RESULT OF THE INQUIRY INTO THE RECEIVER
SHIPS OF INsoLyENr COMPANIES.
LEY TELEGRAPH TO TIE TRIBUNE.l

SHIPS OF INsoLyENr COMPANIES.
lBY TELEGRAPH TO THE TRIBUSE.l
ALBANY, March Ex-senator Herman re-
ported from the Insurance Committee tonight the re-
suit OF the investigation OF the work done by sixteen
receivers OF insoyen insurance companies. The report
shows that the average expense OF paying II
to tho unfortunate policy holders Of tho
bankrupt companies 1858. With the report is bill
establishing Department OF Insolvent Corporations,
s head to DO called Receiver General aud to receive
10000 yearly salary. or course there Is a Deputy
ReceiverGoneral aud clerks match. with the report
Is tabulated statement the figures OF which have for
the most part been published showing tho assets re-
ceved by the receivers their legal expenses and per
,onal fees and the total amount they disburscd to policy
holders aud ether creditors OF the companies.
The committee reviews the evidence touching the
appointment OF William J. Bos; receiver Of the Ma
tlonal Trust Company, AMI says that 1t Is In evidence
that the assets claimed ny lLe 2ccps OF t40 company
proved very largely In value and resulted III mana.
some profit the purchaser, Of whom was one Ot
the petitioners for the appointment ~ receivers that
In any case, the capital was impaired moro or less Sc
rously, aud carcleSsness ana Tregulary hai existed
ing The officers OF the company ~ their management
OF the trust; aud that the value OF the securities as
estimated by Mr.. Best, considerably reduced from
that wncL had been placed upon thon at an exauilna
ton made By Messrs. Lamb and Reid year
Tor his own services was made on HI,
fret accounting dated June 90 1873, aud amounted to
$1,000 IN ADDITION to an allowance 81 S2ooo Tor couh-
:ce-. In August 1879 he Received for services d, re-
cover T367 j6 Between these dates there pad 10
his rgIar counsel IN Newfork city, Frederick 'mytD
slG4tO 10 joseph b. Bede, clunscl SlOO3 ana o
Mcturter Ic'u couus, Il CD TnCr were so PAID
Ia ls-Oaud sS the following For cost aud counse fees
various persons, April 49, rJO3 Dcccmb l6. SS743
MarcI 20. 1881, S23.Gss; Aphl H. ISL $50 aud
~ 72j. a payment Of s753 was made 10 MoCurer ana
Econ before the company became tnsuycnt All these
payments were made IN foreclosure rt In NeW-Icrs j.
" ncA was ultimately compromised 10y tue receiver Tor
$500 The committee infCrs that about STA - mas
absorbed IN cIpaEse- The report does not charge
Mr.. Best vita dishonesty, but claims that nc hdu ul
wisely administered the trust.
As To Henry H. Persons administration OF the North
America Life the New York state Lie Of syrIcusc quo
widows and Orphans Benefit Life and the W ora Mu
lal Life COmpaLos. and the rcceiycsps OI tho Aneri
can Popular Life. American Iontno Life or SAVINGS,
AsOury iifc, Atlantic Mutual Lifc, Commonw oalth
Life, Continental Lite. Crutsmcn's Lltc Eclectic laie,
Olobo Mutual Life Guardian Mutual Life Hercules Mtt
tuAl Llic NeW-lOrA state Lille vi syracufe,
Annuity and the Beuent Lifc the committee says
60 appears that there passed through the hands OF the
IN NIL the sun OF Sll35l.9J1 II; that they
pad for expenses 9f3TlOl SO, ucuing their own
aries, clerk hire, ttc lOlOOl - thht they Distributed
among Ito ctcdtOIH OF the companies on orders OF the
courts. based reports OF rucr N12UOoSO %;
the date OF tc Last reports by ihc receivers there
renamed udstrbuted by tucm SJ36G.Oll ~ that
there lost q the creditors through depreciation 81
securities bad debts and worthless assets SooJSOJ VI
and tAat there appears 10 DO unaccVantcd Tor
Inc committee point 10 the admirable administration
rast receiyrr-hp OF James ID Fish. WHO for a
payment Of dividend OF 9-7i JOl expended the sum O
1901 JyG. Tho committee rud IN tho administration or
noury H. Person. that for dividend OF 100 there
was incurred expense ot SJJ,ol2 In the
matter OF the North America Lfo sOli,l63 vas paid
dividends eKpoI-e Of SlJS,1J'. lie CON
mlttcc SAYS possible for Mr.. frrson To tsc
tho funds, which hc held. for speculative margins
a, "a stock GAMBLER IN Wall street. lho committee enc
Mr. Persons administration Of tho rth America Llie
as SHINING example vi ali that Is vicious IN the present
vicious 81 stem.